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Posts tagged "Property Division"

Preparing finances for a divorce in Texas

When someone decides to end their marriage, their finances are likely to change dramatically. People will often no longer be able to rely on joint income to pay bills, and assets will need to be divided. To help someone reduce their risks of financial problems following a divorce, it can be beneficial for people to understand their finances and determine their date of separation.

Avoiding property division mistakes in Texas

When dividing assets as part of the divorce process, it is important to do so properly to avoid costly tax consequences. For instance, it may be a good idea to have assets inside of a 401(k) plan rolled over from one spouse's account to the other. This is a non-taxable event and may be the easier way to transfer the money. If the spouse receiving the money wants to take it as cash, he or she could be liable for income tax and an early withdrawal penalty.

Asset protection strategies for divorce

Texas law can play an important role in issues such as alimony during a divorce. In fact, jurisdiction is just one of the factors affecting a Texas couple's financial outcome after divorcing. It is important to have a good understanding of family finances prior to beginning the process. It is also critical to understand the values of various assets as they relate to taxes and other potential obligations.

Avoiding tax complications in divorce settlements

When Texans are going through divorces, they often focus on such big issues as child custody, spousal support and child support matters. While they are trying to negotiate an agreement regarding the property division in their cases, they may want to explore the potential tax complications that may arise after their divorces are final.

Key Considerations When Dividing Real Estate in a Texas Divorce

For people who own real estate such as a vacation home, divorce can be particularly complicated. In Texas, community property consists of assets and debts acquired during the course of the marriage. If real estate was purchased in that time, or if the property was acquired before the marriage date but the value increased while the couple was married, then the value of property may be subject to division.

Prenuptial agreements for farming families

Some people in Texas may think of prenuptial agreements as something that only the very wealthy need, but increasingly, some lawyers are urging farming families to consider them. Without a prenuptial agreement, if a person who has inherited part of a family farm gets a divorce, their spouse may have the right to half of that person's share.

Dealing with bankruptcy and divorce at the same time

Money can be a common source of stress in a Texas marriage, and in many cases, disputes over finances can be contributing factors to a divorce. In some cases, the situation may be serious enough that bankruptcy is a consideration. If divorce is looming, the timing of a bankruptcy filing may depend on the financial situation of each party as well as the nature of the debts in question.

Is It Always Necessary to Divide the Retirement Plan in a Texas Divorce?

When a couple with high-value assets decides to divorce, each spouse has a lot to lose. Often one of the primary considerations is how the end of the marriage will affect retirement plans.