Divorce involves a separation of two lives that were joined together, and that includes separating the money and assets that a couple owns. Texas is a community property state. Everything that one or both spouses came to acquire during the marriage is considered part of the community property that gets divided in the divorce. Whether you and your soon to be former spouse settle on the issue of dividing your property or a judge decides that for you, the result will be an equitable division of the property.

As you navigate the financial discussions and decisions of your divorce, the following three financial strategies will help you come through your divorce in the best possible financial position. The first strategy is not a strategy per se. It’s a reminder and an important one at that. When listing assets or discussing money in your divorce, you are legally obligated to be one hundred percent honest. If you attempt to conceal or hide assets in any way, the penalty for being found out can cost you even more than you would gain if you had gotten away with it. This means no hiding money in offshore accounts, no giving expensive items “away” to friends or relatives, no lying about whether the oil or gas lease that you bought is productive, or anything else that is not the truth. Don’t run the risk that you could get penalized with a lopsided divorce decree or criminal charges for concealing assets.

Hiring a divorce attorney is another financially sound strategy for your Texas divorce. This seems counterintuitive because lawyer fees are an expense, but you get what you pay for regarding the expertise and efficiency with which your attorney can help you understand your financial situation in the context of your divorce. Your Texas divorce attorney will also help you understand your options are for creating a divorce settlement that is equitable in light of you and your soon to be former spouse’s priorities. Settling a divorce costs far less than litigating it, and divorcing couples who work with attorneys are well-served by the attorneys’ ability not only to communicate and help them negotiate a settlement but to create an agreement that a judge is likely to approve.

Managing debt is another good financial strategy for divorce. When you know that you are getting a divorce, do not take on new debts. Try to pay off some of your smaller or higher interest debts during the divorce process. It’s true that apportioning responsibility for paying marital debts is part of your property settlement, which must have the overall result of being equitable.  However, the after-effect of what appeared to be an equitable division of debt may not work out as planned. If your soon to be former spouse gets assigned responsibility for a debt as part of the divorce decree and they fail to pay it; the creditor may try to collect payment from you. In contrast, paying off debts before the divorce ensures that they are gone forever.

A Texas Family Law Attorney can guide you in understanding your options for dividing your property and in all matters regarding your divorce. Call (903) 753-7499 today, to set up a consultation with Texas Family Law Attorney Alex Tyra. Alternatively, visit our web page anytime and submit an online contact form.

The population of Texas includes many people who were born outside of the United States. These people may have lived in their home countries for many years before coming to the United States, and some of them even married and divorced in their countries of origin before they arrived in Texas. Since their arrival, they have established themselves in Texas, and many of them are now successful business owners or are enjoying other forms of success and prosperity.

The success and security that some immigrants are building for themselves in Texas could be in jeopardy, thanks to a law that recently went into effect which essentially allows Texas to decide whether or not it will honor judgments of foreign courts. In other words, the divorce that you thought was final in your home country might not be valid in Texas. Fortunately, you may be able to protect yourself and the life that you have been building here in Texas by pursuing a Texas divorce.

The new law allows the Texas Supreme Court to make rules that restrict recognition of foreign judgments that might run afoul of due process or the constitutional rights of any of the parties to whom those judgments apply. Many countries have laws that result in judgments that do pass muster under the new law. Some nations have laws that vary drastically from American laws, especially those countries where women have significantly fewer legal rights than men do. Divorce decrees from those countries, as well as prenuptial agreements and other legal judgments from those countries that are not fair and equitable,  will also be declared invalid by Texas courts because Texas requires fairness and equitability in judgments made by its courts.

A case that is now in the Texas court system provides an example of how the potential for conflict between the decrees of foreign courts and the law as applied by Texas courts can affect individuals. A foreign-born man came to Texas and built several enterprises. A few years after he arrived, the ex-wife whom he had married and divorced in his home country came to Texas and asserted a claim to half of everything that the man had acquired because her foreign divorce from him is not valid in Texas. While we do not know how the Texas courts will resolve that case, it is a very concerning example of the types of implications that the law regarding foreign judgments could have.

