Who Will Make Medical Decisions For You, If You Become Incapacitated? Your medical power of attorney is not revoked by the filing for divorce. A final decree terminates your spouse’s right to act under your medical power of attorney. If you have no medical power of attorney, the law makes your spouse first in the order of priority of persons who can make a medical decision for you, if you are … [Read more...]
No Will & You Die Before the Divorce is Final
What Happens If You Do Not Have A Will And You Die Before Your Divorce Becomes Final? If you do not want to take the chance of your spouse inheriting your property, you need a valid will that expresses your current intentions on who should receive your property and who will be your executor. The State of Texas has a plan for you if you die without a will. Your property will be given away based … [Read more...]
Protecting the Children
How Do I Protect My Children? A simple will is not sufficient if you have minor children. If you leave your property outright to your minor children, a guardian will need to be appointed. That is expensive and the guardian appointed is very likely to be your spouse. You should have a trust set up in your will. The trustee whom you have chosen will manage your children’s estate until the trust … [Read more...]
Using Your Estate Planning Attorneys For Divorce
Why Not Use The Attorneys Who Did Your Estate Plan For Divorce? If that attorney saw you and your spouse together to accomplish your estate planning, then the two of you collectively are considered his client. That means what one spouse discloses to that attorney, may be disclosed to the other spouse. Ethical considerations prohibit that attorney from agreeing to withhold information from the … [Read more...]
Important Divorce Questions to Ask Before One Files
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...]
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...]
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