Law Offices of Keith E. HollowayLaw Offices of Keith E. Holloway2024-03-18T13:57:54Zhttps://www.hollowaylawsa.com/feed/atom/WordPress/wp-content/uploads/sites/1602303/2021/02/cropped-holloway-site-icon-32x32.pngOn Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492392024-03-18T13:57:54Z2024-03-18T13:57:54ZGray divorces present unique challenges that require special attention. Here are some that you’ll need to be prepared to address in your marriage dissolution:
Alimony: When you divorce at a later stage of life, you might have a limited amount of time to obtain a job, secure an education, and build a career. That can put you in a financial predicament. However, spousal support can help you secure financial stability. So, heading into your divorce, have a full understanding of your and your spouse’s financial positioning, and be prepared to argue why you need that additional support.
Inheritances: The older you are, the more likely you are to have received an inheritance. When you divorce, you’re going to have to determine if those inheritances are marital property subject to division or if you’ve managed to keep them separate from the marital estate, in which case you could keep the inheritance to yourself. So, carefully analyze what’s been done with your and your spouse’s inheritances so that you can address them accordingly.
Health insurance: If your divorce is going to force you to go out and buy an individual health insurance policy, then you might be in for surprise when you see how much one of these policies costs. If you don’t factor that into your gray divorce, then you could wind up in a more difficult financial position or choose to forego the coverage that you need.
Retirement accounts: When you divorce at a later stage of life, you have less time to replenish your wealth. If you lose too many of your retirement assets, then, you could lack the financial stability that you hoped for upon retirement. Make sure you’re acquiring your fair share of these assets, and don’t be too quick to give them up in exchange for other assets.
Social Security benefits: Depending on your circumstances and the length of your marriage, you or your spouse may be able to recover Social Security benefits from the other. If you don’t know how to navigate this issue, then you could miss out on additional assets to which you’re entitled.
Know how to properly navigate your gray divorce
As you can see, there are a lot of issues to address in a gray divorce. To obtain the best outcome possible, you have to know how to aggressively advocate for your position, which will require knowledge of the issues in play and the law. You’ll also want to know how to gather relevant evidence and present it in a compelling fashion. If that’s something that you could use help with, then please continue to search out resources and guidance that you need to position yourself for success.]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492382024-02-14T20:01:00Z2024-02-16T19:58:20Zbusiness valuation conducted.
The purpose of business valuation in a divorce
If your business is going to be addressed in property division, then you’ll want a realistic picture of what your business is worth. That might sound simple enough, but there are several ways to value a business, with each potentially coming to a different valuation conclusion. These methodologies include:
The income approach: This methodology of valuation is complex, but it often gives the most accurate portrayal of a business’s value. Here, the valuator assesses the business’s historical income in a way that allows them to project future earnings. Of course, income can fluctuate over time based on market conditions and supply chains, which makes this approach extremely complicated.
The market approach: This form of valuation is best utilized when the business is to be sold. To accurately gauge the business’s value, then, the valuator seeks out comparable businesses that have sold in your area. It’s crucial that the valuator looks for businesses that were recently sold, are within the same industry, and had similar earnings. Otherwise, you might get a skewed outcome. Given the difficulty with identifying similar businesses, this approach is often challenging to implement.
The asset approach: This methodology is relatively straightforward. The appraiser simply valuates your business assets and subtracts any outstanding liabilities. This approach is favored when a business is struggling to earn steady income and there isn’t a comparable business that has sold in your region. It’s also beneficial to use if your business has a lot of equipment or a fleet of vehicles.
If you anticipate buying your spouse out of their position, then you’ll want to utilize the approach that gives you the lowest yet realistic value of your business. The approach that you choose, then, might depend on your unique set of circumstances. Don’t forget, too, that your spouse will have their own ideas about how the business should be valuated, so be prepared to advocate for what you think is best.
Aggressively protect your business during your divorce
Remember, you can negotiate settlement in your divorce. Therefore, you might have the ability to give up other marital assets in exchange for retaining your business. As you head into the property division process, you just have to have a well formulated game plan so that you know what you want and how best to get it.
