In my many years of advising couples and individuals on how to achieve an equitable divorce, I have seen antics on both sides that can only be described as “the good, the bad and the down-right ugly.” It is unfortunate, but true, that couples embarking on divorce sometimes behave badly during the process. Many professionals who work in this space say, “divorce can bring out the worst in otherwise … [Read more...]
Bankruptcy and Divorce
Individuals considering both bankruptcy and divorce have additional planning issues to consider. Which should be done first? Can we arrange our asset division to protect assets following divorce? Which assets can be discharged and which must be paid? Can income taxes be discharged? There are two ways for individuals to file for bankruptcy: Chapter 7 or Chapter 13. Chapter 7 requires … [Read more...]
Preparing financially for divorce will help avoid costly pitfalls
Divorce can be a long and arduous process once it gets started. If you can buy some time before you file, doing your homework ahead of time may produce big dividends. Read books and learn all you can about the divorce laws in your state. Timing your divorce may also be financially wise. Meeting with a Certified Divorce Financial Analyst such as myself also can provide you with a deeper … [Read more...]
Your divorce may require the assistance of a financial expert
Given the complexities of today’s financial landscape, it may be in your best interest to consider securing specific expertise to help you sort out and evaluate the financial aspects of your divorce. One important thing to remember is that most family law attorneys, even when experienced in divorce, are not trained to address financially complicated divorce issues. As a key participant in … [Read more...]
The five most common myths regarding divorce finances in Texas
1. Myth: Assets are always divided 50/50 Fact: Texas divorce law does not support the common belief of splitting marital assets 50/50 The State of Texas requires a “just and equitable” division of property. A 50/50 settlement is rarely appropriate and should never be implemented without expert advice, and ideally, using an analysis of the situation by a Certified Divorce Financial Analyst. … [Read more...]
Divorcing couples may qualify for a tax break on home sale gains
In many divorces, couples end up selling the family home — before, during or shortly after the divorce — in an effort to practically adjust to post-divorce lifestyles and expenses. In order to avoid paying federal income tax on the gain on a home sale, divorcing couples should explore their options — preferably before the divorce is final — to use the federal income tax exclusion. Depending on … [Read more...]
If facing divorce in the New Year, take time now to prepare
If you are considering divorce in 2017, you are probably dreading the approaching holidays. Let’s face it, no one wants to acknowledge marital discord when the theme is “joy” and “good cheer.” As the New Year approaches, you may want to consider focusing now on preparation and planning for what lies ahead. Here are some steps you can take before and during the holidays that will lay the ground … [Read more...]
The ABCs of setting up household finances with a spouse or partner
If you are beginning a new chapter in your life with a spouse or partner, jointly managing your money may be the last thing on your minds. But it should be one of the first things you both consider as you begin to direct your separate finances into a financial plan for the future. Depending on your ages, here are two lists of financial areas that need attention as you begin to plan your life … [Read more...]
Dividing pensions equitably in a divorce can be challenging
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, understand that all pensions are not created equal. And, that fact is extremely important to consider as you proceed, hopefully, toward an equitable division of your marital estate. In dividing these benefits in a divorce, your attorneys will likely draft a … [Read more...]
Know what your separate property is in a divorce
If you are facing divorce, a significant issue will be determining what is your separate property, what is your spouse’s separate property, and what is community or marital property. This is because family courts in Texas only have jurisdiction to divide what is considered marital property between the parties according to state divorce law. The courts in this state also have jurisdiction to set … [Read more...]
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