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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.

Divorce for artists and creators

Many professional artists and other creative people make their home in Texas, and they are as likely to get married and raise a family as anyone else. Unfortunately, some of these unions will terminate in divorce. This can sometimes lead to unusual problems with property division. As the state of Texas follows the laws of community property, all artworks created during a marriage are the joint property of both spouses. They are to be assessed and divided like all other property.

Texas property division in divorces

People who are getting divorced in Texas probably know that Texas is community property state, but they may not be certain exactly what that means. In community property states, all property that is owned on the date of dissolution, as well as all financial obligations that have been taken on during the marriage, is presumed to be owned by both the husband and the wife. However, this is not nearly as straightforward as it may initially sound, and during the property division phase of a divorce the court will not always divide the community property equally.

Examining the role of alternative dispute resolution in divorce

Texas couples who are seeking a divorce may be interested in alternatives to going through a long trial in order to resolve the end of a marriage. These alternative methods can help to save money and headache. While a trial is one way to decide the terms of a divorce, the time and expense of the process makes it difficult for many former couples to go through. For this reason, many divorces end in a settlement arrangement, rather than a judicial decision. Alternative dispute resolution methods such as mediatio, allow the divorcing spouses to decide how their divorce goes on their own terms. This occurs through voluntary negotiations with the help of a neutral mediator who leads the former couple through these negotiations on the various important matters.

How to handle the marital home in a divorce

Couples who own a home together and are divorcing or separating in Texas might need to consider how to handle the property during proceedings. In many cases, one spouse stays in the home and the other moves out. However, this process might not be as simple as some people think it is. According to a recent article, a divorce that awards the home to one party might not remove the other party's liability for the mortgage.

Director Michael Moore's contentious divorce set to go to trial

Dallas residents who are seeking to end their marriage may be interested in one Hollywood director's legal issues. After a 23-year marriage, Michael Moore and his wife, Kathleen Glynn, have entered a divorce after reported dispute regarding the use of marital funds.

How to find community property assets after separation

Texas is a community property state. In a divorce proceeding, each spouse is entitled to exactly one-half of any community property acquired during marriage and before legal separation. In order to determine which assets are community and which are separate, individuals who are recently separated may want to start by taking an inventory of their property. Taking an inventory can be hard to do if the other party is attempting to hide assets. However, there are certain places to look to try to determine how much money or property another spouse possesses. When a spouse owns a business, the other party can review Schedule C of a 1040 form to identify total revenues. Individuals should pay attention to the lines titled "gross receipts or sale" and "tentative profit/loss." Schedules A may list real estate taxes for property that was unknown to another spouse, and Schedules A and B may show how much money a spouse earned in the form of investment interest and ordinary dividends. Schedule D will indicate how much a short or long term asset sold for, and Schedule E will show any rents or royalties received by a spouse. If a spouse is an officer in a corporation, Form 1125-E will detail any compensation received in that capacity. Other schedules and forms are applicable to Subchapter S corporations.Spouses may try to remove joint assets from a joint or separate bank account before a judge has a chance to effectuate a property division, so parties to a divorce should always keep tabs on their bank statements, financial statements and cancelled checks. Some people may have accounts or assets hidden in different accounts, so individuals may want to ask a family law attorney for help in issuing subpoenas to multiple banks.

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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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