Divorce has significant effects on your taxes. For example, if your divorce is final by December 31 of a tax year, the IRS will consider you unmarried for that entire year, so you must file individual rather than joint tax returns. Moreover, due to new tax legislation, alimony is no longer deductible for the person paying and it not taxable to the recipient. It’s possible to go back and change a prior decree to make alimony no longer tax deductible, but changing a divorce … [Read more...]
Top 3 MORE Overlooked Financial Issues During Divorce (Part 2)
Divorce is commonly seen as one of the most stressful experiences one will ever go through. Along with all of that stress, you are also making financial decisions that will most likely affect the rest of your life and perhaps the lives of your children as well. For that reason, it’s always a good idea to get the advice of a Certified Divorce Financial Analyst™ or some other financial professional during your divorce process. Having another set of eyes on your situation is … [Read more...]
The Rise in After Retirement Divorce
My family law practice handles a sizeable number of “grey divorces.” “Grey divorce” clients have been married to their respective spouses for decades. Over the years, through season after season, their relationships have evolved and changed. At some point, these changes have meant an end to the vows of staying together until “death do us part.” Statistics indicate that there has been a rise of divorces amongst people over the age of 50 years old. As the life … [Read more...]
Why Are Older People Getting Divorced?
For years, married couples have been known to stay together for the “sake of the children.” When the children are grown and moved away, more older people are divorcing than ever before. There are several reasons for this: The couple may have problems with being empty nesters. Now that the kids are out of the house, one or both will finally say, “I don’t want to be married any longer and I just want to try something new.”One or both parties may have built up resentments about their … [Read more...]
Understanding Alimony in Texas
Contrary to what many people think, Texas does have “alimony,” and the Texas Family Code calls it spousal maintenance. However, the Texas Family Code narrowly defines when spousal maintenance can be ordered by the court. When clients want or need spousal maintenance, I suggest using the Collaborative Divorce process. Collaborative Divorce provides a transparent process that enables clients, their lawyers, and a neutral financial professional to openly evaluate the needs of the spouses … [Read more...]
Dealing With Trusts In A Divorce
Characterizing property owned by a couple is an important part of any divorce and the existence of a trust can complicate the process, especially if it’s an irrevocable trust established during the marriage. On the other hand, an irrevocable trust established prior to a marriage will help a spouse prove that funds in the irrevocable trust are separate property. However, an irrevocable trust established during the marriage often complicates the characterization and division of the … [Read more...]
4 Bad Habits of Co-parents and How to Break Them
It’s not a secret that co-parenting is a job in of itself, one that requires many hours of on-the-job training. And since there is so much emotional labor involved, one or more parties might be tempted to lean on bad behaviors in moments of exhaustion or frustration. Here are some bad habits to avoid as a co-parent and how to avoid them. 1. Using your child as a messenger Learning how to be functional co-parents is an extremely taxing and emotional process, so it can seem like an … [Read more...]
Divorce Is A Family Affair
Divorcing with children involves the whole family. One day, everyone knows where everyone is and where things go and what the rules are, the next day everything has changed. Parents do everything they can to ‘keep the kids out of it’, to let them know it isn’t their ‘fault’ and that these decisions are parent decisions. Collaborative Divorce supports parents and helps them see the child’s concerns and address them in unique ways. Fear Of The Dark Children fear the dark and monsters. … [Read more...]
Collaborative Divorce Is An Option Worth Considering… Because We All Love Our Children.
Divorces are never easy, and truth be told, the lawyer you choose might set the tone of how your Divorce progresses (and pretty much the rest of your life, if you are not careful). Shocked? Me too! So let me explain. There seems to be a general view that a divorce must be an anxiety-riddled event, full of dread, ill will, and bickering, and some attorney will make this a reality. So beware when you choose your attorney! Those who advertise themselves as “fighters” or other terms that … [Read more...]
Discovering Hidden Assets During A Collaborative Divorce
Dividing community property is an important divorce issue, especially if the divorce has been planned for a long time because that gives one spouse time to conceal funds. How can you be certain your spouse has disclosed all marital assets during a divorce? The answer depends on how you divorce. In a litigated divorce, there is no duty to disclose, while in a collaborative divorce spouses agree to voluntarily produce all relevant information. A complex divorce generates … [Read more...]
