Entries by Patrick Wright

New Tax Act Disqualifies Self-Creations from Capital Gains Treatment

TCJA: Gain or Loss from the sale, exchange or other disposition of a self-created patent, invention, model or design, secret formula or process are no longer treated as the sale of a capital asset under section 1221(a)(3). The Tax Cuts and Jobs Act (the “TCJA”) was signed into law by President Trump on December 22, […]

Texas Premarital Agreement: The Good, The Bad, and The Realistic

A premarital agreement, often called a prenup (or a prenuptial agreement), has a sordid perception of being a self-serving, unromantic, and pessimistic legal document. However, this is not always accurate. This page is intended to shed light on what a Texas premarital agreement can protect, what it cannot protect, and why it is nearly bulletproof. […]

Family Law Dictionary: Common-Law Marriage

Yes, there is common-law, or informal, marriage in Texas. However, it isn’t simply living together that creates an informal marriage. In Texas, there are four elements that must be met in order to establish an informal marriage. First, the people involved must agree to be married from that moment forward, not at some point in […]

Can a Divorce Impact Your Immigration Status?

Many individuals obtain legal immigration status in the United States based on their marriage to a United States citizen, United States permanent resident or a beneficiary of an immigrant petition. A common misconception people have is that if a person in this situation gets a divorce, he or she will automatically be deported. Generally, this […]