If you’re unsure about how to develop a divorce legal strategy, don’t worry. There are a lot of resources out there you can turn to for help, including your attorney. By doing so, you’ll hopefully set yourself on a path toward a favorable and fresh start to the next chapter of your life.]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492372024-01-19T19:48:29Z2024-01-18T19:47:05Zhabitual lying is going to pose a threat to a fair and just outcome in your divorce? If so, then now is the time to find a way to get a handle on the issue. But how do you go about addressing your lying spouse? Let’s take a closer look.
How to address a spouse who lies during divorce
Lies during the marriage dissolution process can slow everything down and lead to decisions based on false information. You need to head that off while still protecting your emotional and psychological well-being. To do that, consider doing the following:
Gather concrete evidence: Even though your spouse thinks they can manipulate the situation by stretching, bending, or disregarding the truth, you can set the record straight by presenting concrete evidence. Financial and medical records, for example, can paint a clear picture on issues that your spouse might lie about. So, be diligent in gathering the evidence needed to contradict your spouse’s wild assertions.
Conduct discovery: If you can’t get your hands on the evidence you need, then you might have to use the discovery process to help you. Here, you can formally request records from your spouse, ask them to admit certain facts, or require them to answer questions under oath. This can give you the information you need to move forward with your divorce while also giving you facts to contradict the lies your spouse spews.
Consider an investigator: Although your spouse is required to tell the truth during the formal discovery process, they still might lie. If you’re in this situation, then you might find it beneficial to have a private investigator on your side who can uncover the truth. This could be crucial, especially as it pertains to hidden assets, infidelity, and spousal support issues.
Identify witnesses: You’re probably not the only one that your spouse has lied to. If you have family members and friends who can support the truth and point out the lies that your spouse is telling, then they may be key witnesses in your divorce.
Keep a written record: Liars often contradict themselves, but they tell their lies with such confidence that you can end up believing that they’ve been as consistent as they claim to be. If you reduce your communications with your spouse to writing, though, then you can refresh your memory and avoid getting tangled in your spouse’s web of lies.
Don’t lose out in your divorce because of unaddressed lies
The judge in your case probably doesn’t know you or your spouse. Therefore, unless settlement can be reached in your case, that judge is going to make important divorce decisions based on the evidence presented. It’s up to you to show how the evidence presented by your spouse is untrustworthy.
So, now is the time to get to work finding ways to ensure that the truth comes out in court. It can be a cumbersome, stressful, and frustrating process, but it’s a necessary one, and one that you don’t have to face alone. Just keep in mind that you will get through this and have the opportunity to build the future that you want for yourself.
]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492362023-12-19T17:05:56Z2023-12-19T17:05:56Zmarriage dissolutions are much more complicated. Agreements are unlikely to be reached on all divorce legal issues, and the tension and conflict that you face while litigating them can feel soul-crushing and overwhelming.
The good news is that you can and will get through this difficult time and come out stronger on the other side. But to do so, you’ll have to put together a strong divorce case. This includes gathering compelling evidence to support your position, but it also requires you to avoid making mistakes that could land you in a bad position.
What mistakes do you need to avoid in your divorce case?
It’s easy to make a mistake in your divorce case, and any one of them could lead to a ripple effect of negative outcomes. That’s why you need to be careful as you navigate your marriage dissolution. If you’re not, then you might end up making these common divorce mistakes:
Misunderstanding the marital estate: Under Texas law, martial property is divided equally. That sounds simple enough, but the property division process can be complicated when assets are hidden or spouses claim that certain property is individually owned and therefore outside the property division process. Before heading into your divorce, then, you need a firm understanding of the marital estate, accounting for all assets and finding arguments to include and exclude assets as appropriate.
Failing to create a budget: Your post-divorce financial positioning is going to look a lot different than it did when your marriage was intact. To have a better understanding of what you need out of your marriage dissolution in the way of property division and spousal support, you need to create a realistic post-divorce budget for yourself. If you don’t, then you could end up with an outcome that seems great at first but later turns out to fall well short of what you need.
Openly dating: Sparking up a new relationship during your divorce can lead to tension that disrupts negotiations and litigation. This relationship might even jeopardize your ability to fight for the financial resources that you need. So, if you’re going to date, take it slow and try to keep it low-key until your divorce is finalized.
