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Divorce Archives

How to handle taxes after a divorce

While most residents of Texas who file for divorce understand their finances are going to change as a result, many do not consider the impact that divorce will have on how they file their taxes. The choices individuals make regarding their divorce will often have long term effects, so people should be proactive about reducing their tax burden. In addition to changing the status they can file under, divorce will also impact what deductions people have access to, especially if they have children. Following a divorce, individuals are naturally no longer able to benefit from a married filing status. Some are still able to file as "Head of Household," which usually carries a lower tax rate, but only if they meet certain criteria. Deductions related to children are another huge change in the way that divorced individuals can file their taxes, and the tax deduction for each child generally goes to whomever the child spends the most time with.

Divorce late in life has special issues

Our population is aging and there's an increase in what is known as gray divorce. There are special issues that must be considered when a long-term marriage ends and the parties are over 50 years old. Two important aspects of gray divorces are 401K and pension plans of the spouses. It is much harder to rebuild these types of assets as retirement draws closer. This is especially important to consider in a community-property state like Texas. Generally, assets obtained during the marriage are equally divided in a divorce

When to consider a prenuptial agreement

While planning the details of a prenuptial agreement can certainly take the romance out of planning an upcoming wedding, an increasing number of Texas couples are considering it to avoid costly divorce proceedings in the future. A prenuptial agreement is used to decide how assets will be divided should the marriage fail. While it is common for wealthy couples to have a prenup in place, even couples of average income can benefit from drafting one before getting married.Many individuals are deciding to marry later in life after they may have established assets. Finance professionals advise that individuals consider his or her net worth before getting married. This is especially important if one or both have a net worth over $100,000. Prenups are also useful when one member of the union has keepsakes or family heirlooms that he or she does not want to risk losing during a divorce. These details can all be discussed and agreed to before the marriage takes place.

Kelsey Grammer's divorce finally comes to a conclusion

Kelsey and Camille Grammer's long divorce is finally over. The former couple have been battling it out since Camille filed for divorce in July 2010. Camille Grammer decided to file for divorce after she learned that her husband was having an affair with a British flight attendant, and the two have officially been divorced since February 2011. The former "Frasier" star married the flight attendant that same month, but there were still unresolved issues in the divorce, including disputes over substantial assets that totaled about $60 million. The former couple also had disputes regarding the three properties that they owned and child custody arrangements.

Can a family business survive the end of a marriage?

When it comes to deciding to end a marriage, people have to think about asset and property division -- and how to share the things that cannot be divided, such as children or pets. Sometimes, however, couples elect to keep some assets and share them, often for practical rather than sentimental reasons.

Do-it-yourself divorce could become a DIY disaster

There's a wise old saying that goes something like this: A doctor who treats himself has a fool for a patient. Texans could soon have the opportunity to test that theory out in court. From now until February 8, 2013, the Texas Supreme Court is accepting public comment on do-it-yourself divorce forms. The idea is that people who can't afford the usual route - hire an attorney who knows the process and can do it right the first time - will be able to get unhitched on the cheap.

Thousands of women lose health insurance after divorce

For nearly 65,000 women every year, the end of their marriage means the end of their health insurance coverage. And it may take as long as two years before they can get replacement insurance, if they can manage it at all. Loss of coverage is one aspect of divorce that may get lost in the scramble for child custody and equitable distribution of assets.

Few contracts are more durable than a pre-nup

If a prenuptial agreement is on the to-do list before the wedding, think very carefully and read closely before signing. Once signed, pre-nups are very hard to break legally. Those cautions come from experts who specialize in unwinding those binding contracts when things don't work out as planned. Voiding a properly drafted and signed prenuptial agreement in search of a better deal is difficult, they say, but not impossible.

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