If you are in your "Golden Years" and are considering a divorce, then you can count yourself among those with concerns about what will happen to your property when it is split upon the conclusion of your divorce. The assets you have accumulated- your home, your investments, your bank account- are critical and result from your hard work and discipline now because you and your spouse are no longer able to live together as husband and wife the fruits of that hard work are liable to be divided up by a judge according to the judge's opinion on what is fair.
The fact is that divorce for persons over the age of fifty will be complicated regardless of how much money a couple has. Still, the complications increase exponentially for those of you whose community property estate is substantial. Proper planning and communication with your family law attorney can help minimize those complications and lay the foundation for a successful divorce.
The attorneys with the Law Office of Bryan Fagan, PLLC, would like to discuss some of the more essential factors inherent in a Golden Years divorce and what impact they can have on your financial outlook now and into the future.
Make sure the terms of your will and trusts will still be applicable upon the conclusion of your divorce.
If you and your spouse have a substantial total of assets, you may contain a provision for allocating those assets upon your death. In the more immediate sense, it could be that trusts have been set up to administer those assets when it comes time for them to be divided up to the intended recipients. These trusts ensure that your family members are provided for, and the taxes associated with gifts and things of that nature are kept to a minimum. What happens to these arrangements after a divorce case?
I know that my wife and I's wills are so-called "mirror wills"- they reflect each other perfectly. Our goals and objectives are the same because we are a cohesive unit that shares equally in our assets. However, if we were to get divorced, then those circumstances are no longer in play, and changes would need to be made to each of our wills.
Whether or not a trust is revocable upon your divorce is a question that your family law attorney may be able to help answer but is best left to a probate attorney. Your divorce attorney will be able to answer whatever questions they are capable of and then use their resources and experience to locate and hire an attorney who can help in all other areas.
Businesses: How to handle a family-owned venture
Suppose that you started a business that allowed you and your family to earn a high income during your marriage to your spouse. However, now that the divorce is occurring, you and your spouse are not agreeing on who should retain the business after the divorce concludes. You may have been the spouse to do the work inside the company, your spouse argues, but what about their efforts in raising the kids during the business's infancy, or they're doing the bookkeeping and other logistical responsibilities inherent in owning a business?
This is a situation that can lead to a lot of drama and much arguing in the context of settlement negotiations. While there is more than one way to skin a cat, your attorney should be familiar with complex business negotiations in the context of a divorce.
Whether the business will be sold and the profits split between you and your spouse or one spouse will ultimately retain the company and pay out a pre-determined sum of money to the other spouse; a complete analysis will need to be conducted to ensure that your rights are being protected whatever the final agreement ends up being.
What to do about the family home?
The house you and your spouse live in can be one of the more difficult items to deal with as far as your divorce is concerned. This home may be the one you all moved into upon getting married and where you raised your children together. There are a lot of memories and a lot of residual emotional hang-ups associated with doing anything other than hanging onto it as long as you can. This, of course, is highly understandable.
On the other hand, it may be best that you and your spouse agree to sell the home and split any equity received upon a successful sale. Being able to talk through the emotional aspects of your selling your home in a divorce is an important reason to have a trusted attorney by your side in your divorce.
The other end of the spectrum has cold, complex numbers as a significant concern. Selling a home means the possibility of having capital gains taxes apply if more than $500,000 is seen in a return on the sale. If you or your spouse are awarded the home and choose to sell it after the divorce, only $250,000 is sheltered for tax purposes as a single person. The remaining portion of the profits from selling the home will be taxable.
Entering into a Golden Years divorce and have questions for an attorney? Contact the Law Office of Bryan Fagan, PLLC, today.
If you are interested in a divorce and are of retirement age, please do not hesitate to contact the Law Office of Bryan Fagan, PLLC, today. We have represented countless clients in your position and would be happy to speak to you about the services we can offer you and your family. A family law attorney with our office can talk to you about six days a week for a free consultation.
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Law Office of Bryan Fagan, PLLC | Spring Divorce Lawyer
The Law Office of Bryan Fagan, PLLC, routinely handles matters that affect children and families. If you have questions regarding divorce, it's essential to speak with ar Spring, TX Divorce Lawyer right away to protect your rights.
A divorce lawyer in Spring, TX, is skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact the Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form. The Law Office of Bryan Fagan, PLLC, handles Divorce cases in Spring, Texas, Cypress, Spring, Klein, Humble, Kingwood, Tomball, The Woodlands, the FM 1960 area, or surrounding areas, including Harris County, Montgomery County, Liberty County, Chambers County, Galveston County, Brazoria County, Fort Bend County, and Waller County.