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Consider a prenuptial agreement before marriage

While most people hesitate to think of a divorce before they even get married, a prenuptial agreement can help prevent future disputes if the marriage is not successful. While this type of agreement is not for everyone, it can help protect many different types of people and provide for an orderly separation in the future.

The importance of life insurance in a divorce agreement

When Texas parents of young children are contemplating ending their marriage, they often try to negotiate a settlement agreement that will deal with spousal and child support, among other matters. However, they often fail to take into account what will happen to the recipient should the payer die prematurely. One thing that should be considered is the procurement of a life insurance policy.

What to know about divorce trials

Texas residents who are going through a divorce may be tempted to take their cases to trial. This may seem especially attractive for those who don't believe that their spouses are negotiating in good faith. However, there may be several pitfalls involved with going to trial that individuals should be aware of. Perhaps the primary pitfall of taking a case to court is how much it will cost. It isn't uncommon for individuals to spend thousands of dollars in legal and other fees.

Gray divorce on the rise, divorce overall declining

A number of studies have indicated that the divorce rate, in Texas and across the country, has declined in the past 20 years, but the rate for people aged 50 or older doubled between 1990 and 2010. The phenomenon has been called gray divorce. Divorce is very often a complicated and stressful process, regardless of when it happens; when couples get divorced later in life, though, there are usually more assets to deal with.

Drawing Social Security benefits on an ex-spouse's record

Some people in Texas might not realize that they may be able to draw Social Security benefits based on an ex-spouse's contributions. The agency generally does not track this, so people might not be notified of their eligibility. This does not reduce what the former spouse receives in any way.

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.

Why January is a popular month for divorce

It isn't uncommon for couples in Texas and throughout the United States to get divorced in January. This is partially because they may feel more stress during the holiday season, and they may decide that it's better to avoid going through the same experience in the future. Others may decide to file for divorce in January as a means of giving themselves a fresh start in the new year.

Law Office of B. Diane Heindel, P.C.
407 E. 4th Street
Tyler, TX 75701

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