I If you are currently in a dysfunctional marriage, or considering divorce, you may be wondering if your spouse could be hiding assets, income or debts from you. Sadly, your fears are not that unusual. In fact, financial mischief is fairly widespread among couples today, even if they are not in the process of divorce. According to a study conducted by The National Endowment for … [Read more...]
Women's Issues for Divorce
There are many issues that women need to be especially attentive to during a divorce. Many women are not familiar with their family’s finances and may not be well positioned to deal with financial matters on their own. Credit may be in the name of the husband, so a wife may be in a position where she has no credit rating in her own name. Bank accounts and the money in them may suddenly become inaccessible. Family income may have been provided solely by the husband and the wife may have been out of the job market for years, or never in it, and may not have current skills or the ability to provide family support on her own.
If children are involved, it is more common that primary responsibility for their care will reside with the wife. This raises many issues of financial responsibility as well as requirements for sharing decision-making authority about important health, education, and social issues.
All these are very important matters, and professional assistance in addressing them can be critical to a suitable outcome. Read about the steps to take to prepare for divorce before going any further. Patricia is qualified and experienced in helping with these things.
Facing difficult life challenges, such as going through a divorce, may not seem like a logical time to be thankful. Yet studies have shown that cultivating gratitude, even when the chips are down, can have profound impact on our health -- for the better. Gratitude improves physical health. A 2012 study published in Personality and Individual Differences found that grateful people exercise … [Read more...]
Often, many of the women I work with on their divorce finances know very little, sometimes nothing, about their marital assets (or liabilities for that matter). This is gradually changing, but surprisingly, still exists. Maybe the husband has simply kept the information largely to himself, or the wife doesn't feel she understands finances like she should, so leaves it up to her spouse, or she … [Read more...]
An often overlooked asset that should be legally divided in a divorce settlement is the company or employer bonus. Many attorneys forget to address the community nature of such bonuses. Even if they are paid in the year following divorce, company bonuses are partially community property. Bonuses are paid for the preceding year’s services or performance. The settlement agreement or divorce … [Read more...]
Myths about divorce abound. For one thing, divorce laws vary from state to state. So, quite often, people are confused due to what they have heard about celebrity divorces, or a friend or family member's divorce in another state. To help bridge this knowledge gap, I have compiled a list of ten facts about divorce that may surprise you. You may be responsible for debts incurred by your spouse … [Read more...]
Being financially prepared for the possibility that you could require long-term care is an important part of retirement planning. Yet, too many people hope for the best and don't give this much thought. Our rapidly aging population, lengthening longevity and unpredictable health care costs highlight the need for long-term care insurance. So, couples getting a divorce, especially those approaching … [Read more...]
Since 2012, I have been a featured speaker for a quarterly educational seminar series in Houston called the Guide to Good Divorce. The program was founded by Houston family law attorney, Trey Yates, who addresses attendees on the topic of divorce law in Texas. My topic is, of course, divorce financial planning and the divorce process. The panel of speakers also typically includes a therapist, or a … [Read more...]
(by Pamela A.) Going through a divorce is one of the toughest things I've ever done. But like most crises in life, once you go through it, you can look back and appreciate all the things you learned about yourself in the process. You also want to share your insights with others in the hope that you can help. It's not that I did everything right, by any means. But I did make a few decisions that … [Read more...]
Let me just say, it pays to know how the new tax law may impact your divorce this year! Much of the new law, (the "Tax Cuts and Jobs Act"), which both houses of Congress passed on Dec. 20, 2017, goes into effect in 2019. Yet, based on how these laws could impact your divorce in 2019, you may benefit from getting your divorce completed in 2018. There are also some changes that take effect this … [Read more...]
The question of what happens to the house in a divorce requires careful consideration. In my experience, this issue is often clouded by emotions that can get in the way of the couple, or one spouse, making the best financial decision. I advise clients to set aside emotions and consider all the significant, interrelated factors before they decide on what happens to the house. Consider the … [Read more...]