The fact that Texas is one of nine community property states in the US means that all assets belonging to married persons are affected by the concept of community property. In a community property state, most property acquired during marriage belongs to both spouses and is considered community property. Furthermore, community property is either classified …
Month: July 2017
Recovering Attorney’s Fees in Texas
A common concern among litigants is whether attorney’s fees are recoverable from the other party. While it is reasonable to assume the prevailing party will be awarded attorney’s fees, it is not always the case. In most lawsuits, each party assumes their own attorney’s fees unless otherwise provided under the law. In this article, we …
Texas Residential Construction Liability Act (TRCLA)
To resolve construction defect disputes with a residential home builder or remodeler, Texas homeowners must currently follow the procedures set forth under the Texas Residential Construction Liability Act (RCLA). The RCLA was enacted in 1989 to help resolve construction disputes between homeowners and contractors and limit the liability of residential builders. Since 1989, various amendments …
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Effects of Not Having an Operating Agreement for a Texas Limited Liability Company
Filing a certificate of formation with the Texas Secretary of State is the first step to creating a limited liability company (LLC). A certificate of formation generally only provides the name of the LLC, names of members or managers, principal place of business, and purpose of the business. A certificate of formation does not include …
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Common Methods for Distributing Assets After Death in Texas
Whether a person dies with a will (testate) or without a will (intestate), distributing assets to their heirs, beneficiaries, or distributees may be very simple or quite complex. Assets are either classified as real property or personal property. While real property is land and everything attached to the land, personal property includes bank accounts, investments, …
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Can a Lien for a Personal Loan Attach to Homestead Property?
At one time or another, a trusted friend or relative might ask you for a personal loan. Lending the money might seem like a good idea if you could attach the lien against the person’s home as security for repayment of the note. It would be reasonable to assume that a personal loan could be …
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