openPR Logo
Press release

Protecting Your Assets During Divorce

02-08-2013 02:29 PM CET | Politics, Law & Society

Press release from: McCurley Orsinger McCurley Nelson & Downing, L.L.P.

/ PR Agency: Androvett Legal Media & Marketing
Carl Michael McCurley

Carl Michael McCurley

By Carl Michael McCurley
McCurley Orsinger McCurley Nelson & Downing, L.L.P.

During a divorce, both parties feel vulnerable about their future. Their chief concern is usually whether they will have enough assets after the divorce to live comfortably and provide for their children.

This is a rational concern, given that many people are financially worse-off after divorce. That is why it is critical to invest time and energy early in the divorce process (preferably before it begins) to gather information about your assets and make sure you have an accurate picture of your family’s worth. Given the combative nature of many divorces, this can be easier said than done.

If you are considering a divorce or are in the divorce process, your attorney is your best advocate. He or she should be able to ensure that you have access to information about all your assets. If you are not yet in the process of divorce, it is a good idea to collect as much information now, before the divorce is filed, to prevent any information from being hidden from you.

Here is a list of potential assets – many people have more:

• Checking and savings accounts
• Investment accounts
• Life insurance policies
• Business entities, professional practices, partnerships or interests in closely held corporations
• Pension, retirement or executive compensation packages
• Trust funds
• Real estate, furniture and automobiles
• Jewelry, art, china, silver, furs and collectibles

If you and your spouse signed a premarital, postmarital or partition agreement, then you should have a copy of that as well.

Although Texas is a community property state, there is no promise that a couple’s “community” property will be divided equally. The court can take into account issues such as uneven earning power – and even a party’s misconduct – to make what it considers to be a fair division of assets and liabilities.

In most cases, the court cannot treat one spouse’s separate property as community property. Separate property is what each person:

• Inherits before and during the marriage
• Brings into the marriage
• Receives as a gift during the marriage
• Receives as personal-injury proceeds

Community property is everything acquired during the marriage regardless of whether one spouse bought it with his or her salary or placed only one name on the title document.

During divorce, it can be tricky to determine what property is community and what is separate. In Texas, the income earned on a separate property account is marital property. However, the increase in value of the separate property account can be separate property. It depends in part on whether the other spouse actively worked to increase the value of that property.

Depositing separate property money into a marital-property bank account creates a co-mingled account. Over the years, this can complicate the process of identifying how much is separate versus marital property. Add in a purchase of something like a vacation home with co-mingled funds, and you have an even more complex situation.

For more information about property division in Texas divorce, see our article Who Gets What in Texas.

If you have assets that are clearly and cleanly separate property (i.e. they have not been co-mingled with community property), then it is safe to remove those items or otherwise secure them during your divorce process. If the property is likely to be the subject of a dispute between you and your spouse, consult an attorney before removing it from your home.

Given the complex nature of property ownership after even a few years of marriage, it is absolutely crucial to secure the services of an attorney who is well-versed in complex property disputes in divorce.

If a divorce is highly stressful, it can be tempting to want to “wash your hands” of all remnants of your marriage in an effort to move on quickly. Your future financial stability, however, requires that you remain steadfast and resolute.

Unless you have a generous inheritance coming, you will most likely need an equitable share of your family’s assets to have a comfortable life post-divorce.

With offices in Dallas and San Antonio, McCurley Orsinger McCurley Nelson & Downing, L.L.P., is one of the largest firms in Texas specializing solely in Family Law. Each of the firm’s name partners is a member of the American Academy of Matrimonial Lawyers and all partners are members of the Texas Academy of Family Law Specialists. All partners are Board Certified in Family Law by the Texas Board of Legal Specialization, with Richard Orsinger holding additional certification in Civil Appellate Law.

For more information on McCurley Orsinger’s work in divorce-related property issues, please contact Mike Androvett at mike@androvett.com or 800-559-4534.

With offices in Dallas and San Antonio, McCurley Orsinger McCurley Nelson & Downing, L.L.P., is one of the largest firms in Texas specializing solely in Family Law. Each of the firm’s name partners is a member of the American Academy of Matrimonial Lawyers and all partners are members of the Texas Academy of Family Law Specialists. All partners are Board Certified in Family Law by the Texas Board of Legal Specialization, with Richard Orsinger holding additional certification in Civil Appellate Law.

