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Everybody you talked to and every article you read cautioned you that divorce brought about big financial changes. Somehow, though, you thought that meant that you'd have to adjust to living on a smaller budget -- not that your marital assets would suddenly disappear.
Texas divorces are not as simple as settling details of custody and property division. The issues in these divorces go beyond that as there are things such as life insurance to consider. This can actually present complicated questions that can slow finalizing a divorce. Sometimes, the details that seem minor are actually the tough ones.
The choice of agreeing to a settlement or going to litigation can be difficult for people who are getting a divorce in Houston. Negotiations may have broken down, and it could appear as though there is no room for further compromise. However, going to court may not be worth the costs in time, money or emotional fallout.
In Texas and throughout the United States, a high asset divorce will have many issues in dispute. For those who have collected items of significant value like artwork, this can be the foundation for a long-term legal battle. Such is the case for a husband and wife whose art collection is one of the world's most valuable.
The number of divorces involving couples over the age of 50 has soared in Texas and around the country in recent years even though the overall divorce rate has remained fairly stable. Spouses going through a gray divorce often have significant marital estates, and negotiations over how these assets should be divided can become contentious. This is especially true when retirement funds that have taken years or decades to amass are being discussed in states with strict community property laws.
Some people in Houston who are going through a divorce may want to hire a divorce financial specialist in addition to an attorney. The decisions made during a divorce can have long-term financial implications, and a divorce financial specialist can work with couples or individuals to help them understand what those implications are.
The overhaul of the U.S. tax code brought a radical change for many Americans, especially those who filed for divorce after Jan. 1. One of the most significant changes is how alimony is taxed. The new law no longer allows the paying spouse to deduct the payments, while the receiving spouse does not have to claim it as income.
Texan residents like you who are going through a divorce that involves numerous or complex assets may have even more of a reason to keep a close eye on where the money is. We at Laura Dale & Associates, P.C., will discuss how situations like yours can lend themselves to spouses being able to hide assets with greater ease.