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November 2015 Archives

Considerations for dividing retirement accounts in divorce

People in Texas who are divorcing and who need to divide their retirement accounts must fill out the correct paperwork in order to avoid unnecessary taxes. For 401(k) and employer-sponsored plans, a Qualified Domestic Relations Order is necessary. For an IRA, a transfer incident must be filed to avoid taxes.

Some couples hide finances from one another

Couples in Texas may be among the 20 percent who, according to a recent study, think it is acceptable to spend as much as $500 without informing the other partner. Researchers interviewed a random 843 Americans by phone and learned that 6 percent hid a bank account from a partner. Some researchers and therapists say that arguments over finances are one of the main reasons for divorce, and when they occur early in a marriage, they are even more likely to result in divorce.

Uncovering concealed assets during a divorce

Discussions over the division of marital property are often the most contentious part of the divorce process for Texas couples, and it is not unheard of for one of the spouses involved to attempt to conceal assets or present their financial situation as being bleaker than it actually is. Texas is a community property state, and courts will order that marital property be divided equally if divorcing spouses are unable to come to an amicable agreement. However, marital assets must be identified before they can be divided.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
1603 Lyndon B. Johnson Freeway Suite 280
Dallas, TX 75234

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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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