The Latest With Lewis – June 2023
“A new baby is probably, undoubtedly the grandest gift that could ever be.” — Winnie the Pooh. On May 25, 2023, the KLL Team went out to celebrate not one, but two baby showers for Erica Eslinger and Kristen Angel! We are so excited to welcome two new members into our family!
Financial Professionals You May Want On Your Divorce Team
Once your Texas marriage runs its course, you may worry about being able to maintain a lifestyle that is similar to the one you enjoy now. Divorce is undoubtedly going to impact your financial future, but there are certain things you might do to limit how much of an impact it has. For example, you may want to think about adding one or more financial professionals to your divorce team to help you navigate asset division, spousal maintenance and similar matters.
According to Kiplinger, the exact financial professionals with whom you may want to work might vary based on your current financial status and what you want your financial status to look like the day you divorce. However, many people in similar situations find it useful to hire one or more of the following financial professionals while a divorce is in the works.
– Certified Public Accountant: Most CPAs have a comprehensive understanding of how divorce impacts each party’s tax obligations. While a CPA may be able to help you plan accordingly for tax season and avoid any major, unforeseen tax bills, some CPAs also work as forensic accountants. This means they may be able to help you find hidden income streams or other assets your spouse may be trying to conceal.
– Certified Divorce Financial Analyst: Many people also like working with CDFAs amid divorce, particularly if they have concerns about otherwise reaching a fair divorce settlement. While a CDFA may be able to help you with asset division… Read More
Happy News
Hari Budha Magar, a Nepali veteran of the British operations in Afghanistan has become the first double above-the-knee amputee to summit the world’s tallest mountain. Magar began to climb the mountain on April 17th, 13 years to the day that he lost his legs in Afghanistan in an explosion.
While people with disabilities are banned by the Nepali government from attempting to climb the mountain due to the danger of it, Magar was able to overcome that roadblock and climb the mountain with a variety of interchangeable prosthetics, ice spikes, and other altered mountaineering gear.
Hari Budha Magar now wishes to go back to the spot in which he lost his legs to say “thank you”, because if he had his legs, then he would never get to climb Everest!
Married Business Partners: What Happens If You Divorce?
If you own a business with your spouse, it may feel like you have to go through a divorce twice — first as spouses, then as business partners. Starting and running a business takes time and money, but what can you do if you can no longer work with your ex-spouse?
In Texas, you can divide your property into separate and community property.
– Who Owns the Company: Most business owners do not want to sell the business and split the profits. Not to mention, it becomes more complex if you have other owners involved. Are you and your spouse the only owners? Are there other shareholders to consider? Next, you have to determine whether you or your spouse has more of an interest in the company. If you started the business together, the business is community property. Even if one of you started it outside of the marriage, if the other contributes to it, it still belongs to both of you.
– What Is Your Business’s Value: Determine the value of your business. A proper valuation will help you when it comes to equitable asset division. When you have the company’s value… Read More