Recent Blog Posts
Don’t let your spouse waste the marital assets
You may think you know your spouse pretty well, but all bets go out the window when a divorce is on the horizon. Anger, jealousy, spite or flat-out greed can make people do unexpected things.
Embittered spouses who know a divorce is coming have been known to wipe out the joint savings account or blow up the joint credit cards in any number of ways, including:
- Luxury purchases, including expensive new cars or boats
- Lavish gifts or support for a new romantic partner
- Expensive elective surgery designed to make themselves more attractive
- Extensive renovations on a home or building that is their personal property
- Buying an entire household worth of new furniture and other items for use after the divorce is over
- Buying entire new wardrobes, including expensive jewelry
- Gambling or high-risk investment schemes
Sometimes, their actions are merely thoughtless or compulsive. Other times, their spending is a deliberate attempt to waste the marital assets. The goal, in other words, may simply be to squander the money willy-nilly and deprive you of as much of your fair share of the joint assets as possible — while also sticking you with as much debt as they can.
Filing out the federal financial aid form after your divorce
It’s that time of year again when parents of college-aged children are busy filling out the Free Application for Federal Student Aid (FAFSA) for the coming school year. While any parent can find the FAFSA intimidating and hard to follow, parents who have recently separated or getting a divorce may be completely unsure how to proceed.
Here’s some information that may help you:
- The parent who fills out the FAFSA is the one that the student lived with the most over the last 12-month period.
- This may or may not be the parent who was awarded physical custody of the child in the divorce.
- If the custody was split evenly and it’s impossible to say which parent has custody for the purpose of federal student aid, the parent who financially supported the child the most fills out the FAFSA.
- Child support payments count as income for the child on the FAFSA.
Why you need a prenup even if you don’t own anything
The best time to talk about a prenuptial agreement is, quite frankly, when you have no intention of needing one. It can be difficult, however, to see the point of a prenup when you’re young, broke and running mostly on dreams.
It’s those dreams you need to protect.
While prenups used to be exclusively the domain of the ultra-wealthy seeking to protect their trust funds and family money and older people on their second marriages, that’s changed. Prenups today are the most important things that entrepreneurs (especially those in high-yield fields, like the tech industry) can have if they should end up unhappily wed.
A well-done prenup can insulate you from a number of the hazards of divorce:
Money issues that often end marriages
Financial issues are some of the most common reasons modern marriages fall apart. Some financial issues, in particular, are often more damaging than others. Money issues are so common within modern marriages, in fact, that CNBC reports that more than 35% of people cite financial troubles as their biggest marital problem.
Just what types of financial issues are most likely to lead to strife within a marriage?
Concealing money – or debts
Once you marry someone, numerous aspects of your life become intertwined, and your finances are likely among them. While many married people – two out of every five married couples, in fact – admit to hiding money from one another, doing so can have catastrophic effects when it comes to trust. The same holds true when it comes to concealing debts. In many cases, one spouse’s financial moves can negatively impact the other, so withholding information about debts is likely to lead to considerable marital hardship.
Make custody mediation work for you
Are you nervously anticipating your first mediation session over your child custody issues? You aren’t alone. Most parents who are going through a divorce feel the same anxiety when they’re trying to settle such an important issue.
Well, take heart: You’re already on the right path to a peaceful compromise with your soon-to-be ex-spouse over the kids because you’ve chosen to try mediation. While mediation isn’t always successful, the willingness to negotiate is always a positive sign.
In order to make the best use of mediation over a custody issue, here’s what you should remember:
1. Focus on what’s best for your child
If your child is very young, you can’t really ask his or her opinion on things, but older children often need to feel like they have some say in their future. Talk to your child in a neutral fashion about the possible visitation schedules or any changes you anticipate to their routine and get their take on what they would like to see.
3 important things to know about child custody in Texas
Child custody rules differ somewhat from state to state, and the rules in Texas are somewhat unique. If you’re approaching a custody battle with your child’s other parent, it helps to understand the language and process used to determine custody in this state.
Here are the answers to some of the most common questions we hear about custody:
1. What is a parent with custody called?
In Texas, someone with legal custody of a child is called that child’s managing conservator. Conservators may act alone or hold the position jointly with another person.
2. What does a child’s managing conservator do?
Typically, managing conservators make the decisions that are most important to the child’s well-being and future, including:
- Where the child will live
How do you change your name after a divorce?
If you’ve been married for a while and you assumed your spouse’s last name after marriage, you may wonder how you can change your name to reflect your divorce.
You do have options — but you should also consider all of the angles before you start. Here’s what you need to know:
1. It’s easiest to have the name change added to the divorce
There are essentially two ways to have your name changed after a divorce. You can ask the court to include the order allowing your name change in the final decree of your divorce. Alternately, you can file what’s known as an Original Petition for Change of Name to have your name changed at a later point.
Texas man in trouble for falsifying divorce papers
Given the availability of no-fault divorce, there’s really no reason to stay stuck in an unhappy marriage. However, you still have to follow all the correct procedures and steps if you want the court to grant you a divorce. Otherwise, you may find yourself facing serious criminal charges.
That’s the position that a 51-year-old Houston man is in after he forged his wife’s signature and the signature of a notary on his divorce petition, making it appear that his wife consented to all the terms of the divorce. Based on those papers, a family court judge was tricked into granting the uncontested divorce.
That divorce has since been vacated for fraud and Harris County police now want to bring the man in on charges of aggravated forgery. They were alerted to the incident because the man’s wife filed a complaint once she learned that she’d been divorced without either proper notice or her consent. He could face up to 10 years in prison as consequences for his actions.
Financial considerations to make during divorce
Divorce is an intricate process, especially for couples with massive financial holdings. The wife of the former lieutenant governor of Texas recently sued her former husband due to an alleged unpaid divorce settlement.
Even if you have nothing like that in your own divorce proceedings, you still have to watch out for some financial aspects. You do not want to get out of marriage on an unstable financial footing, so you need to consider these fiscal issues before finalizing anything.
Retirement planning
In a marriage, both spouses plan toward retirement together. They may have a single retirement account with one spouse working and the other staying at home to raise the kids. After a divorce, those plans change. The spouse with the retirement account may have to surrender a portion of it while the spouse who stayed at home has to plan for the future accordingly. Both parties may need to look for new ways to save for life after 65.
Could your parenting improve after divorce?
It’s entirely natural to worry about how your divorce might affect your relationship with your children. Are you worried that not being with your children every day ultimately means that you’ll grow apart? Isn’t that what always happens?
No, not really. In fact, many people become better parents after their divorce — even though they were already good parents before! Here’s why you might find it easier to parent after your divorce:
1. You’re happier
Being in an unhappy marriage makes for unhappy people. Once your divorce is final, you’ll be able to reclaim your individuality and move on. As you feel happier about your life, that can positively change the dynamics of your relationship with your child.
2. Your energy isn’t being wasted