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Posts tagged "Divorce"

When dividing marital property, retirement funds are critical

When couples in Texas decide to divorce, the financial issues at hand often outweigh the practical and emotional concerns. This is especially true when it comes to retirement funds. For couples of at all income levels, these accounts can be some of the largest assets that are part of marital property. In fact, 62 percent of divorce lawyers who responded to a 2016 survey said that retirement funds were the most contentious issue faced by their clients.

How divorce will affect taxes

Taxes are one of the many things that are affected when Texas couples get a divorce. If the divorce was in effect by the end of 2017, then the people involved should file their taxes separately. If they were separated but not yet legally divorced by that date, they can file jointly or separately.

Health insurance coverage and divorce

When it comes to divorce in Texas, there can be many complications. The issue of health insurance can be particularly thorny if one spouse is covered under another's policy. While some people may assume that their health insurance will carry on to the end of the year regardless of their marital status, this is generally not the case.

Contempt, stonewalling and other behaviors that lead to divorce

According to the author, researcher and marriage counselor John Gottman, there are four elements in a marriage that increase the chances of a divorce. Texas couples who engage in stonewalling, contempt, criticism and defensiveness are displaying behaviors that could lead to the end of their marriage, but they can still repair their relationship even if they have fallen into these patterns.

Ending a marriage may result in poor credit

The credit consequences for getting a divorce can vary for Texas residents and others. When a person only has his or her sole income as opposed to a combined marital income, it may result in reduced credit limits. This may result in higher credit card utilization ratios as well as less access to credit that may make it easier to pay for daily or other expenses.

Steps to prepare for divorce

Some couples in Texas might be thinking about divorce in the new year. After all, the beginning of the year is a popular time for spouses to split. That being said, there are several things people should do to prepare for divorce.

Dealing with bitcoin assets in divorce

Texas is a community property state, so when couples get a divorce there, the property they have acquired since the marriage is considered shared property and divided accordingly. While this usually means dividing things like homes and bank accounts, there is also a possibility that one person might have bitcoin investments.

Credit records can be a consideration during divorce

For people in Texas considering divorce, it is important to keep an eye on debts both in asset division and following the end of the marriage. During a marriage, many couples take out joint debt, including mortgages, loans and credit card accounts. Dividing debt and assets from the marriage is part of the divorce process, but it can be easy for bills to fall by the wayside.

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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

Phone: 800-486-9553
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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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