You are getting divorced! After the emotional decision is made you must address financial situations impacting the family breakup.
What are the major financial pitfalls of a divorce? Are you prepared to stay on top of all financial problems and decisions in this divorce to strive for a financial win-win situation?
Where’s the liquid cash? Divorce generally never goes as fast as you would like nor do you receive as much as you think you should! If divorce is imminent start saving up money now! You will need to pay divorce expenses and have support for your new household. There will be many unanticipated costs that may drain you financially.
- If you don’t have a credit card in your name get one now. If you share credit with your spouse, close out as many credit cards as possible if he/she can charge on your credit. Even if you don’t use the cards, the account balance will still be owed and both spouses may be legally responsible for the debt.
Not Prepared for this Divorce? Divorce is a serious change of life event. Get Prepared Now! Timing is all important! When is the best time for you to get divorce? Make sure your financial situation is good before you take the divorce leap. Need new tires, buy them. Kids need dental work, see the dentist. Just remember: after the separation, your expenses will be paid by court order and not always be to your liking.
Where are the important divorce financial records? Don’t leave without all your documents that identify what you and your spouse accumulated during your marriage and which can establish the fair market value! Even if you were not in charge of finances while you were married, you must secure copies of all records. You are entitled to your share of financial property and any additional income you find may increase the earnings that calculate child support or spousal maintenance support. What are you looking for? At least three years of tax returns, mortgage paper on your home, wills, trusts, bank, credit card, and financial statements, car registrations and titles, insurance policies, and deeds to real estate. If you have separate property from inheritance or gifts from your family, make sure you have all records of these transactions. Our blog, Texas Financial Checklist http://dld.bz/dqcej is a detailed list of items and records needed to have before filing for divorce. A very good item to use for your preparation!
Have you overlooked any Divorce Assets? If a business is involved a forensic accountant may be hired to look of any signs of additional income or overstated expenses.
- Hobbies and side businesses that use expensive equipment or generate income needs to carefully be looked out. Are you entitled to compensation for expenses you paid to get your spouse through school?
- All assets, big or small can add up. These assets can always be used for trade on something you can use.
- Your spouse may try to hide assets. By keeping all documents and paystubs to make sure there are not any irregularities, things usually work out fine. Stay honest and reveal your assets.
Do Not Ignore Tax Consequences! Divorce may or may not create taxable events but you must report it on your tax return. Should you sell the house now to claim the capital gain exclusion? Who should be paying the mortgage until it sells? Should you take your spousal maintenance monthly or in a lump sum? What about retirement funds? An accountant can help to determine the best path for you on these questions.
Passive Observer of your Divorce? NO! Get control of this process, focus on practical things and work with your future Ex to get this divorce over! You can do this! There is a reason for this divorce and you are the master/mistress of your destiny. Your children need you now to be a responsible parent and wise decision making will save you time and legal fees. Listen to your attorney but you make the decisions!
Is Divorce your survival plan? Now that you have decided to divorce you must break it to your children. People engaged in a Divorce should be in survival mode. The person who will be your future “EX” is looking out for themselves and you need to look out for yourself and your children. YOU must insist within reason on getting what you need and deserve! Emotions and money do not mix! You must be able to take care of yourself and your family financially so look at all property division decisions very carefully and make good decisions to bring the divorce to a successful conclusion.
Prepare for the worst! When entering into a divorce, prepare yourself for the worst! If you are prepared for anything, than your fears will not cause you to panic and you will keep control of your situation. Outside of death, divorce is considered one of the worst emotional situations that a human being will ever experience!
How will you support yourself and the kids after divorce? Hopefully this is not a problem, but now would be a good time to get some career counseling at a community college, university or local job center. Having a fulfilling career is lucrative and helps your self-esteem!
Get Good Advice! Decisions you make now will affect the rest of your life. Find a good, knowledgeable attorney to help you though the rough spots. If you are emotionally a wreck, find a good therapist. If you feel there are hidden assets, hire a forensic accountant. Now is the time to get the best advice you can afford! You will have to live with your financial decisions for a long time.