Posting on social media: Taking to social media might be second nature for you, but it can have catastrophic consequences on your divorce. Your spouse might end up getting their hands on your posts and use them against you to argue that you’re a bad parent, that you don’t need additional financial resources from the marriage, or that you can’t be trusted to tell the truth in court. Remember, even innocent posts can be taken out of context and used as ammunition against you.
Don’t be your own worst enemy in your divorce
It can feel like you’re under attack when going through a divorce. Although that can be an incredibly stressful feeling, you shouldn’t allow your spouse to take control of the process and back you into a corner. Thorough preparation can help you avoid that outcome.
So, if you’re headed toward marriage dissolution, now is the time to think through your vulnerabilities and the evidence that you can use to support your position. With this thoughtfulness and thoroughness, you just might be able to walk away from your divorce with the positive outcome that you want.]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492352023-11-28T07:10:19Z2023-11-28T07:10:19ZTips for breaking the news of divorce to your children
There isn’t one right way to tell your children that you’re getting divorced. A lot of how you approach the topic is going to depend on your children’s personalities and the circumstances. That said, here are some tips that can help dampen the blow to your children when you break the news:
Present a united front: You don’t want to break the news of divorce to your children on your own if you can avoid it. If you do, then you create the perception that it was your idea to end the marriage, which could result in your children blaming you for the divorce and the impact that it has on them. By creating a united front and telling your children together, you and your spouse reinforce the fact that your children will always have their parents to support them, and that the decision was mutually made.
Be honest without being too detailed: Your children deserve to know why the divorce is occurring. You don’t want to share intimate details, of course, as doing so could cause damage to the relationship between your children and one or both parents. However, you should give them some sense of why the marriage failed so that they can better understand why the decision was made. This will help them cope with their newfound reality a little better.
Be reassuring: Children tend to internalize things. In the context of divorce, this means that they might think that they’re to blame for your failed marriage. Don’t let them go down that road. Consistently reassure them that they’re not to blame for the divorce and that no matter what happens you and your spouse will love them, care for them, and answer their questions.
Help them find stability: The news of divorce can be jarring to a child, fracturing their sense of normalcy and stability. While their mind is spinning with thoughts of everything that’s going to change, try to help them focus on what won’t change. This will help them center on the stability and routine that they can grasp onto as things around them begin to feel outside of their control.
Be prepared going into your divorce
We know you have a lot to think about as you prepare to navigate your divorce. Although it can be overwhelming to think about all the changes you’re bound to face, you can’t let them paralyze you into inaction. You need to take control of your divorce so that you can attain the outcome that’s best for you and your children. If you want to learn more about what it takes to get there, then please continue to read our blog and our website.
]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492342023-11-09T19:27:53Z2023-10-30T18:26:32Zmarriage dissolution doesn’t have to head to trial in a full-blown adversarial process. Instead, you can explore alternative processes that could lead to a more positive outcome for you and your children. One of the best options at your disposal is divorce mediation.
What is divorce mediation?
Divorce mediation is a process where you try to settle your divorce through negotiations without the need for taking your case to trial. Here, a neutral individual serves as a mediator, tasked with helping the parties navigate the issues they’re facing and finding common ground to move toward resolution. You can choose to mediate all divorce legal issues you’re facing, or you could focus on mediating some issues while reserving others for litigation.
What are the benefits of mediation?
There are many advantages to divorce mediation. Here are some of them:
Less contentiousness: With a mediator steering the conversation, parties to a divorce mediation often find that the process is more peaceful. This can lead to less stress for you and your children, leaving you feeling confident about your future.
More time-efficient: Because the focus of divorce mediation is on finding common ground and resolution, it’s often a quicker route to resolution than litigation. This can save you a lot of time and money.
You retain control: When your divorce is litigated, it can feel like things are spinning out of control and that your future is left in the hands of a judicial officer who doesn’t know anything about you other than what’s been presented in court. During mediation, though, you and your spouse can keep control over the outcome of your divorce, even if you have to compromise on certain issues.
Details of your marriage are kept private: There might be some sensitive information about your marriage that you don’t want to be widely known. If your case is litigated in court, those matters will become part of the public record. Through mediation, on the other hand, you’re able to keep those issues confidential. This confidentiality can provide a sense of security, thereby providing the parties with comfort to talk about what they need to in order to find resolution.