When immigrants try to divorce in Texas, and they own property in another country, they may encounter difficulty in obtaining recognition of a Texas divorce decree awarding the property to either spouse in the courts of their home country. A strategy that courts and attorneys can use to circumvent this issue is to have the foreign property get legally divided by a court in the country where it’s located, and then consider the value of the foreign property awarded to each spouse in completing the property division portion of the Texas divorce decree.

A Texas family law attorney can help you decide whether to pursue a divorce or division of property in Texas and or elsewhere. If you obtained a divorce in a foreign country, your Texas Family Law attorney can help you evaluate whether getting a Texas divorce would benefit you or protect you in any way. To learn more, call (903) 753-7499, to arrange a consultation with Texas Family Law Attorney Alex Tyra. Alternatively, visit our web page anytime and submit an online contact form.

It’s no secret that divorce affects each divorcing couple financially. The exact ways that each couple gets affected depend primarily on their financial circumstances during their marriage. Unfortunately, though, a recent tax change will soon change the way that divorced Americans get taxed, and many divorcing couples will get affected by the tax change in addition to the financial circumstances of their marriage.

The change in the tax law does not go into effect until January of 2019, but it is not too early for couples contemplating divorce or divorcing to learn about it and understand how it will affect them. For over seventy-five years, divorced couples whose divorce decrees included the payment of alimony have dealt with the payment and receipt of alimony on their tax returns in the same way. Individuals who paid alimony during a tax year got to deduct those payments from their income, and individuals who received alimony payments reported those payments as taxable income. That rule affected couples in different ways, depending upon the financial situations of each, but the overall effect is that each of the individuals in former couples with disparate incomes benefitted from the way that the law required them to report the alimony on their tax returns.

While the individuals who were paying and receiving alimony were benefitting, the government was not getting enriched by the way that alimony got treated under the tax laws. Legislators anticipate that the United States will realize just over eight billion dollars in additional tax revenue between 2019 and 2029 as the result of the change in the way alimony gets taxed. Divorce has always affected the finances of the individuals who get divorced, establishing and maintaining two separate single-income households is not easy, and when there are children, the costs are even higher. Unfortunately, the impact of divorce on each former spouse’s finances is about to increase. The new tax law will have a harmful effect on divorcing couples, especially on women, who receive a majority of the alimony that gets paid in the United States.

The tax change will affect divorced individuals in a way that runs contrary to the very purpose of alimony. Alimony can serve to even out financial resources between spouses with vastly different incomes for a time sufficient to allow the spouse who was earning less to get on their feet and chart their path to financial independence. It can take years for even the most motivated and diligent person to become financially independent, especially if they were out of the work force for a significant period of time and if they are juggling parenting responsibilities along with trying to support their new household.

What does the tax law change mean for divorcing couples? The tax law change removes what had been a powerful incentive for couples to consider making alimony a part of their divorce settlements. Fortunately, you don’t have to navigate your Texas divorce alone. An experienced and dedicated Texas family law attorney can help you work through your divorce towards a result that will work for you. Call (903) 753-7499, to arrange a consultation with Texas Family Law Attorney Alex Tyra. Alternatively, visit our web page anytime and submit an online contact form.

Divorce can be costly for both spouses. Even couples who were doing relatively well financially can come out on the other side of their divorce bankrupt, or uncomfortably close to it. Fortunately, you can do things during your divorce that can protect your financial security.

Hiring a divorce attorney might seem like a counterintuitive move when you’re aiming to reduce the cost of your divorce, but it is one of the most financially sensible things that you can do. Your Texas divorce attorney understands how all things financial work in divorce cases, and they can help you understand the potential cost of just about every decision that you’ll have to make during your divorce, so you can avoid making costly mistakes. That knowledge alone is worth the investment, but there’s more. Individuals who get represented by attorneys in their divorce cases have a higher likelihood of settling their divorce by agreement rather than by trial. When spouses settle a divorce, each of them is likely to be more satisfied with the result than they would be if their case went to trial and a judge decided the outcome.

Another mistake that some people make, whether they get represented by an attorney or not, is supplying incomplete or incorrect financial information. When you divorce, all of your financial information must be made available to your attorney, your spouse’s attorney, and the court. If you purposefully or accidentally withhold information about anything, the court might penalize you.

