When separating from a spouse, many couples have a lot of divorce questions. Separating is not as “simple” as it used to be with laws, taxes, children, households, and other things to consider before breaking those ties that bind. No one wants to think about such a final ending to a once romantic, blissful relationship. However, when things happen that reconciliation is not possible, knowing some … [Read more...]
Archives for 2017
Child Contingency Rule
Warning! Don't Violate The Child Contingency Rule! If any amount of alimony specified in the divorce decree is reduced (a) upon the happening of any contingency related to the child or (b) at a time that can be clearly associated with a contingency related to the child, then the amount of the reduction will be treated as child support, rather than alimony, from the start. Code Sec. 71(c)(2). … [Read more...]
Tips for an Exceptional, Superb & Powerful Life!
We all need some reminders from time to time to help us keep our spirits up when things in life don't go the way we would like. Here is a short list of ideas to help you out: Take a 10-30 minute walk smiling all the way every day. Smiling is the ultimate antidepressant. Sit in silence for at least 10 minutes each day. Buy a lock if you have to. Buy a (DVR), tape your late night shows … [Read more...]
Women and Divorce in Texas
Issues for Women Who Divorce in Texas Divorce is emotionally wrenching for both men and women, however, let’s separate the emotions from the financial issues for the moment. During the first year following a divorce, a woman’s standard of living usually drops substantially, while the man’s actually increases. The responsibilities of motherhood often prevent the woman from pursuing a lucrative … [Read more...]
Tracing to Prove Your Separate Property
Using Tracing to Divide Separate from Community Property Did you know that your inheritance can end up being divided with your ex-spouse? Despite your best efforts, Mom’s legacy for you has probably been mingled with community funds. But, you say that you kept it in a separate account and never added community earnings? The problem with that line of thought is that dividends and interest on … [Read more...]
What Is Certified Financial Planning
A person who does certified financial planning will be a member of and meets the requirements for the CFP Board (Certified Financial Planner Board of Standards). This means that they must meet the proper educational requirements as well as pass examinations and stick to the ethical standards of this organization in order to remain a paying member in good standing. This board requires that … [Read more...]
Finding Financial Planning Advice
When going through a divorce perhaps the last thing on someone’s mind is financial planning advice. While there may be more emotional and personal issues on the table, this is definitely one area that cannot be ignored. It is important to be able to see the entire picture of what the future will look like once the divorce is over, plus it is equally as important to know what assets there are and … [Read more...]
Social Security
Your social security benefit is based on your earnings averaged over most of your working career. Higher lifetime earnings result in higher benefits. If you have some years of no earnings or low earnings, your benefit amount may be lower than if you had worked steadily. Early Retirement You can start your Social Security benefits as early as age 62, but the benefit amount you receive will be … [Read more...]
Long-Term Care Insurance
General Recommendations for Long-term Care Policies: Once you buy a policy, don’t stop paying the premium. If financial circumstances require that you do so, Texas law requires companies to offer you the option to receive a percentage of the benefits you purchased. You can lower your premium by choosing a longer elimination period. Just be sure you consider how long you can afford to pay … [Read more...]
Divorce Terminology
Citation: When a respondent refuses to sign a waiver, a citation is issued giving them notice of the petition and demanding a response within 20 days. Collaborative Divorce: Is comprised of a series of meetings with the emphasis on negotiation and mediation to arrive at an amicable settlement. If no mutual settlement can be reached the collaborative process is abandoned, the attorneys resign … [Read more...]
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