In most marriages, one spouse or the other will be the manager of most of the assets of the parties' separate and community property estates. This “trust theory” has been developed in a long line of cases and provides that the spouse who is managing the assets of the marriage will be treated as a … [Read more...]
7 Ways to Hold Down the Cost of a Divorce Case
Holding Down the Cost of Brokerage and Bank Account Tracings In a Divorce Case I have been called on to prepare separate property claims in or moving through brokerage and bank accounts for over 25 years. There is perhaps one universal truth. Every client is unprepared for how expensive it is to … [Read more...]
Your Social Security and Retirement After Divorce
Divorce is one of life's most stressful experiences. Its impact is lasting even reaching into retirement. Navigating the intricacies of Social Security is one of the many lingering complexities in which a financial adviser can help. This article, written by Dana McLaughlin, was originally … [Read more...]
Avoiding Community Property Laws in Tax Returns
I often am asked by someone going through a divorce whether they should prepare their tax return using the Married-filing-joint method (MFJ) or Married-filing-separate (MFS) method. My first response is that MFJ is usually the method which results in the least amount of tax paid by the couple. … [Read more...]
More on Constructive Fraud and Waste Claims Benefiting a Wronged Spouse
Earlier this month I blogged about claims of waste and constructive fraud. Here is how such claims can benefit the wronged spouse. The Texas Family Code now provides specific guidance on how a divorce court can remedy fraud committed by one spouse on another. Section 7.009, Fraud on the … [Read more...]
A New Twist to Claims of Waste and Constructive Fraud
A recent Houston divorce case provides a new twist to claims of waste or constructive fraud. In that case, the wife basically asked the question, where did all my husband’s earnings go? The court awarded the wife a judgement of $196,000 for wasting community funds because the husband could not … [Read more...]
How To Handle Powerball Lottery Winnings and Inheritances
With all the hype around the Powerball $1.5 billion lottery jackpot, a familiar scenario is brought to mind within the probate process when an individual inherits a large sum of money. People all over the country are currently dazed by the dollar signs of what they’d do if they “win big,” but did … [Read more...]
So What’s Next After Divorce?
Once the divorce is finalized, what's next? With all the work and coordination involved in untangling the marriage and the finances, it might be tempting to consider things done once the Final Decree is entered. However, in order to ensure success post-divorce, consider these four steps. Develop a … [Read more...]