Having unreasonable or unrealistic expectations is a third mistake that could cost you in your Texas divorce. Whether you are working with an attorney or representing yourself, make sure that you’re asking for a reasonable amount of the marital property, a reasonable parenting schedule, and so on. Your attorney can help you understand what types of requests and proposals are reasonable when you present them with accurate information about your marriage and family life as well as your assets and when you keep the conversation focused more on practical things than on how you are feeling (angry, betrayed, etc.) Seek support for your feelings from friends, family, or through counseling, and use your attorney’s expertise to get the details of your divorce sorted out so that you can move forward with your life. Keeping your expectations and any proposals or requests that you make during your divorce reasonable can save you money in multiple ways. Firstly, your soon to be former spouse and their attorney are more likely to accept your ideas with few modifications. Also, if the two of you can reach agreement on how to settle each element of your divorce case, then you can present your solution to the court as an uncontested divorce, which avoids the costs of litigation and results in an outcome designed by the two of you instead of by a judge.

An experienced Texas Family Law Attorney can help you work through the legal details of your divorce towards a positive result. Call (903) 753-7499, to schedule a consultation with Texas Family Law Attorney Alex Tyra, or visit our web page anytime to submit an online contact form.

Divorce is not a comfortable experience for anyone, but knowing what kinds of things you are likely to experience during your divorce can help you prepare for them and deal with them as they arise. As with anything else in life, a little bit of preparation can go a long way. If you’re considering divorce or you are in the process of divorcing your spouse, take some time to learn about how your divorce might affect your life. You just might find that the learning that you do right now helps you tremendously as you work through your divorce and move forward with your life.

One thing that almost all divorces have in common is that they take longer than either spouse thought that they would. Even in Texas divorce cases where spouses are quick to agree on all of the issues, divorce cases must be on file for a minimum of sixty days. Cases in which one or more issues are contested can take much, much longer, especially if spouses become entrenched in their positions and unwilling to discuss settlement. Also, the timeline of a divorce does not get entirely controlled by the divorcing couple. The court calendar fills up fast, and, sometimes divorcing couples must wait until the court has time to hear their case before their divorces can get finalized.

Another thing you’ll want to keep in mind is that your divorce is likely to cost more than you thought it would. From court fees to the expenses associated with setting up and maintaining your own home, attorneys’ fees and more, divorce isn’t cheap. Fortunately, you do have a say in what your divorce will cost. The more you can work with your attorney to reach agreements with your soon to be former spouse on the issues in your divorce, the less you will pay in legal fees. When a couple cannot agree about one or more issues in their divorce, and their attorneys must invest time and effort into preparing their divorce case for trial, legal fees can add up quickly. When you consider that spouses who reach settlements in their divorces are more likely to be satisfied with the outcomes in their cases than couples who take their divorces to trial, it makes sense to keep your mind open to the possibility of settlement.

A third thing that you need to know about divorce is that you’re likely to have negative feelings about your spouse. Fortunately, your divorce case doesn’t have to follow the timeline of your emotional healing. It is essential that you get support in working through your feelings about your divorce. When you do, you will begin to move towards healing your emotional wounds, and you will be able to assess the issues in your divorce case with your head and not your hurting heart. Bad feelings are a natural part of a divorce, so don’t beat yourself up about having them. Surround yourself with supportive people who can walk with you through your heartache, and connect with a knowledgeable Texas family law attorney who can help you work through the legal details of your divorce towards a result that you can feel good about regardless of how you feel about your soon to be former spouse. Call (903) 753-7499, to schedule a consultation with Texas Family Law Attorney Alex Tyra, or visit our web page anytime to submit an online contact form.

When a divorcing couple has children, a significant portion of the time and effort that they put into their divorce gets spent discussing and making decisions about the kids. In addition to creating a parenting schedule and determining whether and how much child support will get paid, parents must make decisions about decisions. Raising kids involves many decisions, from choices about health care and extracurricular activities to decisions about religion and education. While it might seem like discussing decision making for the areas mentioned above and any others that apply to your family is a bit much to deal with during the already complicated process of divorce, making decisions about who will decide what, and when can save both parents and kids from additional stress and conflict later on.

