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...]
Preparing financially for divorce will help avoid costly pitfalls
Doing your financial homework before you file for divorce can help you avoid a host of potentially costly pitfalls. Learn all you can about the divorce laws in your state and consider engaging a team of experts to get you through. The timing your divorce may also play a role in the financial outcome of your divorce. Meeting with a Certified Divorce Financial Analyst, such as myself, also can … [Read more...]
The special needs child and divorce
While all children need the continued support and care of parents, children with special needs require unique consideration during and after a divorce. The financial support allotted to a child post-divorce is usually determined according to the family code of each state. Such support for a special needs child can be adjusted based on the unique needs of the child in question. Adjustments … [Read more...]
Ten facts about divorce that may surprise you
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...]
Buying a house together before marriage
If you are beginning a new chapter in your life with a new partner, managing money may be the last thing on your mind. But it should be one of the first things you both consider as you begin to direct your separate finances into a mutual plan for the future. For example, buying a house together before getting married may seem like a good idea, yet there are pros and cons to consider. Buying a … [Read more...]
Social Security benefits 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, you may qualify to receive Social Security on the work record of your ex-spouse. However, you must meet several requirements for qualifying to receive these benefits. You also must consider at what age to start taking those benefits. Here are … [Read more...]
Divorce and long-term care insurance
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...]
Divorce and Company Bonuses
An often overlooked community property asset to be equitably divided in a Texas divorce settlement is any company or employer bonus given to one or both of the spouses involved in a divorce. Sometimes attorneys fail to address the community nature of bonuses. Or, they forget to ask if either spouse typically receives, or is expected to receive, an annual or other type of bonus as part of his or … [Read more...]
Should you buy a house before the divorce is final?
Most of us don’t have the option of buying a home during the process of divorce due to financial constraints. But while a fortunate few may have the resources to afford the down payment, mortgage payments, property taxes and upkeep, careful thought should still be given to this idea. Going through a divorce is highly stressful. You are likely experiencing a wide variety of emotions right now, … [Read more...]
Meet me at the next Guide To Good Divorce seminar on Sat. April 23
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...]