Vernier & Associates PLLCThe Woodlands Divorce Lawyer | Montgomery County, Texas Family Law Attorney2024-03-20T21:05:30Zhttps://www.vernierlawfirm.com/feed/atom/WordPressOn Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483712024-02-07T03:10:10Z2024-02-07T03:10:10ZAppraisals can be a good idea
You and your ex-spouse may know the worth of certain assets. However, it's also common to have collectibles and other items that have not been appraised. Not knowing the exact values of these items could mean an uneven split of marital items that works in your former spouse's favor.
Understand tax implications
Dividing the overall value of assets like stocks and bonds in a divorce may seem like everyone's walking away and making a lot of profit. But you must remember that selling stocks have tax-related impacts. If you plan on selling stocks, cryptocurrency or similar assets, have money set aside to cover taxes from your realized gains.
Fairly dividing a marital home
Another common issue that comes up in a divorce is property division. Understandably, both parties in a divorce may want to take over ownership of this home. However, it's vital to consider if you can handle paying for this home by yourself. If so, you must also completely refinance this property in your name.
Divorce experts also recommend having a professional perform a current appraisal of your property. Remember that capital gains taxes will also vary if you take over ownership of a marital home and plan to sell it. Married couples selling their home only pay capital gains taxes on profits over $500,000. Single home sellers pay these taxes on home sale profits over $250,000.
Completing the divorce process is rarely fast and easy, especially for couples sharing a lot of valuable assets. Fortunately, divorcing couples who understand the value of their assets can walk away from this process with an even split of their valuables.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483692023-12-06T20:30:58Z2023-12-06T20:30:58ZSavings accounts
If you were the primary or sole breadwinner during the marriage, you probably contributed the bulk of the money sitting in a savings or retirement account. However, as it is considered a joint asset, your spouse may be entitled to half of that money regardless. Furthermore, a separate account may become community property if it was used to pay for or maintain a joint asset such as a house or car.
Protecting your property
You may be able to safeguard assets during and after your divorce by creating a prenuptial or postnuptial agreement. This type of document can be used to override state divorce laws, which may allow you to retain control of a business or keep a house in your name. You may also be able to safeguard assets by putting them into a trust well before divorce proceedings begin.
Alimony and child support aren't forever
Alimony payments are typically limited in scope and may be reduced or eliminated if your former spouse's circumstances change. Furthermore, you may be able to use a prenuptial or postnuptial agreement to limit or eliminate the need to make payments in a final settlement. Child support payments typically end after a child turns 18, and it's also possible that the amount you're required to pay goes down. This may be true if your spouse gets a job, an inheritance or other financial resources.
A divorce can have a significant impact on your finances regardless of how much you earned during the marriage. Taking a proactive approach to the divorce settlement process may help you protect assets or otherwise minimize the potential short or long-term hit to your wallet.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483672023-10-05T17:56:56Z2023-10-05T17:56:56ZHow relocation impacts custody
The parent who is relocating must make sure that moving doesn't result in the other parent losing access to the child. For example, if you take your child to another state, you may have to make arrangements for the other parent to call or interact with the child by phone or online. It may also be necessary to rearrange a custody schedule so that your former partner gets adequate parenting time.
For instance, the schedule might be changed so that your child spends summers or other school breaks with the other parent. If you are the one moving with the child, you may be required to pay transportation and other costs related to the new child custody plan.
You might lose custody or visitation rights
If you are the one who is relocating, there is no guarantee that you'll be able to take your child with you. This may be true if you are moving away from family members or others who can care for your son or daughter while you work. It's also possible that you can lose custody of your child simply because relocating will take the child away from extended family members, friends or other important people in the child's life.
On its own, relocating won't necessarily result in the loss of custody or other parental rights. However, you will need to obtain approval from the court as well as from the other parent before significant changes can be made. Even if you don't need the other parent's permission, talking with your former partner can help to ensure that everyone is on the same page about what is happening.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483652023-08-05T00:24:51Z2023-08-05T00:24:51ZPrioritize the child's well-being
Amidst custody dispute turmoil, it is essential to keep the child's well-being at the forefront. Both parents must recognize that their child's happiness, emotional stability and future development should guide their decisions. Putting the child's needs first can help ease tensions and foster cooperation between the parents.
Open and respectful communication
Communication is imperative in resolving any conflict, and a contentious child custody dispute is no exception. Maintaining open, respectful and non-adversarial dialogue is essential for finding common ground. Parents should strive to keep discussions focused on the child and avoid engaging in personal attacks or hostility.