Your children’s education from birth until adulthood involves many choices. Will they go to preschool or not? Public school, private school, or home school, and in what city or town? What will you do if any of your children require an IEP or other specialized assistance as they pursue their education? Who will guide the children’s’ decision making about their educational futures? Who, if anyone, will help them pay for college or other educational opportunities that cost money. These are just a few of the choices that parents and kids often face on the topic of education. If parents include guidelines for making these decisions in their divorce decree, the family will have a clear set of instructions for how to proceed as they go along.

It is essential that each divorcing couple decides during their divorce how they plan to handle all of the decision making that goes along with parenting. A divorcing couple can determine that one parent will make all of the major decisions for the kids, they can divide decision making by topic, or, as is often the case, they can choose to make decisions about the kids together. Your family law attorney can help you decide what is likely to work well for you and your former spouse regarding decision making during and after your divorce.

Much of the time, parents follow their agreed-upon plans for making significant decisions for their kids without issue until their children become adults and take on responsibility for making their own decisions. Sometimes, though, parents arrive at an impasse when they’re faced with a major decision involving one or more of their children. If you encounter a conflict, it is crucial that both you and your former spouse put some effort into resolving it because you and your child’s other parent are the people who are best qualified to make decisions for your children, not a judge. Sometimes remembering that is all it takes to get discussions moving in a more productive direction. Unfortunately, parents are sometimes unable to reach an agreement and do need to reach out to their attorneys for help. Fortunately, attorneys are often able to help former spouses agree on decisions without going to court.

If you have questions about your Texas divorce, call (903) 753-7499 today to schedule a consultation with Texas Family Law Attorney Alex Tyra. You can also visit our web page anytime to submit an online contact form.

If you are considering a divorce in Texas and you are beginning to learn more about how the divorce process in Texas works, you are not alone. Each year, approximately seventy-five thousand Texans end their marriages. Unfortunately, the number of divorces that happen in Texas does not make it any easier for each person to navigate their divorce. Just as each marriage is unique, each divorce is slightly different than the others. Fortunately, there are quite a few common elements that are present in all or almost all Texas divorces. Learning about the essential elements of a Texas divorce is excellent preparation for working through the more specific details of your Texas divorce.

The key thing to know about divorce in Texas, or anywhere, really, is that working with a divorce attorney is time and money well spent because attorneys not only help their clients understand the divorce process, they help them work through it every step of the way. Divorce attorneys help their clients make decisions that will serve their best interest and choices that will keep the divorce moving along, possibly even with less conflict than they might have expected. Research indicates that divorced individuals who worked with attorneys to settle their divorce cases report higher degrees of satisfaction with outcomes of their divorce cases than those who either did not work with attorneys or who pursued resolution of their divorce cases through litigation instead of a settlement.

Divorce cases don’t get resolved overnight in Texas, or anywhere else. The typical Texas divorce takes between six months and one year from the date that one of the parties files for divorce until the date that the divorce becomes final. Another critical thing to know about divorce in Texas is that either you’re married or you’re not; there is no in between, no period of legal separation. You are married until your divorce is final. This is an important thing to be aware of because Texas is a community property state. In community property states, all property and all debt acquired during the marriage belongs equally to both spouses. During your divorce, it is crucial that you make financial and other decisions with that in mind, and with the aid of your attorney. Also, while Texas does recognize “no-fault” divorce, the issue of fault may still come up during your divorce case when it comes to deciding what a fair division of your debts and assets is. It is vital that divorcing Texans understand this so that they are not surprised when the issue gets discussed.

Divorce in Texas is much easier with a knowledgeable ally by your side. Your Texas Family Law Attorney can help you understand your options and pursue the best possible result in your Texas divorce case. If you have questions about your Texas divorce, call (903) 753-7499 today to schedule a consultation with Texas Family Law Attorney Alex Tyra. You can also visit our web page anytime to submit an online contact form.

One thing that it can be easy to overlook when you are divorcing or newly divorced is the tax consequences of your divorce. Whether your divorce affects your taxes for better or for worse, there is one thing that is certain – you will need to do your taxes at least somewhat differently than you did when you and your spouse were married. Some of the tax changes that relate to divorce take place before your divorce is even final, so it is essential that all divorced or divorcing Texans know what to do for their particular situation when tax time comes around.

