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January 2020 Archives

Don't withdraw money from retirement accounts in divorce

Texans who are going through divorce may face financial difficulties. They might have increased expenses because they no longer have two incomes on which to rely. The added expenses combined with the legal costs of the divorce case can lead some people to turn to their 401(k)s or IRAs to make withdrawals and cover their expenses. People should avoid taking early withdrawals from their retirement accounts during divorces because of the potential penalties and legal problems that doing so can cause.

Early IRA distributions and splitting property in a divorce

Divorce is on the decline for most age groups, but for people over 50, it is on the rise. Older couples in Texas who are ending their marriages may have accumulated a significant amount of shared property that needs to be divided. This could include a retirement account.

Why consider a postnuptial agreement?

While a growing number of people in Texas are considering prenuptial agreements before they marry to determine some key financial matters, it may also be possible for people to reach this kind of agreement after marriage. While prenups were once widely considered a matter for celebrities or the ultra-wealthy, more people see the advantage of determining how their funds will be separated in advance. These agreements can be especially important for people with an inheritance or a privately owned business as property division in a divorce could have a significant impact on each.

Developing a parenting schedule after a divorce

Divorce can be a difficult process for a lot of people in Texas. When a divorcing couple has kids, the divorce can get even more complicated. That's because even though a couple may wish to go their separate ways, they may have to stay in contact in order to share parenting responsibilities.

Law Office of B. Diane Heindel, P.C.
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Tyler, TX 75701

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Law Office of B. Diane Heindel, P.C.