Seek professional mediation
In many cases, engaging a professional mediator can be beneficial. A neutral third party can help facilitate discussions and assist both parents in finding mutually agreeable solutions. Mediation provides a safe space for expressing concerns, exploring options and arriving at compromises that serve the best interests of the child.
Comply with court orders
During a custody dispute, both parents need to comply with court orders and temporary custody arrangements. Failing to adhere to court decisions can exacerbate the conflict and may negatively impact future custody arrangements. Respect for legal procedures is crucial for establishing a stable and reliable environment for the child.
Focus on consistency and stability
Children thrive in stable and consistent environments. While going through a custody dispute may disrupt their routine, parents should make concerted efforts to maintain stability as much as possible. Consistent schedules, familiar surroundings and predictable routines can help children feel secure during these challenging times.
Consider the child's perspective
Empathy and understanding go a long way in resolving contentious child custody disputes. Try to put yourself in your child's shoes and consider their feelings, needs and desires. This perspective can help parents approach discussions with greater compassion and foster more cooperative decision-making. The ultimate goal should always be to provide a loving and supportive environment in which the child can flourish despite the challenges of the custody dispute.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483642023-06-06T20:58:39Z2023-06-06T20:58:39ZHow financial infidelity can affect you
Financial infidelity can affect the process of your divorce in many ways. You may suddenly find yourself with a great deal less financial support than you thought you had. This can come about as the result of discovering that your former spouse has raided the marital bank account.
You may find that you are deep in debt due to bills, investments and other financial obligations that you have not properly dealt with. The trust issues that arise from such incidents can put a serious strain on your relationship. They may also expose you to serious hardships caused by your damaged credit.
People who undergo a gray divorce may be most likely to report bitterness and anger due to the shorter amount of time they have to recover. For example, someone who divorces at 60 has much less time than a 30-year-old to work on repairing their financial stability. This can lead to a serious decline in the quality of their life.
How you can prevent financial infidelity
Splitting your assets during a divorce is complex enough without having to deal with financial infidelity. You can limit the potential temptation to engage in such deceit by mutually agreeing to carefully monitor all of your bank accounts, especially those you hold in common. Keep a close eye on all transactions that occur.
Both spouses should cooperate to keep their credit reports up to date. This will give you a clearer idea of what type of financial activities both of you are engaging in. You should also take every measure to monitor and control the amount of spending each spouse engages in. This may help to safeguard your finances and peace of mind.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483632023-03-10T20:03:06Z2023-03-10T20:03:06ZDivision of assets is a crucial part of divorce negotiations. These discussions will help you address the question: What will happen to our additional properties?
A buyout? A sale?
The answer really comes down to three choices. Some may be realistic, while others may be impossible depending on the nature of your divorce. Here are those options:
Continue to own the properties together: If you had had splendid times in these homes and communities, this option may work as long as you are civil and still friendly with your former spouse. But the two of you must come up with a satisfactory agreement in sharing the home. Create schedules for when you each want to be in the home. You likely do not want to unexpectedly bump into each other.
Purchase the property from your spouse: A buyout is possible if you have the funds. But in many cases, only one person in the marriage earned high assets, so this may not be realistic in certain cases. The higher earner may offer to pay cash for the vacation home or even swap other assets such as the main residence.
Sell the properties: Perhaps too many memories exist, providing reminders of the past when the two of you were together. In some cases, a venomous spouse may make it his or her mission to not let the other gain control of the property. Placing the property on the market may be the best choice.
The two of you must come to decisions on what to do with your additional homes. In the end, you will make the right one.
A good attorney may make all the difference
Division of assets, including property, can be contentious. Depending on the approach you take, the discussions can be fruitful and successful or just plain painful. An experienced, assertive and understanding can make all the difference.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483622023-02-08T00:48:53Z2023-02-08T00:48:53ZSeparate property appreciation
This is known as separate property appreciation, and the gain in value is considered part of the marital estate even though the asset remains separate property. The same principle is applied to businesses that were owned prior to a marriage but grew and prospered during the marriage. The business remains the founder’s property, but the increase in its value is subject to property division. A piece of artwork could also become embroiled in property division negotiations due to a process called comingling. This occurs when community funds are used to maintain or improve a separate asset. A piece of art could become comingled with the marital estate if money from a joint bank account is used to restore it.