Since every divorce is unique, it only makes sense that your taxes could be affected differently by your divorce than your friend’s or your co-worker’s. The only way to know for sure what to do at tax time is to ask both your divorce attorney and your tax preparer. If you usually do your taxes, it is well worth consulting with a tax professional for a few years, both during and after your divorce, just to make sure that everything gets filed as it should. You might eventually resume doing your taxes on your own, but for now, getting some professional advice is a good idea.

Three things that you may want to pay particular attention to regarding your taxes are your filing status, exemptions, and alimony. Depending upon whether your divorce is final or even how long it has been since you filed for divorce if it’s not yet final, your filing status may be different this tax year than it was last tax year. You may also have multiple options available to you for filing status, and your attorney and or your tax professional can help you weigh the advantages and disadvantages of each so you can select the filing status that will work best for you.

In divorces where there are children or other relatives in the home who get claimed as dependents by one or both spouses, divorce can bring about changes to the number of exemptions that each spouse can claim in any given tax year. Sometimes, exemptions even get used as a bargaining tool in divorce negotiations, as something that divorcing spouses can divvy up as part of their divorce settlement. As with all of the other tax issues related to divorce, it’s a good idea to consult with your attorney and tax preparer about your exemptions before you file so that you can be sure to do them correctly.

A third common tax issue in divorce cases is alimony. Your divorce may not involve alimony, but if it does, definitely check in with your attorney and your tax preparer about how you are to deduct it if you are the paying spouse or how to report it as income if you are the receiving spouse. There are particular rules for including alimony on your tax return, and it is essential that you follow them as they apply to your specific situation.

If you have questions about your Texas divorce, call (903) 753-7499 today to schedule a consultation with Texas Family Law Attorney Alex Tyra. You can also visit our web page anytime to submit an online contact form.

Did you know that years ago, couples who planned to marry in Texas could not make premarital agreements? Premarital agreements are becoming more and more commonplace among modern couples, so it can be hard to believe that there was ever a time where couples could not enter into them. The Texas Constitution prohibited all couples, both those who were married and those who were anticipating marriage, from making any agreement that would change the character of their marital property.

Married couples were the first to be permitted to make agreements regarding their marital (community) property. In 1948, the Texas Constitution got amended to permit spouses to contract with each other to designate some or all of their community property as separate property via a document called a marital agreement. Couples who were not yet married could not contract with each other regarding marital property until 1980. Since 1980, the process for contracting with a future spouse regarding ownership of property has evolved into a strict set of requirements that are set out in the Texas Family Code and the Texas Constitution.

If you plan to marry in Texas, you may create a premarital agreement. As with anything else, the key to knowing whether something will benefit you is understanding more about it. For example, a couple who is anticipating marriage would want to know why some couples choose to have them to determine for themselves whether they need one.

Premarital agreements can serve a few different purposes, including limiting future alimony, preserving family assets, ensuring specific parenting practices, clarifying tax obligations, and setting forth the parties’ rights and duties during the marriage, among other things. While there seem to be few boundaries on what you can put in a premarital agreement, please know that there are some limitations. You and your future spouse may not contract to do things that violate any criminal laws or that go against established public policy.

It might also be useful for you and your future spouse to understand who typically enters into premarital agreements. There is no one specific class or category of people who enter into premarital agreements more often than others. With this in mind, couples who are considering marriage must understand that premarital agreements are only a good idea if both parties want one. A premarital agreement is a legally binding document, so no one should ever enter into one under any circumstance besides wanting to have one because they believe that it will benefit them and their future spouse. For example, if you’re considering it just because your future spouse wants it, because your parents want the two of you to have one, or because their parents want you to get one and you either don’t want one or do not see that it will benefit you, do not enter into the agreement. If you and your future spouse agree that you want to enter into a premarital agreement because it will be good for each of you, then it’s time to work with a Texas Family Law Attorney to explore what you plan to include in your premarital agreement.

If you have questions about your Texas divorce, call (903) 753-7499 today to schedule an initial consultation with Texas Family Law Attorney Alex Tyra. Alternatively, you can visit our web page anytime to submit an online contact form.