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...]
Separate Property Claims and Tracing in a Collaborative Divorce from the Financial Professional’s Perspective
I worked my first separate property tracing case in 1988 and have been participating in them ever since. Separate property claims can be and often are hotly contested and emotional matters in a Texas divorce no matter if the divorce is done in regular litigation or a collaborative process. The … [Read more...]
The Number One Predictor of Divorce
How many times have we heard that good relationships are secure in good communications? Gottman is on target! This article originally appeared on Madame Noire. The Number One Predictor of Divorce Have you ever wondered what the number one predictor of divorce is? Hint: it’s not screaming … [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...]
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...]
Is A Divorce Coming in the New Year?
Typically there is a surge of divorce filings in January every year after a difficult holiday season and think about making big changes in their lives. This recent Market Watch article is a good read for those considering divorce soon. It includes information on how to prepare yourself with … [Read more...]
Ways to Avoid Paying Spouse’s Income Tax
When your client is concerned about the risk of being held liable for taxes on the income of his or her spouse, there are several options to be considered. Married Filing Separate If your client knows or fears the spouse plans to under report taxes due, you may want to recommend that your client … [Read more...]