Once you know that divorce is in your future, it's essential to keep a close eye on the marital assets that you will be splitting with your spouse. People can (and unfortunately sometimes do) engage in what's called the "dissipation of assets." It occurs when a spouse intentionally wastes or squanders marital assets to lessen the amount their husband or wife will get in the divorce settlement. Typically this is done out of malice or spite and by a person who can afford to throw away money. Often they have a high income that they'll continue to have after the divorce while their spouse doesn't.
Differing attitudes toward money are at least one factor in many divorces. If you and your spouse are divorcing, and you've racked up a significant amount of debt over the years, you're understandably concerned about how much of that debt you get "custody" of in the divorce.
If you and your spouse have chosen to continue to live together in your home as you go through the divorce process, or even for a time after your divorce has been finalized, you're not alone. Some couples do it because they simply can't afford to maintain two homes -- even if one of them is a small apartment. Others do it because they feel it's best for the kids -- perhaps at least until the school year is over.
Recently, online lending marketplace LendingTree published a list of the best and worst places to "recover from divorce." Sure, Turks and Caicos, Maui or maybe Paris sound like great places to recover. However, LendingTree had more practical places in mind when it developed its list of the best and worst cities in the U.S. for people to live post-divorce.
Divorce can be a highly emotional process. However, it's also a financial one. Whether you have a single home and a couple of retirement and investment accounts or you have multiple properties and millions of dollars in other assets, you need to understand what you're dividing and how your division of those assets (and debts) will impact your life going forward.
Some people end up being their own worst enemies when they're going through a divorce. The emotions they're feeling about their spouse and the breakdown of the marriage can get in the way of making decisions that are in their best interests -- and, more importantly, their children's interests.
Most of the changes brought about by the Tax Cuts & Jobs Act of 2017 (TCJA) took effect in Tax Year 2018. One of the most reported-on changes, however, doesn't impact taxpayers until they file their 2019 taxes. That's the removal of the tax implications of alimony payments.
Texas law requires that divorcing couples at least attempt mediation. However, many couples choose to continue the mediation process through to the end to divide their assets and debts and determine custody and support issues. If you and your spouse can work together to settle these matters, mediation is less expensive and time-consuming than a litigated divorce. There are other -- possibly even more important -- benefits. Let's look at a few of them.
You've reached the point in your marriage where you're ready to tell your spouse that you want a divorce. With the end of the year closing in, is it better to have one last holiday season together and wait until the new year to announce your intentions? Should you do it now rather than pretend that everything is fine over the holidays?
A former Texas lieutenant governor is facing a lawsuit by his ex-wife alleging that he has failed to repay her $6.7 million in personal and business loans she made to him during their marriage, as designated in their 2016 divorce agreement. She also says that he owes her millions in unpaid alimony.