An Attorney's Perspective on Divorce - an Interview with Katie L. Lewis
Katie L. Lewis, a family and divorce law attorney and entrepreneur based in Dallas, Texas, started her own firm, Katie L. Lewis, P.C. Family Law eight and a half years ago after practicing law for 17 years. The Texas Board of Legal Specialization has certified Katie in family law, a distinction claimed by fewer than 5% of Texas attorneys. Katie and her team of five attorneys exclusively focus on family law, assisting people from all walks of life with issues ranging from custody to premarital agreements to divorce involving complex estates.
In addition to legal services, the firm offers educational resources through its blog, Facebook page, and YouTube channel.
Katie was kind enough to sit down with us to lend her expertise in the financial aspects of divorce. She offers insights on things to remember, things to be wary of, and some special instructions for going through a divorce in Texas.
How can people set up their finances for the smoothest divorce possible?
To ensure divorce proceedings don’t encounter preventable issues, individuals can take a few important steps:
Gather financial documents and information, ensuring access to all associated accounts.
Run a credit report on yourself to be aware of any outstanding debts linked to you. However, it is important to note that running a credit report on your spouse is illegal.
What’s the best way to protect your assets through a divorce?
Most counties have a “standing order” in place, laying out rules like prohibiting cancellation of insurance, liquidation of accounts, or spending money outside of living expenses and legal fees. In counties without standing orders, a restraining order or temporary injunction can ensure the same protections.
What’s the biggest financial mistake you see with clients going through divorce?
Not hiring an attorney. Katie stresses the importance of a professional ensuring proper procedure — particularly with retirement accounts like 401(k)s that require a Qualified Domestic Relations Order (QDRO).
Speaking of dividing accounts, how does division of an investment or retirement account work?
Brokerage and retirement accounts require different treatments. The timing of valuation and specific logistics of transfers are key, making an experienced attorney essential.
When helping a client with divorce, do you partner with financial experts?
Absolutely. Katie collaborates with forensic accountants for accurate valuations and financial insight, especially when one or both parties own a business.
Regarding business owners – are there any special considerations they should make during a divorce?
Texas treats businesses as community property, and business owners must prepare for their value to be divided. An attorney familiar with running a business is a huge asset.
What about things that Texans specifically should be cognizant of?
Texas has a 60-day minimum waiting period for divorce finalization.
There is no legal separation — courts only have jurisdiction once a divorce is filed.
A postnuptial agreement can offer clarity before filing.
Spousal maintenance is available but limited under Texas law. For more, see this overview of alimony vs. spousal support.
What’s “fair” when it comes to dividing assets?
Texas is a community property state. “Fair” considers earning potential, needs of children, and conduct such as wasteful spending.
What’s one thing you wish people knew going into divorce?
Settlement equals control. The longer parties delay agreement, the more costly the process becomes. Agreement keeps the decision-making power in your hands instead of a judge’s.
If you have questions about divorce or other aspects of family law, give Katie’s firm a call at 972-805-8340 or explore more resources on their website.
If your questions are more finance-specific, please reach out to Gloria at info@nestfinancial.net. For broader financial planning insights related to divorce, visit Part 1, Part 2, or our post on how COVID-19 affected divorce trends.
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DISCLAIMER: We are legally obligated to remind you that the information and opinions shared in this article are for educational purposes only. These are not legal, financial, or investment advice. For guidance about your unique goals, drop us a line at info@nestfinancial.net.