Effective September 1, 2019 The Texas Child Support Division of the Attorney General increased the Maximum child Support under the Texas Child Support Guidelines from $8,550 to the “new cap”of net monthly resources to $9200 annually. This change in the law will increase the amount of maximum child support from of $1,710.00 to $1,840.00 monthly (20% of $9200. For one child)
Texas Family Code §154.125(a)(1) requires that every six years the presumptive amount of net resources to which the child support guidelines apply shall be reviewed and adjusted for inflation by the Texas Office of the Texas Attorney General (OAG). That section sets out the formula for doing so based on the consumer price index. The last adjustment was done in 2013 when the current amount of $8550 per month was established.
How does the “cap” work and what could this mean for you? If your net monthly resources are less than $8,550, the child support obligation will not change on Sept. 1. You are under the “current cap” and lower than the “new cap”. All stays the same.
If you are currently going through litigation and your net monthly resources exceeds $8,550 and the Court orders child support prior to September 1, 2019, Texas Child Support Guidelines will mandate that the Court apply the appropriate child support percentage to the first $8,550 in net monthly resources based on the number of children. But, if the Court orders child support after September 1, 2019, it will apply the new appropriate child support percentage to the first $9,200 in net monthly resources.
Child support under the guidelines is determined by applying the applicable percentage, beginning at 20% for one child and increasing incrementally for each additional child, to the net resources amount. If a child support obligor has monthly net resources over $9200, a party seeking above the guideline’s child support has the burden of proving to the court that additional support should be ordered according to factors set out in Texas Family Code §154.126.
Important to Know: The new “cap” increase of September 1, 2019 will not automatically increase the obligor’s existing child support obligation. Any change in child support standing before September 1, 2019, can only occur through the court with a modification order to increase the child support to the new “Cap” amount of $9200. After September 1, 2019, any new suit for child support will be subject to the new “cap”.
Please review the Texas Office of the Texas Attorney General (OAG) website for a child support calculator for the new breakdown: https://csapps.oag.texas.gov/monthly-child-support-calculator
The Nacol Law Firm PC
8144 Walnut Hill Lane
Dallas, Texas 75231
Now is the time to review your Holiday Schedule for visitation with your children during this wonderful time of year! We suggest you review the specific circumstances provisions of your order concerning visitation. Because many families have specific situations that occur during this special time, this visitation time is the most modified area in the Standard Possession Order. The Holiday schedule will always override the Thursday or Weekend schedules.
Here is a reminder of the current Texas Family Law Code’s Standard Possession Order for the Holidays.
Texas Family Law Code’s Standard Visitation Guidelines for Thanksgiving:
The possessory conservator or non-primary conservator shall have possession of the child in odd-numbered years, beginning at 6 p.m. on the day the child is dismissed from school before Thanksgiving and ending at 6 p.m. on the following Sunday, and the managing conservator shall have possession for the same period in even-numbered years;
Texas Family Law Code’s Standard Visitation Guidelines for Christmas Break:
The possessory conservator or non-primary conservator shall have possession of the child in even-numbered years beginning at 6 p.m. on the day the child is dismissed from school for the Christmas school vacation and ending at noon on December 28, and the managing conservator shall have possession for the same period in odd-numbered years;
The possessory conservator or non-primary conservator shall have possession of the child in odd-numbered years beginning at noon on December 28 and ending at 6 p.m. on the day before school resumes after that vacation, and the managing conservator shall have possession for the same period in even-numbered years;
The Holiday Season should be a happy time for but for families split by divorce, the emotional issues from the result of the break-up on the affected family can cause the joy of the season to be overshadowed by unhappiness and despair!
Unfortunately, many parents, wait too long to confirm visitation plans for the upcoming holiday season, resulting in an unfortunate and a very unhappy family situation. If you cannot reach an agreement regarding visitation or you believe you may be deprived of holiday visitation by the other parent, now is the time to contact an attorney.
Children need to have structure in their Holiday Visitation schedule to ensure that they will be able to see both parents and share the joy of the season with their entire family. The children are often the ones who suffer when the Holiday Visitation arrangement goes awry.
The best gift of the holiday a child can experience is an early proactive arrangement of all holiday plans so everyone knows dates and times for visitation with both Mom and Dad. This Holiday Season vow to keep your child out of the middle of any family conflict and start to develop new holiday traditions with your child and family. Many parents have new relationships/marriages and other children in the family group. The new holiday traditions should include everyone and be a bonding experience for years to come.
Tips on Dealing with Holiday Visitation Issues
- Make sure your children have positive holiday memories. Shield them from conflicts between warring ex-spouses.
