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...]
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.
What happens to the family home in a divorce?
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...]
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...]