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.
Like many Texas residents who are getting a divorce, you may have financial concerns. How expensive will my divorce be? What if there is a dispute about property division? Is it going to take forever for my divorce to be finalized? These concerns are legitimate and may have you thinking about whether an uncontested divorce is right for you.
At the law offices of Laura Dale & Associates PC, we work with clients every day who wish to obtain a Texas divorce. Along with the advice we give them regarding their custody arrangements, property settlement agreements and possible spousal support requests, we also strongly advise them not to post any personal information on Facebook and the other social media while going through the divorce process.
Changing your estate plan can seem like a painstaking task, especially if you are undergoing a significant life change, such as a marriage or a divorce. When you are going through a divorce, the last thing you want to do is complicate your life even further. Like other Texas residents in this position, you may decide to put off updating your will and trusts until after the divorce is final. However, there are many reasons you may want to update your estate plan now, during the divorce process.
Divorces necessitate that Texas couples account for all of their assets, which may be easy to do when it only involves real estate or bank accounts. However, it can be more complicated when investments like stock portfolios are taken into account. Unfortunately, while both spouses in some couples have about an equal understanding of their finances, not all spouses are intimately involved with making investment choices during the marriage.
Every once in a while, a bill comes before the Texas legislature that attempts to modify divorce laws. Sometimes these potential changes come from activities in the courts, nationwide legislation or constitutional issues.
Going through a divorce can involve many emotions. Not only is it difficult to separate from someone who you may have been married to for a substantial period of time, but there is also the overwhelming task of dividing marital property. Distributing possessions and assets that have been accumulated during years of marriage can be difficult, especially when you or your spouse have developed an attachment to certain items. There may also be a need to get as many finances possible in order to prosper in the future. This need may result in one party hiding or stashing property and/or assets, so they will not be available for division in the divorce settlement.