A greater likelihood of adherence to the final decree: Ultimately, you want a divorce decree that is fair, favorable, and easily enforceable. When the court issues a decree after contentious litigation, one side might feel like they were cheated. This can create resentment and, at some point, non-compliance with the terms of the divorce decree. Through a mediated divorce, though, the parties are more likely to be satisfied with the outcome and they know what to expect moving forward. This means that the parties are much more likely to remain in compliance with the terms of the mediated agreement.
Is divorce mediation right for you?
That’s a question that only you can answer. Before deciding, you should make sure you have a full understanding of the process and what it can and can’t do for you. After all, mediation isn’t right for everyone, and you don’t want to get trapped in a process that wastes your time and energy.
So, as you ready yourself to navigate the road ahead, be sure to read as much as you can about your divorce options and how to position yourself for success. This preparation can seem overwhelming at times, but it’s the best way to protect your interests and your future.]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492332023-09-25T16:01:20Z2023-09-29T15:57:03ZHow to defend yourself in a child custody modification proceeding
The first step in building your arguments here is to realize that the matters at hand aren’t about you. They’re about your child. Therefore, you’ll want to do each of the following to ensure you’re making aggressive arguments against the motion that’s been filed:
Focus on your children’s best interests: Your children’s best interest is going to be the ultimate deciding factor in your custody case. Although the other parent will argue that restricting your time with your children is in their best interests, you’ll want to formulate arguments as to why such a restriction is actually not in the children’s best interests. To do so, highlight the bond you have with your children and how you support their physical, emotional, psychological, and educational well-being.
Attack the allegations: The allegations made against you in the motion to modify might be false, but you’ll want to be prepared to defend against them in court. Analyze the evidence that the other parent intends to present against you and identify witnesses and other forms of evidence that you can use to support your position.
Make counterfactual allegations: Although your child’s other parent might make strong allegations against you, and you should defend yourself against those accusations, you shouldn’t shy away from playing a little offense when you can. Depending on the circumstances, you could file your own motion to modify custody, which the court would likely set to be heard aside the already filed motion. Just make sure that you have evidence to support your position here.
Request a child custody evaluation: A lot of custody cases turn into spats with each parent making opposite statements. This is hard for the judge to parse through, which could leave the decision hanging in the balance. If you want to add a little more certainty to your case, then you might want to request a child custody evaluation where a neutral third party talks to the parents, the children, school personnel, and other collateral sources to figure out what sort of custody arrangement is best for the children. Just keep in mind that this evaluation will also include a review of your children’s educational and medical records, and it might even involve mental health testing.
Don’t let the other parent take charge of your custody case
With so much on the line in your custody case, you can’t sit back and wait for your children’s other parent to run the show. Instead, you should find strong legal strategies aimed at blocking evidence from being used against you, minimizing the impact of evidence that’s submitted to the court, and presenting counter-evidence.
Although navigating your child custody dispute can be incredibly stressful, you can make the process easier through thorough preparation. To learn more about what that looks like in your case, be sure to ask an appropriate source to have your questions answered.]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492312023-08-21T10:29:01Z2023-08-29T10:28:02ZThoroughly consider these issues in your high-asset divorce
There’s a lot to think about as you navigate the high-asset divorce process. But if you have a significant amount of wealth, then there are certain areas where you’ll want to pay particularly close attention. This includes each of the following:
Searching for hidden assets: If you have a significant number of assets, then you might find it hard to keep track of them all, especially when you’re trying to navigate your divorce. That said, you’ll want to take the time necessary to look for any assets that may be hidden from the marital dissolution process. After all, far too often spouses try to retitle assets in the name of a family member, sell assets for cash, or stock up money in a new account to keep those assets for themselves post-divorce.
Analyzing inheritances: An inheritance can be quite valuable. Although that may be a good thing for you in your post-divorce life, an inheritance can complicate your divorce. This is because there is often a question of whether the inheritance is properly deemed separate property, thus falling outside of the property division process, or if it’s been converted into a marital asset that needs to be equitably divided.
