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How to avoid common financial mistakes when pursuing a divorce

During divorce proceedings, there is generally a lot at stake. Alimony, parenting plans and property division are just a few of the many legal issues that can be running through a spouse's mind. By taking precautionary steps, Texas spouses can avoid some common financial mistakes and hopefully end their marriage in a simple and cost-effective fashion.

Factors that may affect spousal support

Texas couples who are contemplating divorce may be interested in conditions that can affect spousal support. In many cases, couples and their advocates are able to arrive at a settlement on major issues such as asset division, child support and spousal support by themselves. However, failure to mediate such a settlement necessitates intervention by a family court.

Basic divorce considerations

Even when divorcing Texas couples have no minor children to consider in their separation proceedings, there are still many factors to take into account with respect to property and asset division. Texas is a community property state, meaning that all assets acquired during marriage are divided 50-50 between divorcing spouses. There may be exceptions to the community property assumption for inherited property and gifts to one spouse.

ACA insurance plans may affect divorce negotiations

Before the Affordable Care Act was instituted, many people in Texas had trouble getting health insurance through anyone but an employer or a spouse's employer. Preexisting conditions could stop a person from obtaining a new health insurance policy, and for many people, health insurance became an incentive to stay in an unhappy marriage.

Millions of dollars given to wife in alimony

While Texas audiences enjoyed the candid discussions of alimony in the comedic "The Alimony Tour," the host of the one-man show was actually using the proceeds from the tour to pay his ex-wife alimony. The star of the show, John Cleese, had to perform the show in order to comply with the settlement regarding his high-asset divorce.

Planning for financial life after divorce

When a couple divorces, one party may be ordered to pay temporary or permanent spousal support, otherwise known as alimony, to their ex-spouse. According to a report, alimony payments from one ex-spouse to another might well account for a significant portion of the recipient's financial welfare.

States reconsider permanent spousal support in divorces

The concept of alimony has a long history, so it is likely not a foreign one to many Texas residents who are familiar with the vocabulary of divorce. Simply put, it's a financial commitment of spousal support between the two parties after a legal separation or divorce. The parties who normally receive the support tend to have low or no income and need the funds to maintain a healthy household for themselves and their children. For many, alimony has been a forgone conclusion in divorce proceedings. However, changes are taking place or being considered in many states that may alter the nature of this support.

Prenuptial agreements protect financial assets, property

No recently engaged Texas couple ever wants to believe that their marriage may not last before even heading down the aisle. However, protecting any assets in case of divorce should be a priority for couples, especially when financial and property division could become a problem down the line.

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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.
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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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