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May 2020 Archives

Taxes and divorce in 2020

The 2020 deadline for income taxes switched from April 15 to July 15 because of the coronavirus pandemic. This means that many have still not filed their tax return, perhaps because they focused on filing for divorce. Individual tax advice from a tax attorney is recommended, as the following comments are general in nature and should not be considered tax advice.

How can you know if your prenup is valid?

When written correctly, prenuptial agreements can be useful tools that allow Texas couples to look to their future with confidence. These contracts outline how the division of marital property will work in the event of a divorce, thus lessening the chance that a couple will later choose to fight over money and assets. However, there are certain technical issues in regard to the drafting and/or execution of the agreement that could result in the invalidation of the agreement. 

What are the signs of financial abuse?

Navigating different priorities is something every successful marriage should do, but it is not always the case. Couples’ disagreements over finances, in particular, are one of the most common reasons for divorce. This can be a general attitude where one spouse prefers to spend money as fast as the family makes it (or more quickly), while the other wants to save for retirement, the kid's college fund, or other long-term goals. As long as the debt is sustainable and there is no deceit, things may work out.

What can be learned from the Bezoses' high-asset divorce?

Every year, numerous miserable couples in Texas consider and ultimately decide to end their miserable marriages. However, the JOY OF Divorce emancipation is not without its complications, especially for those couples who are dealing with the division of significant assets. However, that does not mean it needs to be a messy affair added to other possible messy affairs that contributed to the downfall of the (presumably) once-happy couple. 

Valuing a business in a divorce

Business owners often regard their company almost as a child. It must indeed be nurtured, and the staff must be taken care of. Still, filing for divorce often forces owners to also consider who should maintain primary “custody” of that business that may qualify as community property. This prompts both sides to take a clear-eyed look at what the business is worth. This can be done with the idea of using that valued amount as part of the equation for dividing community or marital assets.

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Plano, TX 75024

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