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High Asset Divorce Archives

How wealthy people should approach divorce

When Texas couples with a high net worth choose to end their marriage, the resulting divorce can be complicated. Therefore, there are steps that they should take to make sure that they settle the divorce in as timely and clean a manner as possible. The first step is to create personal and professional priorities and advocate for them during divorce settlement talks.

How entrepreneurs could protect themselves during a divorce

When entrepreneurs in Texas get divorced, they face a unique set of financial challenges and concerns. Whether a divorcing entrepreneur is a sole proprietor or shares a business with his or her spouse, he or she needs to have a clear idea of the value of his or her company.

Dealing with taxes during a divorce

Spouses in Texas who are thinking about divorce should consider the financial issues linked to the end of their marriage. Financial concerns often keep people in an unhappy relationship long after they first want a divorce. However, some of the most important financial issues that come with the dissolution of a marriage aren't about which spouse walks away with which assets. Divorce can have a significant effect on taxes, so it is important to consider tax issues when going through the asset division process.

How tax law changes could affect gray divorces

Retirement accounts often become a primary asset when individuals aged 50 and older in Texas choose to end a marriage, even more so than the marital home and other commonly sought-after assets. For older individuals planning to untie the knot in 2019 or beyond, the Tax Cuts and Jobs Act will change how certain assets are handled. The most noticeable change is with alimony payments, which will no longer be deductible for the payer and claimable as income for the recipient.

Protecting your retirement plan after divorce

With gray divorces continuing to rise, older couples in Texas might be concerned with protecting their retirement plans. While a split is stressful on couples of all ages, older couples face having to make very difficult decisions that can impact their financial situation during retirement, when the risk of having to live on half the income with the same amount of expenses is a real possibility.

Prenuptial and postnuptial agreements

Unfortunately, many Texas couples must deal with divorce. Having a prenuptial agreement can greatly influence what will happen during the separation process. However, prenups can also strengthen a marriage by encouraging the parties to reduce uncertainty before walking down the aisle.

How tax law changes could impact divorce agreements

Starting on the first day of 2019, those who get divorced in Texas or any other state will see a change to the status of alimony payments. For the first time since the Revenue Act of 1942 was passed, alimony will no longer be considered income to the recipient. It will also no longer qualify as a tax deduction for those who make alimony payments.

Gray divorce presents special asset division challenges

Gray divorces, or divorces among couples over the age of 50, are on the rise in Texas and across the United States. In fact, the Pew Research Center reports that these types of divorces have doubled since the 1990s. However, they can present special financial challenges, particularly in the area of retirement plans.

Those who spend more on the wedding more likely to get divorced

With divorce rates in Texas and across the nation hovering at about 50 percent, there have been many studies searching for reasons why divorces occur. One study found that the amount of money that a couple spends on a wedding could be a risk indicator for whether or not the marriage will end in divorce.

Common mistakes to avoid in a divorce

There are a number of mistakes people in Texas who are getting a divorce might want to make sure they avoid. Often, those mistakes are driven by emotion. For example, a person might agree to unfavorable divorce terms because of feeling guilty or because of a desire to get the divorce over with quickly. Anger can lead people to try to seek revenge during the process, and this can mean a longer and more costly divorce.

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