Dictionaries generally define “bank” as a financial establishment for the deposit, loan, exchange, or issue of money and for the transmission of funds. In contrast, “broker” is defined as an agent who acts as an intermediary or negotiator, especially between prospective buyers and sellers; a person employed to make bargains and contracts between other persons in matters of trade, commerce, or navigation. According to the Houston Court, these definitions illustrate that banks and brokers are distinguishable, particularly with respect to the scope of their respective services; banks tend to offer a broader spectrum of financial services than brokerage firms.
Continue Reading Bank accounts and brokerage accounts are not the same in a premarital agreement

A Dallas Divorce client raised an important question this week. She owns a small professional practice that is an S-corporation. Her business has some cash flow that allows her to pay the business expenses and payroll, but not much extra. Her husband requested the Dallas Divorce Judge to make the wife turn over the cash she presently had in her business to help pay the husband’s marital debts.
Continue Reading Can the Divorce Judge Make Me Turn Over My Business’ Cash to My Spouse?

The Texas Legislature repealed the economic contribution statute, which has been a bane to Texas Family Law Attorneys since it was originally passed. Instead, Senate Bill 866 replaces economic contribution with a system of reimbursement and offset based on equitable principles. Further, it clarifies that the party seeking the offset has the burden of proof.
Continue Reading Economic Contribution Statute Repealed Hooray!