Obtaining proper valuations: You probably have assets whose financial worth isn’t immediately ascertainable. Jewelry, houses, and businesses are perfect examples. You and your spouse might assign differing values to these assets, which can make it difficult to divide them in a fair fashion. To avoid this from happening, seek out professional valuation services. Although you and your spouse may disagree on what valuation methods to use, at least you’ll have your say in the appropriate way to gauge the worth of these assets.
Calculating alimony: Spousal support can be a major sticking point in a high-asset divorce. When a court determines whether an alimony award is appropriate, it will consider whether financial support is necessary to ensure that the lower earning spouse is capable of being stable while they focus on becoming self-sufficient. In calculating a spousal support payment, the court will analyze a host of factors, including the length of the marriage, each party’s earnings capacity, sacrifices made during the marriage, and even each party’s mental and physical health.
Scrutinizing a pre-nuptial agreement: Many high-asset divorces are subject to a prenuptial agreement. Even though this document might seem iron clad when it’s created, there can be issues with it that threaten its validity. If a prenuptial agreement is deemed unenforceable, then you won’t be bound by its terms.
Develop the right strategy for your high-asset divorce
There’s not just one approach to your high-asset divorce. Instead, the avenue that you take to navigate your marriage dissolution is going to depend on the facts at hand and what you hope to get out of your divorce.
But regardless of the strategy you implement, it needs to be fully developed before heading into divorce negotiations. Failing to do fully craft your legal strategy puts you at significant risk of a poor outcome. With that in mind, now is the time to dive into your divorce, embrace the process, and focus on achieving the best results possible under the circumstances.
]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492302023-08-29T23:06:18Z2023-07-28T23:39:03ZCDFA: Who they are and what they do
A Certified Divorce Financial Analyst (CDFA) is a financial expert specializing in divorce's financial aspects. They work with you to evaluate your unique situation, assess your current financial standing, create a plan to meet your post-divorce goals and consider the potential tax consequences of each option available.
Having an experienced CDFA can make a big difference in the outcome of your divorce. CDFAs are trained to see the whole financial picture and identify issues that might not be immediately apparent. They work with both parties to create an equitable settlement that will benefit both spouses should they choose to separate.
How a CDFA can help you
A CDFA is beneficial as it can:
Provide guidance
During a divorce, there will be many decisions to make that can have long-term financial consequences. A CDFA will work with you to review your options and help you make informed choices. They can also assess the impact of taxes on assets and advise on how to manage those tax liabilities.
Help you prepare financially
Divorce often requires going through a complicated financial process. A CDFA can help you review and analyze your assets, debts, income, and expenses to ensure that you are adequately prepared for the financial aspects of divorce. They also work with you to create a budget and help ensure your post-divorce finances remain secure.
Provide impartial advice
Having an impartial professional on your side is important during a divorce. CDFAs provide unbiased advice and can help both parties come to an equitable settlement that meets the needs of both spouses. They also work with you to ensure that important issues such as asset division, child support, and spousal maintenance are addressed fairly.
Ensuring your future financial security is essential at any stage of life, but especially during divorce. Working with a CDFA can provide you with the guidance and support you need to navigate the financial aspects of divorce and ensure your long-term financial security. With their help, you can ensure all of your post-divorce goals are met.]]>On Behalf of Law Offices of Keith E. Hollowayhttps://www.hollowaylawsa.com/?p=492292023-06-29T03:47:10Z2023-06-29T03:47:10ZYou can keep the home
If you can afford to make mortgage payments and cover other carrying costs, you can ask for full ownership of the house. However, your spouse will still be entitled to roughly half of the equity in the home at the time of the split. You can buy the house from your spouse, refinance the current loan or make other arrangements to ensure that this happens.
Your spouse can ask for the house
Your spouse may ask for the home because of a sentimental attachment or because the kids that you share would do better staying at home. There is a possibility that you and your spouse will split time between the family home and an outside home or apartment after the divorce is finalized. This is referred to as nesting and allows your children to remain at home until a permanent solution can be found.
The house can be sold
You and your spouse may decide that it's best to sell the home and split the proceeds from the sale. Alternatively, a judge may order that the house be put on the market if no other solution can be reached. However, even if a home is sold pursuant to a court order, it may be possible to delay the sale if doing so makes it easier to get the best deal.]]>