Houston Business and Family Law Blog

How Hard Will This Divorce Be On My Finances?

A Quick Guide to a Solid Financial Footing Post-Divorce

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The easy - but tough - answer is that divorce will be hard on your finances. Divorce is change, and any change like this will change how you've been managing your money. From those with modest income to the wealthy, it is a matter of degree. Even wealthy couples may suffer financially in a divorce. So, it comes down to (1) how well you manage your finances and (2) how well you protect your rights during the divorce process.

The Divorce Article That Just Might Save Your Marriage

This might sound strange coming from a divorce lawyer...

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We know what you're thinking: that we want you to get divorced. After all, that would mean another case. But, contrary to what you're thinking, we don't want that to happen to you. More divorces might mean more cases, but taking that idea to its logical conclusion, it would mean that the institution of marriage wasn't working. And that is not a world we want to live in.

But we do live in a world where some marriages end in divorce. The challenge is how to deal with that reality.

Ex-Wife Not Giving You Enough Time with Your Kids?

Today is Friday. It's almost the weekend. It's 80 degrees here in Houston and it looks to stay that way through the weekend. Perfect weather, plenty of sunshine. Maybe you'll spend some time outside with your kids.

Hold that thought.

Maybe you won't, because your ex-wife won't let you see them nearly enough.

It's time to change that.

Trade Secret Misappropriation: 3 Ways to Fight Back

Get a big red stop sign from the judge.

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You have valuable source code, customer lists, a product design - you name it, if it's your trade secret, protecting it is a top priority. All too often, however, companies face misappropriation. Perhaps a competitor gets its hands on your product and is now trying to reverse engineer it, or a former sales rep has taken your firm's customer lists to his new employer.

One way to stop it is through an "injunction" - a big red stop sign issued by the judge, which orders the competitor or former employee to stop what they're doing.

You Can Run, But You Can't Hide (From Patent Trolls)

Actually, you can't really run, either.

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Your HQ might be in Silicon Valley, but patent trolls can sue you in any jurisdiction in the U.S. Don't ask us if it's fair (it's not) - being able to pick the forum for litigation is unique to patent trolls, and a bit of a headache for entrepreneurs and executives like you.

We've got Advil, but before it starts working, your headache is only going to get worse.

Who Gets the Private Jet After Divorce? (And Other Unique Assets)

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If you read only the first paragraph of this post, make it this one:

  • There are multiple methods of "dividing" unique assets, some of which will not require you to give up what you want to keep. The key is properly valuing these assets and dividing other property in a way that accounts for the value.

To take a private jet as an example, divorce will call into question what happens to your fractional ownership interest and/or mileage points. (The financial liability of aircraft maintenance will also require attention in a divorce.)

Elements a Court Can Consider in Making a Disproportionate Property Division in Divorce

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Disproportionate property division is more common than you may realize. Although there is a presumption in Texas that divorcing couples will split all assets and property down the middle, disproportionate divisions are not unheard of when the facts of the marriage support it.

Personal Goodwill vs. Commercial Goodwill in a Divorce

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Goodwill is a valuable asset. As with other assets, such as homes and cars, goodwill is part of what a person "owns," even though it is generally intangible. Nonetheless, certain goodwill can be valued and divided in a divorce, or otherwise accounted for in the context of a divorce settlement. There are two types of goodwill: personal and commercial. If you're a business owner - a physician who owns a medical practice, for example - read on to learn more.

Congratulations to 'Super Lawyers Texas Rising Stars,' Lennea Cannon and Christy Martin

super-hero.jpgLennea Cannon, who leads the divorce and family law practice at Kerr, Hendershot & Cannon, P.C., has been named to the Super Lawyers Texas Rising Stars list for Family Law.

Christy Martin, a commercial litigator and business law attorney at Kerr, Hendershot & Cannon, P.C., was also named to Super Lawyers Texas Rising Stars, in the area of Business Litigation.

How to Mitigate the "Business Divorce": Getting the Right Shareholder Agreement in Place

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As the great Depeche Mode always said, "people are people..." - everyone is predestined to make a mistake or have an emotion or strong opinion. When it comes to people going into business with others, these same human elements will always exist. That is why no one should go into business assuming their partners will always be 100% on board with their ideas. It is especially true when entering into a venture with friends or family, which is why it's so easy for some people to assume nothing can go wrong in the future. We're not saying you can't trust your partners - we're simply saying that human nature and all its complications are facts of life, even in the business world, and having the proper legal agreements in place can act as a safeguard that will give all shareholders involved more protection against potential fall-outs.