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Posts tagged "Divorce"

Divorced parents must follow regulations to travel with children

Federal guidelines on international travel for children are meant to protect divorced parents in Texas and other states from having their children taken by their exes. According to federal law, both parents need to be present when children get their passports, or individuals with sole custody need to show proof of their custody arrangement. When two parents take their children to get passports, they need to show proof that they are legally the parents of any juveniles 16 years old and under. Parents not traveling with their children must provided notarized consent for their children to leave the country.

Divorce and baby boomers

According to statistics, more and more baby boomers are getting divorced in Texas and throughout the country. Twenty years ago, only one in 10 divorced people were age 50 or older. Today, this number is one in four. This situation is especially difficult for women who may be subject to losing half of the funds in their retirement accounts while often having to pay for housing expenses with less income than their former spouse. Divorce can wreak havoc on finances for baby boomers, partly due to the decrease in the amount of time allotted to recuperate their savings.

Finding assets hidden by a spouse in a divorce

When Texas residents are beginning the divorce process, care should be taken to ensure that they get their fair share of marital assets. There are some techniques for uncovering any assets hidden by the other spouse that may be useful. Hiding assets is a common way for a spouse to increase the amount of community property they leave the marriage with. There are a few ways to conceal cash and property that should be investigated. When one spouse owns a business, they could be using that business to hide some assets. This could be in the form of "off the books" payments, a retirement account that isn't being disclosed or even real property that they haven't told their significant other about.

Handling family pets in divorce

While many Texas families believe that a pet that has lived with them for many years is a member of the family, courts do not often follow this thinking. Instead, divorce courts treat pets like they are pieces of property, like a couch or car.

How divorce affects taxes

Texas residents who are in the process of divorcing may be interested in how the divorce will impact their tax situation. A divorce can change a person's income, assets, debts and even name, so it is little surprise that it can significantly affect one's taxes. Individuals who have recently finalized a divorce are advised to carefully review their situation and account for all necessary changes.

Finances should be in order before a divorce

Texas readers who are considering divorce may wish to organize their financial lives before making any other moves. Years of shared finances may create some surprises as the divorce process begins, so it may be in the best interests of both parties to carefully organize before formally initiating the proceedings.

Dividing complicated assets in a Texas divorce

In Texas, all property that is acquired during marriage will be divided equally if the parties file for divorce. Unfortunately, it can be hard to determine how to equally divide assets that are illiquid, such as a partnership interest in a family business. In community property states like Texas, if two parties to a divorce cannot agree on which of them will keep a contested asset, a judge may order the parties to sell the asset to ensure that the profits can be equally split.

The pitfalls of using social media while in a divorce

It may be very tempting for Texas residents in a divorce to take to social media to rant about their ex or their divorce. However, that short rant could prove costly in the long run. It is important to remember that social media is not private, and, even if someone has blocked an ex, there are still ways an ex can see that information and use it in the divorce.

Future promises to pay can be dangerous in divorce settlements

For Texas couples seeking a divorce, negotiating a settlement agreement that is future-proof can be difficult without an attorney. There are many possible misconceptions one can have regarding future payments as one father recently found.

Health insurance coverage and divorces

Divorcing couples in Texas may wonder about the availability or loss of health insurance after their marriage is dissolved. Many choose to stay together because one spouse can not get a policy after losing coverage under the other spouse's employer-provided policy. As a result of the Affordable Care Act, more options have become available, and insurance may no longer have such an effect.

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