I am often asked to help divorcing individuals track down potential assets or debts of their spouses during a divorce. It can be an arduous job, sifting through piles of paper -- pouring over bank statements, credit cards bills, and tax records. In the past, I have had to rely primarily on traditional tools-of-the-trade and my own experience in order to sniff out hidden monies or debts, … [Read more...]
Social Security and divorce
Decisions about filing for Social Security benefits will affect you financially for the rest of your life. And if you have gotten divorced in the past, or are preparing for divorce now, you may qualify to receive Social Security on the work record of your ex-spouse, and later on your own work record, if you qualify under the current rules of choosing which benefits to file for and when. You must … [Read more...]
What happens to the family home in a divorce?
The question of what happens to “the house” in a divorce is often one that 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 my clients to pause, set aside emotions and objectively consider all the significant, interrelated factors before deciding on what … [Read more...]
What is an equitable divorce settlement?
I am often asked to help divorcing individuals and couples determine how to equitably divide their marital estate. This may seem to be cut-and-dry, but it rarely is. For one, many people believe that the court will automatically divide a couple's assets 50/50 in a divorce. This a myth. The Texas Family Code (the laws on divorce) uses the words “just and right” when dividing community assets … [Read more...]
Is your spouse hiding assets, income or debt?
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...]
Hiring the right financial expert to help with your divorce
Most couples seeking divorce are aware that they will likely require help from a divorce attorney. Fewer couples realize that as they enter the nuts-and-bolts of the divorce process, they will have many questions about the financial side of divorce. Questions such as: Who will pay for their children’s education and medical treatment?How do we calculate the value our assets?How should we divide … [Read more...]
Five proven benefits of gratitude — even if you are going through divorce
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...]
Dividing pensions in a divorce may require special financial assistance
If you and your spouse are considering, or are in the process of divorce, and one or both of you has a corporate or civil service pension, know that all pensions are not created equal. This fact is extremely important to understand as you proceed toward an equitable division of your marital estate. In dividing pension benefits in a divorce, your attorney will be required to create a QDRO … [Read more...]
Inside a non-litigation divorce process
In the past, divorce processes have been primarily adversarial in nature. In a typical divorce scenario, spouses each hire an attorney, and then a variety of expert consultants who advise them on finances and custody plans. This type of divorce can go on for many months or even years, driving up fees and increasing a couple's stress levels, anxiety and animosity. Children can get caught in the … [Read more...]
Don’t forget these marital assets in your divorce
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...]
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