Money and Finance are Important Issues in Texas Divorce
Mark L. Scroggins, a divorce lawyer Frisco, TX families trust, shares insight about common questions people have about money and finance issues that frequently come up in Texas divorces. Especially where one spouse has been the greater income earner during the marriage, the dependent spouse might be concerned about how they maintain their lifestyle going forward.
Meeting reasonable needs is a primary concern. Additionally, people looking at divorce might want to learn their rights and options in a divorce where their spouse has engaged in certain conduct that could impact the division of the community estate.
When divorcing, most people are first concerned with children and parenting issues, but also need to figure out their financial position and future. How to best divide the community estate and prepare for future needs and earning capacity is important and requires serious negotiation and consideration. Mark L. Scroggins is Board-Certified in Family Law by the Texas Board of Legal Specialization and has many years of experience in high-net-worth and complex divorce financial negotiation and litigation. Mark is the managing member of Scroggins Law Group, with offices in Frisco, Dallas, and Plano. For divorce, child custody, property division, and post-decree modifications, please call (214) 469-3100.
Standing Orders Regarding Money and Finance in Texas Divorce
At the beginning of your divorce, the Court?s standing orders on children, property, and conduct of the parties identify how the parties must maintain the status quo during the divorce. Standing orders state how you can spend money and how you must refrain from doing anything to damage the community estate, assets, and businesses.
Standing orders require the preservation of the community estate to prevent the wasting of assets, which means spending community property for improper an improper purpose, which can affect the distribution of community property.
If I am Not the Greater Money Earner, What Assets Should I Be Looking At?
When you listen to the podcast about money and finance in Texas divorce, Mark explains the importance of asset liquidity. Cash in your hand today is worth more than the same amount tied up in investment accounts and business interests. The time, fees, and income opportunity cost are important to consider when reviewing asset distribution options.
A Certified Divorce Financial Analyst (CDFA) is valuable experts who can review the community estate and the report on your best financial options today and in the future. As Mark explains in the podcast, CDFAs sometimes work with divorcing clients for no fees, with the anticipation of staying on in financial advisory services after the divorce.
Thoughts on Buying or Selling Assets, and Investing During a Texas Divorce
To make sure you are not violating the Court?s standing orders in your divorce, talk to and listen to your experienced divorce lawyer Collin County TX about buying, selling, and investing during a Texas divorce. Mark uses the example of flipping houses to explain the difference between proper use of money and what might be wasting of community assets.
For example, if you buy, renovate, and sell houses for a business, you should have an incorporated business entity and maintain the status quo as much as reasonably possible. That means not making significantly larger transactions than normal, and not tying up money.
Spousal Maintenance, Additional Schooling, and Skills Retraining to Earn Income?
What happens if I have to work for my income? What if I have a degree in an industry and have not used it in 20 years? Consider jobs in marketing and technology, where the landscape has changed so much, someone might need to go back to school and work their way back to significant income potential to help meet their reasonable needs.
Spousal maintenance in Texas is designed to be rehabilitative, paying the minimum reasonable needs of a spouse while they do whatever they need to get themselves, moving towards financial independence.
About Attorney?s Fees in Texas Divorce
At points in a Texas divorce, your divorce lawyer can petition the court for an award of interim attorneys fees, sometimes called leveling the playing field, and as well fees can be sought at the end of the divorce. Sometimes when people delay and drag, increasing the fees of the other, an order to contribute to the fees of the other spouse can be appropriate.
Thinking out of the box about attorneys fees, where one party might have a good argument for a petition for contribution to attorney’s fees, that can be leverage used in encouraging settlement of contested issues.
Get Advice from Experienced High-Net-Worth Divorce Lawyers at Scroggins Law Group (214) 469-3100
Mark L. Scroggins frequently recommends people hire the best divorce lawyer they can find, because it matters. To properly value and manage money and finance issues in Texas divorce, an experienced divorce lawyer and financial experts help both the higher income earning spouse and the other who might not have worked at all during the marriage. These are complex issues that require strong divorce lawyers with high-net-worth negotiation and trial experience.
In Collin, Dallas, and Denton Counties call (214) 469-3100 or contact Scroggins Law Group for a consultation at one the offices in Frisco, Dallas, or Plano, to learn your rights and options about money and finance in Texas divorce.
You can listen to this podcast on the Scroggins Law Group Family Law Podcast channel on Blog Talk Radio, with episode title: Money and Finance in Texas Divorce: Frisco TX Divorce Lawyer Mark L. Scroggins.