A post divorce prospective client, Linda*, called me last week. She signed her divorce decree over a year earlier and is now trying to divide property and accounts. Linda was awarded the home and previously unidentified expenses have come up. She may have to sell the home as is, at a reduced value. Likely proceeds … Continue reading Deferred Maintenance on the Primary Home or other Real Estate in Divorce
Inherited IRAs could be mistaken for traditional IRAs in divorce. The consequence can be dramatic and costly. An Inherited IRA could inadvertently be treated as a traditional IRA, included as a community asset and divided in the decree – mistakes that could cost the beneficiary of the Inherited IRA thousands in both the amount included … Continue reading Inherited IRAs in Divorce
When couples own a primary residence and rental properties one idea for asset division is for one spouse to stay in the primary residence and for the other to move to one of the couples’ rental homes. While this is convenient, the tax costs should be considered when valuing the properties. Section 121 IRS rules … Continue reading Converting Rental to Primary Property in Divorce
Last week I attended an eye opening event – the Annual Conference for Collaborative Divorce Texas. I had the pleasure of listening to top Texas collaborative professionals (including several from Austin). More importantly, I had the opportunity to listen to a panel of three divorced couples discuss the pros and cons of their own collaborative … Continue reading Collaborative, Mediation, or Litigation: Which Divorce Process Will Work for You?
A “Kitchen Table” divorce congers up an image of a couple sitting down over a cup of coffee to divide what they have and what they owe in a manner that works for both parties going forward. They competently agree to the terms, split up, shake hands and move on with their lives without ever having to … Continue reading A “Kitchen Table” Divorce That Just Might Work