Artwork that is part of the marital estate
Placing a value on art that both parties can agree to is not always easy in a divorce, and several appraisals may be needed before the spouses see eye to eye. Selling artwork acquired during a marriage and dividing the proceeds evenly avoids these problems, but this may not be an acceptable solution when art collections have been built carefully and over a long period.
Prenuptial agreements
Dividing property during a divorce is often a thorny process in states with community property laws, and even separate assets may be discussed during negotiations if they appreciated during the marriage. Couples who wish to avoid these problems can address them by drafting prenuptial or post-marital agreements.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483602022-12-08T01:18:56Z2022-12-08T01:18:56ZAn overview of marital assets
Marital assets typically include anything that was acquired after a union is officially recognized by the state. These items may include a family home, a car or anything else that both parties to a marriage made use of prior to the divorce. Funds deposited into a bank, brokerage or retirement account may also be community property even if one person was responsible for contributing money to those accounts.
Exceptions to property division rules
If you can show that an asset should be considered your sole property, it may not be included in a final settlement. Sole property typically includes anything that you acquired before getting married or gifts received from friends or family members. You may also choose to designate certain items as sole property as part of a prenuptial or postnuptial agreement.
It's important to note that sole property may become community property if it is commingled. For instance, if you transfer funds from your paycheck to an account in your name, that account may become marital property because it includes funds from the marital estate.
What to know about alimony
Alimony payments are calculated based on factors such as your income, your spouse's income and the length of the marriage. Other variables may include your spouse's health, age and ability to obtain gainful employment.
A divorce settlement may include alimony, control of a family home and other resources that may be attractive to you. Reviewing a proposed settlement with a financial advisor or other trusted professionals may enable you to get an objective opinion and allow you to feel confident about any deal that you accept.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=483572022-10-12T16:15:52Z2022-10-12T16:15:52ZHow does relocation impact child custody?
If one parent wants to move out of state, it can have a major impact on the other parent's visitation rights. For instance, if the custodial parent moves away, the non-custodial parent may have to travel long distances to see their child. This can be very difficult, both logistically and emotionally.
Additionally, relocation can impact the child custody schedule that is in place. For example, if the custodial parent moves closer to the non-custodial parent, they may want to increase the amount of time that the child spends with them. Conversely, if the custodial parent moves further away, they may want to decrease the amount of time that the child spends with the non-custodial parent.
What are some things to consider before relocating with a child?
If you are a custodial parent and you are considering relocating with your child, you should give the non-custodial parent as much notice as possible. This will give them time to adjust to the idea and to make any necessary arrangements. Additionally, you should be willing to work with the other parent to create a new custody schedule that works for both of you. Finally, keep in mind that relocation can be difficult for children, so try to make the transition as smooth as possible for them.
If you are a non-custodial parent and you are facing the prospect of your child moving away, it is important to remember that you still have rights. For instance, you can negotiate with the other parent to ensure that you still have adequate visitation time. Additionally, you can file a motion with the court to modify the custody schedule if necessary.
While relocation can be difficult, it is important to remember that the best interests of the child should always come first. With that in mind, both parents should consider working together to create a new custody arrangement that works for everyone.]]>On Behalf of Vernier & Associates, PLLChttps://www.vernierlawfirm.com/?p=481662022-08-05T20:24:22Z2022-08-05T20:24:22ZWhat factors does the court consider when deciding custody?
No matter how heated your custody battle is, it’s important to remember that the court bases its decisions on what’s in the child's best interests. As a result, the judge will consider certain factors that play into that, including the following:
• Who is considered the primary parent.
• The relationship the child has with each parent separately.
• The willingness of each parent to encourage the child to maintain contact with the other parent and the frequency of that contact.
• How well the child would be able to adjust to their home and school environment.
• The child’s physical health and mental well-being.
• Both parents’ physical health and mental well-being.
• The desires of the child and both parents.
Another factor the court will consider during a contentious custody battle is whether one or both of the parents have lied or behaved egregiously in order to gain an upper hand. If a parent shows such aggression, it can negatively impact their chances.
What documents might help in court?
Certain types of documents might be able to help you in court when you’re going through a custody battle. Keeping a detailed journal that takes into account phone calls and visitation with the child is crucial. Communication records show the judge how often you have been in contact with your child. If you had a frequency in calls but your former spouse stopped allowing you to speak with the child, it can show their character.
Your child’s records can be strong evidence in the case. Documentation showing they do well in your care can strengthen your custody claim. Financial records can show how much money you’ve spent for the benefit of your child.]]>