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Protecting finances during a divorce

When people in Texas decide to divorce, there can be long-lasting economic consequences that linger beyond the emotional and practical effects of the end of a marriage. Many people are particularly concerned about the threat of financial disaster. For women in particular, scholars have noted that divorced women see their income fall by over a fifth without recovering. On the other hand, data shows divorced men seeing their income rise by around 33 percent.

Handling a family business during divorce property division

When business owners in Texas go through a divorce, they may face particular challenges. Many divorces carry serious financial implications that can have far more long-lasting effects than the psychological and practical consequences. However, when one of the assets involved in the divorce is a privately owned business, the situation can become even more complex.

Business owners and divorce

If a couple in Texas is getting a divorce and one of them owns a business, there may be several complicated issues to consider in the process of property division. The business will first need to be valued, and there are several different ways of doing this. The value might be based on the income, the market or the asset. This process may involve not just looking over records but touring the facilities and interviewing management. If one person brought the business into the marriage, the valuation might need to be based on the appreciation of the business since the marriage.

What happens when dividing retirement accounts in divorce

A qualified domestic relations order is a type of court order that a couple in Texas might need if they are dividing a retirement account in a divorce. A QDRO allows distributions from a 401(k) or a pension plan without penalties or taxes. It is not necessary with an IRA, but there may be other regulations. For example, a distribution from an IRA should be rolled into another IRA.

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