By Brian Tackett | Published September 7, 2020 | Posted in Divorce Law, Family Law | Tagged Tags: closely held business, community property, marital assets | Comments Off on Dividing Closely Held Business Ownership in a Texas Divorce
Dividing Closely Held Business Ownership in a Texas Divorce
Aside from the typical property division issues involved in divorce, there may be a business interest that both spouses may be entitled to share. This includes a stake in a closely held company, even if only one spouse is the actual owner. Texas is a community property state, which means that all property acquired by Read More
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Law Stops Texas Municipalities from Banning Certain Building Materials
In 2019, the Texas Legislature passed House Bill 2439, a state law prohibiting local municipalities from passing ordinances preventing the use of certain types of building materials. By expanding the range of what can be used during construction projects, the law is intended to save Texas builders and consumers money on construction costs. For the Read More
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Court Rules Old Friendship Does Not Equal a Fiduciary Relationship
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. The fiduciary must place the interests of the other above his or her own. This type of relationship can exist between a trustee and a beneficiary, a financial adviser and a client and other contexts Read More
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Charitable Gift Annuities and Your Estate Plan
Charitable gift annuities are a way to make donations to a nonprofit university, hospital or other charitable institution while receiving income and tax benefits in return. Donors (known as annuitants) can take a charitable deduction on their income taxes in the year the gift is made. In addition, they receive a long-term income stream. For Read More
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How Lien Stripping Works in Chapter 13 Bankruptcy
If you are like most homeowners, you purchased your house with a mortgage, which is a lien on the property that the lender can use to enforce payment of the loan. This first mortgage takes priority over any subsequent liens, such as those used to secure home equity loans or lines of credit. However, if Read More
Read MoreWhy a Buy-Sell Agreement is Essential for a Small Business
Whether you’re starting a new business or are fully engaged in running one, it’s vital to plan ahead for what happens to the enterprise when you or one of your co-owners retires, becomes disabled or passes away. Creating an agreement that provides for such contingencies can help you ensure a smooth transition that avoids business Read More
Read MoreWhat Defines a Child’s Best Interests in Custody Cases?
When divorcing parents cannot agree on custody and visitation arrangements, the family court judge will make determinations that best serve the child’s emotional and physical needs. In other words, the child’s best interests are the priority, and parents will need to demonstrate to the judge how their desired custody arrangement serves those interests. Texas courts Read More
Read MoreWhat Must You Disclose When Selling a Home in Texas?
Whether you’re selling the home you’ve lived in for years or flipping the fixer-upper you’ve refurbished, you’ll need to make a series of disclosures to the prospective buyer before any deal can be finalized. Texas law requires home sellers to inform buyers of material defects in the property that may affect its value. Usually, these Read More
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