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...]
What is collaborative divorce in Texas?
Couples facing divorce may want to explore a relatively new option for legally ending marriage in Texas called collaborative divorce. This approach emphasizes cooperation over confrontation, and problem-solving over grievance-airing. It was developed as a way to minimize conflicts and the emotional anguish of a traditional divorce process, especially when children are involved. In a … [Read more...]
Consider insurance needs as part of divorce agreement
Negotiating an equitable divorce agreement can be complicated. There are many issues to consider. In my experience, an often neglected or overlooked area is the insurance needs of both individuals, post-divorce. Both individuals will likely need medical, automobile, homeowner’s/renter’s, life and ideally, long-term care insurance. And if there are any children involved, their insurance needs … [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...]
Saving Your Marriage with Comprehensive Planning and Communication Coaching
Can you work through the issues analytically, while still addressing the underlying emotional issues? Sometimes a marriage is faltering due to lack of communication. And sometimes the family finances are the biggest problem for the two spouses. Do both parties have equal knowledge and access to the financial documents and accounts? Is there a large disparity in the earnings that has created a … [Read more...]
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