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Posts tagged "divorce"

Preparing for a contested divorce

Not all Texas divorces involve courtroom battles, but people who suspect that their divorce might be headed that way should prepare themselves. If an estranged spouse is difficult from the beginning, it is a possibility that the conflict will continue, making negotiations impossible.

Texans who get divorced may benefit from financial planning

Money issues and disputes could unnecessarily complicate Texas divorce proceedings. Couples who hire individual legal counsel for divorces also need to solicit the services of independent financial counselors. Neglecting to do so may result in settlements not functioning as they should.

Some age groups more likely to be divorced

Texas couples may be more likely to be divorced in their 50s than at any other age based on a survey of data showing that 42 percent of 59-year-olds are separated, divorced or on a second, third or later marriage. However, in comparison, 43 percent of people in that age group were still on their first marriages. After the age of 59, the divorce rate slows again.

Financial issues in divorce

Texas residents who are considering a divorce should keep certain facts in mind regarding their finances. For example, they should make sure that they have knowledge of all of the marital assets. In some cases, spouses may attempt to conceal assets from one another. More commonly, people may not always be aware of the true value of their assets. It is important to remember that after tax, an asset like a retirement account may be worth considerably less.

What to do before getting a divorce in Texas

January is a popular month for divorces, with many family law attorneys reporting a spike in filings during that month. Most people choose January because it is the start of a new year, and they want a fresh start. However, there are many issues to consider before making such a decision, including the psychological and emotional aspects.

Marriage and joint finances

In some Texas marriages, one partner handles the finances while the other spouse may be largely in the dark about such matters. While delegating based on each person's strengths is a good idea, this can end up hurting the less informed partner if a divorce occurs. Having some understanding of a couple's financial situation is beneficial whether a marriage ends or not.

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.

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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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