Most people would agree that getting a divorce may cause uncertainty and pain. But couples who separate the emotional from the business aspects of divorce will have financial security and far less anxiety. Since you are searching for help, you have already taken an important big step toward achieving that goal. Developing the ability to review assets analytically remains key to your successful … [Read more...]
Divorce insurance for the happily married
Whether you acknowledge that any marriage can end in divorce, the possibility exists. I can't tell you how many clients tell me they never saw divorce coming. Then, we find out together, they are not very well prepared for the divorce process with regard to their finances. Think about it this way. No one wants to face the possibility that your home could burn down, or that you could get into a … [Read more...]
Love, marriage and money: what you need to know before you consider divorce
Sharing your emotions and physical affection with the one you love comes naturally for most of us early in the marriage. But, even in this honeymoon stage, when it comes to finances and money, many spouses typically hold their cards close to the chest and avoid difficult discussions on the topic. If you haven’t kept up with the family financial details and want to avoid future surprises, suspicion … [Read more...]
Dividing assets equitably in a divorce can get complicated
If you are facing divorce, it pays to know as much as possible about your marital assets and finances. In today's complex financial landscape, it is increasingly difficult to assess the value of marital assets in a divorce. The characteristics of assets can vary tremendously, and each family has unique needs and goals. Navigating your finances in order to work out an equitable and fair … [Read more...]
THE TRUE COST OF A DIVORCE
If you are considering a divorce, you may be ecstatic, scared, relieved or miserable, depending on the circumstances and your own outlook. One thing for sure though, is that the divorce is going to cost quite a bit of money. The more your net worth, typically, the more expensive the divorce. The more attorneys are involved, the higher the cost. For the affluent, the cost is usually $50,000 to a … [Read more...]
TAXES & DIVORCE Part 1 Minimizing Taxes
Divorce brings a new tax bracket, new filing status and, possibly, valuable tax credits. Let’s start with some basics. The tax reform in 2017 did away with any deduction for personal exemptions. This was mostly compensated by greater standard deductions. The current standard deductions for each filing status are: $12,550 Single$18,880 Head of Household$25,100 Married The “Head of Household” … [Read more...]
Civil service pensions and divorce
Retirement and pension plans can be the largest marital asset to divide in a divorce in terms of value. This is especially true in cases of long-term marriages. And equitably dividing these financial assets in a divorce can be quite complicated, depending on each couple's individual situation. For example, if one or both spouses in a divorce is a current or retired federal employee of the U.S. … [Read more...]
How a Certified Divorce Financial Analyst can help you
It’s often difficult for individuals and couples to fully understand how a Certified Divorce Financial Analyst (CDFA) can assist them in their divorce process. So, I am developing a series of case studies that illustrate how I’ve helped my clients achieve their goals and reach a divorce settlement they are satisfied with. This divorce case included a prenup, lots of separate property … [Read more...]
“Can I be reimbursed for money my spouse wasted during our marriage?”
In a divorce, identifying, calculating and dividing property and assets can get very complex. Clients often ask me if they can be reimbursed in the divorce settlement for specific unusual, community spending during the marriage, or “waste,” by their soon-to-be-spouse. In Texas, a law was passed in 2011 to help innocent spouses “reconstitute the community estate” if the … [Read more...]
During COVID-19, divorcing couples turn to Early Intervention Mediation
As we continue to grapple with the COVID-19 pandemic and its grip on our nation, couples facing divorce have hit a road block as many family courts have been closed during the lockdown. While Texas family courts are just beginning to open up electronically, cases in the queue are backing up rapidly. In addition, family law firms and staffs are still scrambling to stay operational during the … [Read more...]
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