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Posts tagged "High Asset Divorce"

Dividing retirement accounts in divorce

Division of assets is one of the most critical steps in many Texas divorces. The marital home, vehicles and business interests might be points of contention as they can be worth a lot of money. Retirement accounts, too, can be among the most valuable assets that a couple has developed, and dividing them between the parties can be contentious.

In a high asset divorce, planning is key

As the effective date for new legislation regarding alimony and taxes approaches, Texas couples who are seeking a divorce and negotiating a settlement might be concerned with completing the process before January 1st, 2019. Alimony, which could previously be deducted by the payer and reported by the receiver, will no longer count as a deduction for the payer. This means that in some cases the payer will find themselves in a higher tax bracket than before, while still having to pay alimony. However, if the agreement is finalized before the effective date of the changes, the divorce can be grandfathered in with the old legislation applied.

Divorces involving high assets affected by tax law changes

Taxes are often far from the minds of divorcing spouses in Texas during the process of dissolving a marriage, but taxes can present themselves with unexpected costs in time for those who are unprepared. Kiplinger has published findings by a tax attorney that show some divorcing spouses may face higher taxes with changes in the various laws regarding payments for alimony and child support after a divorce.

Planning for the future after a 'gray divorce'

Older Texas couples considering divorce may be particularly concerned about how ending a marriage later in life could affect future retirement. No matter a person's age, divorce can be an emotional and financial challenge. While custody and child-rearing are often the biggest issues for younger ex-spouses, divorce presents its own challenges for older couples. It's especially difficult for those who have been married for many years and have deeply intertwined finances.

Property division in a high-asset divorce

People in Texas who decide to divorce may realize that the financial effects of the end of a marriage can be far more long-lasting than the emotional and practical aspects of the split. Indeed, many people planning for divorce feel intense stress about how their finances will change. However, by reviewing their assets, liabilities, income and expenses, people can make a plan for their post-divorce financial future that can help to improve their peace of mind moving forward.

Dealing with private businesses during a divorce

Dividing marital estates is often a challenging and contentious process in Texas and around the country, and reaching an amicable settlement can be especially difficult when one of the most valuable assets involved is a family-owned business. Determining the value of a private business is rarely a straightforward process, and people who are not involved in day-to-day operations may believe that the companies run by their spouses are worth far more or far less than they actually are.

How divorce may effect finances in retirement

Some Texas women may want to consider keeping the home in a divorce even though this is not the advice usually given by financial professionals. The reason they advise against it is that it may be financially impossible to afford the home. A woman may be able to pay the mortgage but might struggle with the additional costs of maintaining the home including upkeep, insurance, taxes and utilities.