Androvett Legal Media & Marketing
2501 Oak Lawn Ave. #650
Dallas, TX 75219
Press contact: Mike Androvett, 214-559-4630 or mike@androvett.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Protecting Your Assets During Divorce here

News-ID: 251301 • Views: 3679

More Releases from McCurley Orsinger McCurley Nelson & Downing, L.L.P.

Six from Texas’ McCurley Orsinger McCurley Nelson & Downing Honored by The Bes …
DALLAS and SAN ANTONIO – The Family Law firm McCurley Orsinger McCurley Nelson & Downing, L.L.P., is proud to announce that six of its partners have earned recognition in the 2014 edition of The Best Lawyers in America. Partners Carl Michael McCurley and Richard Orsinger have been named among the leading Family Law attorneys in the country every year since 1987. Mr. Orsinger has earned additional recognition for his work in
Six from McCurley Orsinger McCurley Nelson & Downing Selected Among Top 100 Atto …
DALLAS – Already one of the most respected and honored law firms in Texas, the noted Family Law boutique McCurley Orsinger McCurley Nelson & Downing, L.L.P., is now home to more of the state’s Top 100 attorneys than any other law firm, according to the publishers of Texas Super Lawyers. Firm partners Mike McCurley, Richard Orsinger, Mary Jo McCurley, Keith Nelson, Scott Downing and Brad LaMorgese all earned recognition among Texas’
Carl Michael McCurley: Two Careers, One Marriage, No Problem
Dallas Family Law attorney Carl Michael McCurley co-authored this article in the Fort Worth Business Press with Mary Jo McCurley, his wife of 29 years and an accomplished Family Law attorney in her own right. The commentary offers tips from two seasoned divorce lawyers on how two-career couples can keep their marriages alive and thriving, despite the constant demands from work and children: “One might think that spending most of your time
Carl Michael McCurley Named Among Top 100 Attorneys in U.S. by Worth Magazine
DALLAS – Worth magazine has named renowned family lawyer Carl Michael McCurley of Dallas as one of the country’s Top 100 attorneys. Mr. McCurley, founder of Dallas’ McCurley Orsinger McCurley Nelson & Downing, L.L.P., is the only Dallas lawyer to be featured in the exclusive listing and one of only five attorneys from Texas to appear on the list, which was published in the November 2008 issue of Worth. The Top

All 5 Releases


More Releases for Law

Maxwell Goss Law
Maxwell Goss represents plaintiffs and defendants in all stages of federal and state court litigation and provides strategic advice on intellectual property and business law matters. Max has represented clients in cases throughout the country. Experienced in a broad range of matters, his practices focuses chiefly on intellectual property, non-compete, and shareholder litigation. Max works with businesses of all sizes and with entrepreneurs, doctors, lawyers, engineers, inventors, tech
Oberheiden Law Launches Truck Accident Law Firm
DALLAS, TX - September 16 -Oberheiden Law is delighted to announce the expansion of its practice to include wrongful death and personal injury claims from truck accidents. The firm is expanding in response to rapidly increasing personal injury claims and litigation in the recent past. To support this growth, the firm is pleased to announce a new addition to the team of senior attorneys. James S. Bell will be working alongside
Greco Neyland Attorneys at Law
Greco Neyland, PC is a professional team of dedicated criminal defense lawyers that are devoted to fighting criminal charges in both state and federal court. They have successfully defended criminal cases on every level of severity and have won major felony cases in the New York Supreme Court. The lawyers at Greco Neyland are some of the most experienced and knowledgeable attorneys in New York. Greco Neyland is now delighted
Professional translations in banking law
The annual financial statements are just around the corner It is that time again. Banks and credit institutions operating in Germany must submit their annual financial statements to the Federal Financial Supervisory Authority (BaFin) by 31 March at the latest, in accordance with Section 242 (3) of the German Commercial Code (HGB). English-speaking and international banks and corporations are obligated to submit their financial statements in German. “The limits of my language are the
Crowson Law Group
It is commonly said that there is no such thing as minor surgery. Whether it’s getting an appendix removed or having a hip replacement, all surgical procedures are serious; more so if an error occurs during such a surgery. However, is any surgical error considered to be medical malpractice? This article will determine when a surgical error can be said to have reached the level of medical malpractice. It must
Charles Law Office - Experienced Law firm in the Lehigh Valley
United States 11-1-2017. The Charles Law office is the leading law firm in the Lehigh Valley who takes pride in providing first-class service and support to everyone facing personal injuries. Whether you've suffered from an automobile accident or faced a mass transit accident you deserve some form of compensation. In order to get your voice heard you consider partnering with lawyers who have your best interest at heart. An experienced