Family Law News

I’m Divorced. What Do I Need To Do About My Finances?

Entry of your divorce decree is but the first step in your new post-divorce life. Shoring up your finances is the next step. Here are the top seven things you need to do. Close all joint financial accounts. Unless otherwise required by your divorce decree, close all joint bank accounts, securities brokerage accounts, credit cards, and other financial accounts—and reopen the accounts solely in … [Read more...]

More Expensive Divorce Mistakes to Avoid

Divorce can be costly. National statistics say that on average, each side typically spends over $10,000. Some couples spend even more. It depends on how much you fight. The bulk of the cost, of course, is the attorney’s fees. But there are ways to keep divorce costs down and maybe avoid some heartache in the process. Here are three money-saving tips. Spend Wisely and Talk Freely — To a … [Read more...]

You May Be Common Law Married

If you and your partner have lived together for a while, you may be common law married. Common law marriage is legally recognized in Texas even though the spouses didn’t obtain a marriage license or have a wedding ceremony. If you and your partner meet each of the following four requirements, you are common law married: You are both available to marry (i.e., at least 18 years old, not … [Read more...]

My Spouse had an Affair. Do I Get it All?

In a word—no. But knowing the potential impact of an affair on the outcome of a divorce is important for understanding what to expect and developing an effective strategy. Here are three things you should know.   No surprises. If you had an affair, tell your lawyer. That’s the only way he or she will be able to develop an effective strategy to deal with it. The last thing you want to … [Read more...]

Take My Name Off the Mortgage

For many divorcing couples, their house is the most valuable asset—and usually carries the largest debt: the mortgage.     The divorce decree entered by the court typically divides a divorcing couple’s property, including the family home. But a divorce decree is not binding on a mortgage company. Texas courts don’t have the power to order a lender to release one spouse from a … [Read more...]

Expensive Divorce Mistakes

If you’re getting a divorce, it pays to stay off social media—for many reasons. But oversharing isn’t the only mistake people make when their marriages are tanking. Here are three more that can cost you money. Not assembling all the paperwork. Important documents and information tend to disappear, or their access is blocked, as divorce proceedings drag on. While you can, gather paperwork … [Read more...]

Divorce and the New Tax Law

January 1 did not just ring in the new year. New tax provisions went into effect impacting divorce and child custody matters. Here are five important points to keep in mind. Alimony (also known as spousal maintenance) is no longer deductible. For divorces finalized after December 31, 2018, ex-spouses paying alimony won’t be able to take a tax deduction for the payments. The payments also will … [Read more...]

Hiring a Divorce Lawyer Who Also is a CPA is the Way to Go

Choosing the right divorce lawyer can be a difficult and time-consuming process. But hiring a divorce attorney who also is a Certified Public Accountant (CPA) can give you an extra boost of confidence as you go into battle. If you have significant assets, it’s critical to be represented by a lawyer with the proven ability to understand and handle complex financial issues. To become a CPA, an … [Read more...]

Time is Money

Divorce and custody cases are expensive. Most good family lawyers work by the hour. Time is their only commodity, so they must charge for it. Not only must your lawyer do what is necessary to advance your case, your lawyer must respond to whatever your ex-spouse’s lawyer does to advance his or her case. Here are some pointers to increase the chances of achieving your goals, make the process more … [Read more...]

5 More Ways to Prepare for Divorce

Benjamin Franklin said that failing to prepare is preparing to fail. Here are five more strategic steps to take if you are contemplating divorce. Get Up To Speed On The Family Finances It’s often the case that one spouse takes the lead in dealing with the family finances. If that person is you, you’re in good shape. But if that person is not you, you need to get up to speed now. Understanding … [Read more...]