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...]
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...]
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...]
What To Do When Your Child Refuses To Visit Your Ex
Many divorced parents wonder what they should do when their child doesn’t want to visit the other parent. Should they encourage their child to go on the visitation or let him or her decide? That depends on the child’s age–teens are old enough to make their own decisions, but younger children are not. Before you decide on a strategy, it’s a good idea to find out why your child is resistant to going on the visit. Ask your child why he or she doesn’t want to visit their … [Read more...]
Divorcing With A Special-Needs Child
Getting a divorce is hard on any family, but it’s especially difficult when a special-needs child is involved, because the burden of care and planning for the child falls mostly on the custodial parent. When a special-needs child is involved in a divorce, the issues of custody, visitation, child support, and division of community assets become more complex and require special attention. Standard child support and custody guidelines don’t address the extra costs and unique … [Read more...]
Amazon’s Jeff Bezos’ Divorce – Smart People Prove That There Is A Better Way
One of the richest and smartest people in the world is Amazon’s Jeff Bezos. He built the world’s largest retailer from scratch. There were lurid details about the end of his 25 year marriage to MacKenzie Bezos prior to their filing for divorce in January. The estate was worth an estimated thirty-seven billion dollars and there were those that expected a costly, drawn-out proceeding costing millions of dollars. Instead, after just four months, Jeff and MacKenzie announced … [Read more...]
Eight Factors Judges Use When Deciding Who Makes Decisions About The Children After A Divorce
During a litigated divorce, judges must decide who will have the right to make non-emergency decisions about children’s living arrangement, where they will attend school, their medical care, and their religious training. Courts may award sole custody to one parent or give both parents the joint right to make decisions about their children. Having sole custody means one parent need not consult with the other parent when making decisions about the children. On the other hand, … [Read more...]
What To Expect In A Texas Divorce
Both parties are frustrated during a divorce, because the spouse who wants the divorce feels the process is too slow, and the spouse who wants to save the marriage wants to slow things down. Ultimately, the outcome of your divorce will depend on whether you choose a collaborative or an adversarial divorce. A collaborative divorce offers many benefits, including privacy, lower cost, transparency, client control, convenience, preserving family relationships, protecting children, … [Read more...]
Five Types Of Married Couples
Based on numerous studies of how married couples interact, John Gottman has sorted couples into five types: Validating, Volatile, Conflict-Avoiding, Hostile, and Hostile--Detached. Validating, Volatile, and Conflict-Avoiding couples are generally happy in their marriages, Hostile couples are unhappy, but none of these types are likely to divorce. On the other hand, Hostile-Detached couples are unhappy and may be heading toward divorce. Each type is different, but you can know … [Read more...]
How To Divide Property In Texas
Texas courts are mandated to divide marital property in a “just and right” manner, but that doesn’t always mean a 50/50 split. Texas courts consider many factors when dividing a marital estate. For example, if one spouse commits adultery, family violence, is a felon, or abandons the marriage, courts may award a larger share of community property to the innocent spouse. It also matters whether the property in questions is characterized as community or separate, because Texas … [Read more...]