- Plan ahead now on scheduling the upcoming holiday visitations. The longer the wait, the more stress involved!
- If there is a deviation in the holiday schedule this year, make sure it is, in advance, in writing. Make sure the document shows what times are being exchanged and both parents sign it for future confirmation.
- Stay flexible and compromise: If you have to work, consider having the kids spend more time with the other parent so they have time with friends. This is a time for new family traditions and changes from old habits. Put aside your differences with the other parent and make the children’s time happy with good memories.
- If age appropriate, ask your children what is important to them during the holidays. There may be a special place or event that is very important to them; try to accommodate this.
- Enjoy the Holidays with your children. This is a special time for wonderful bonding and beautiful memories. Do not undermine their holiday by hateful confrontations and fighting.
- If you anticipate a problem could arise regarding holiday visitation schedules, don’t delay! Consult a legal expert in time to get the conflict resolved before the holidays commence!
It has now been more than 20 years since child psychiatrist, Richard A. Gardner, introduced the term of Parental Alienation Syndrome (PAS). Dr. Gardner defined PAS as a disorder that arises in divorce or child custody disputes, when one parent deliberately damages, or destroys the previously healthy and loving relationship between the child and the child’s other parent. The main manifestation is the child’s own sudden or atypical campaign of denigration against the targeted parent without any justification.
Parental Alienation Syndrome is an evil, yet common and effective device for gaining custody of a child. Through systematic alienation, the alienating parent may slowly brainwash a child against the targeted parent. The alienating parent involved in these abusive behaviors usually gains misplaced and deleterious loyalty of the child.
The main problem with PAS is that the child actually participates in the denigrating of the alienated parent.
The main areas of denigration from the child are:
- The child supports and tries to protect the alienating parent.
- The child express the ideas of denigration of the target parent as his/her own idea.
- The child gives weak and absurd reasons for his/her anger towards the alienated parent.
- The child uses situations and scenarios that he/she could not have experienced
- The child uses foul and often atypical language and server behavior to denigrate the targeted parent.
- The child has no guilt over his/her cruelty towards the alienated parent and expresses hate for the parent.
Children who live in alienated family situations are usually unable to form healthy relationships with either parent.
Main areas of concern for these children impacted by Parental alienation are:
- Aggression and conduct disorder
- Disregard for social norms and authority, adjustment difficulties
- Emotional Distress, Anxiety, Depression, and Self Hate
- Lack of remorse or guilt
- Poor reality testing and unreasonable cognitive operations
- Low self- esteem or inflated self-esteem, Pseudo- maturity
Children displaying some or all of these symptoms need professional and legal help. Parental Alienation Syndrome is sometimes recognized by the courts but is very difficult to define and most cases requires bringing in County Social Services, Child Protective Services, and /or other family therapy professionals.
Your child desperately needs your help, no matter how bad the situation is. IT IS NOT THE TIME TO GIVE UP YOUR PARENTAL RIGHTS! Contact an attorney and discuss your options on how to help your child and moving forward to solve this legal situation.
Has the time come to seriously start thinking about divorcing your Addict Spouse? After much heartbreaking soul searching has the time to break the downhill addictive spiral come for you and your family? Have you decided to stop the instability and damaging personal assaults the addictive spouse and parent has inflicted on the entire family?
Here are some possible questions you may ask yourself before making the final decision of divorcing your Addict Spouse:
- Have you acknowledged to yourself that your spouse is an addict?
- Have you acknowledged to your spouse that he/she is an addict?
- Has your life and that of your family become chaotic and unstable as a result of living with an addict?
- Have you gotten help for yourself and your spouse from an addiction expert?
- Have you attended counseling with your spouse and a knowledgeable addiction therapist?
- Have you or your family experienced serious negative consequences as a result of your spouse’s addiction?
- Have you considered or tried an intervention?
- Have you told your addict spouse that you are contemplating divorce unless he/she stops using?
- Are you now ready to leave the marriage and stop the pain?
(National Institute on Chemical Dependency: http://nicd.inspirehealth.org/)
You do not have to live in this current situation. Are you, as the non-addictive spouse, already the enabler in this relationship? Many times when the addictive spouse does seek professional help it is already too late for the marriage to survive.
If you have a family, addictive reality is very destructive to you and all family members involved. Most non-addictive family members feel very helpless in stopping the family unit from being destroyed or addressing the viability of the marriage.