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Divorce and money

The end of a marriage is often a difficult time. When Texas couples divorce, there are a number of issues that they will need to resolve at a time when emotions are running high. One significant concern is that of money and property division.

Finances can be surprisingly complex, particularly in a high asset divorce. Some issues that must be resolved include things like dividing major assets or determining spousal or child support. Other issues that crop up may not be so obvious. It's one thing to figure out how to divide retirement accounts and the proceeds of the sale of the family home; it's another to decide who gets the salt and pepper shaker collection or a favorite coffee table. Dividing personal items can create a significant amount of stress for both parties.

Other issues that must be settled include a division of debts. If a couple has credit card debt, owes back taxes or took out a personal loan, it is crucial that they determine who is responsible for debt repayment. Taxes may come into play as well. If an alimony order is issued, the payments will be deemed taxable income to the recipient and will be deductible by the payer. Child support is neither income nor deductible, however. Future tax returns will have to be filed using single status until a party remarries.

People who are divorcing may benefit from speaking with an experienced family law attorney. In many cases, the attorney can assist in negotiating a comprehensive settlement agreement that covers property division, spousal support and other divorce legal issues instead of having these matters decided by a judge.

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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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