According to Texas law, divorcing couples must disclose all relevant information regarding their assets. This can include property, financial accounts, retirement assets, and more. If you suspect your spouse is dishonest in disclosing their assets, contact a skilled divorce attorney in Collin County. 

Signs Individuals Are Trying to Hide Assets 

Here are some ways an individual might use to conceal marital assets:

• Transferring property or money out of joint possession or a joint account and into the possession of a relative or friend

  ...

The divorce rate has tripled for people who are 65 years of age and older. At this stage of life, you likely have more assets to divide than other couples, and you may be more set in your ways. But if you have made the decision to end the marriage, you will likely have to divide both assets and liabilities. A skilled divorce attorney can help you make sense of the division of marital assets and how to protect your interests.

Property Division

If you and your spouse purchased a home during the marriage, or any other property, for that matter, it is subject to division during the divorce. Texas is considered a community property state which means marital property is divided equally. In other words, property acquired during the marriage is considered joint property and should be divided in a divorce proceeding. Separate property includes assets acquired before marriage.

What Happens to Our Business?

If you and your spouse have a business, it is important that you preserve your investment. You need an attorney who knows how to determine the value of a business and make sure your interests are protected. At The Law Office of Linda Risinger, we will agree on strategy and valuation methods with a business appraiser and negotiate a fair settlement for the division of business assets.

After a divorce, a parent can relocate to wherever they wish. However, if there are children involved, moving is more complicated. Parental relocation is not always an immediate issue after a divorce, but as time goes by, things may change. For example, a parent may have an employment opportunity out of state or have a new partner with plans to marry and move.

Court Order May Be Required for the Relocation

Under Texas law, the parent with primary custody has restrictions on his or her ability to relocate with children in tow. If the circumstances are such that one parent needs to move out of state, they can simply give up custody and move. Child custody would then be transferred to the other parent.

In Texas, the parent with primary custody is only allowed to move into any county next to the one in which the divorce was finalized or to any location that is within the same county. However, moving out of state or a few counties away requires a court order to be obtained by the custodial parent.

It is tax season, and if you are getting a divorce, you are probably thinking the timing could not have been worse. A divorce is not only emotional, but it comes with its share of financial challenges related to tax considerations. This stressful time may divert focus away from important decisions that could affect the taxes you pay. At the The Law Office of Linda Risinger, we help clients with every aspect of their divorce, including figuring out their tax implications and helping identify potential advantages.

Filing Tax Returns

Marital standing impacts everything from your filing status to whom you can claim as a dependent. If your divorce is not final yet, you may be able to file a joint tax return even if you no longer live together with your spouse. This could be advantageous, because it may make you eligible for a higher standard deduction when you combine your income with your spouse on the same tax return. On the flip side, when you file jointly, you will both be liable for all taxes due, even on income that your spouse earned.  

Child Custody and Impact on Tax Obligations

According to the IRS, one parent is allowed to claim a child as a dependent each year. If you have more than one children, you can claim one, the deductions for different children may be divided between you and the other parent. Usually, the parent with primary custody is eligible for exemptions and credits that can reduce their tax liability. In some cases, a parent with a lower income may agree to give up the exemption and allow the parent with a higher income to gain the benefits of claiming the child as a dependent.

Talking about your divorce on social media should really be off-limits. Remember that anything you share online could somehow wind up in the hands of your soon-to-be-ex and could easily be used against you during the divorce proceedings. In fact, Facebook is the main source of online divorce evidence, according to 66 percent of attorneys surveyed by the American Academy of Matrimonial Lawyers. The last thing you should do is post photos of you and your new partner on vacation. It is best to post nothing about the divorce to avoid additional conflict and legal consequences.  

Stay Away From Social Media 

Plainly put, do not do it! Stop using social media until after the divorce is finalized. If you are unable or unwilling to do that, only post positive affirmations. Do not do anything that could jeopardize your negotiations or increase conflict. It is best not to discuss your case online. Even if you and your spouse are on friendly terms, do not share details of the negotiations on social media. 

Make sure you change your privacy settings to the highest levels and that your friends do not tag you in their posts. Remove your relationship status on Facebook and unfriend those who may engage in harassing or cyber-stalking behavior.