Texas Divorce and Prenuptial Agreement BLOG

What Do I Have to Worry About When Splitting My Retirement Assets?

How much do you know about divorce? It can be pretty complicated, and it can get even more complex if you have a lot of assets to deal with. But did you know that your retirement assets are probably the largest liquid assets that you have to your name? Did you also know that it takes a special touch to split these assets during divorce? What to Look Out for When Splitting My Retirement Assets Taxes and Penalties– Many retirement accounts are tax-differed, which means you don’t have to pay taxes until you withdraw from these accounts after retirement. This lets you accrue interest on that portion of your savings that would have been taken by taxes. This is an awesome way to save, but it can be tricky when it comes to divorce. If you withdraw portions of these tax-differed accounts while splitting them in a divorce, you could…
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How Much Could a Missing Prenup Cost You? How About 3-Quarters of a Billion Dollars…

Twenty-two years ago, Bill Ackman got married. He and his wife—Karen Ann Herskovitz—had three daughters together and life seemed good for a while… And when we say good, we mean fantastic. Over the course of his career Bill has amassed a fortune of $1.65 billion, and Karen has become a landscape architect, but their success hasn’t cemented their relationship together. Now, a missing prenup could lead to a divorce court battle of epic proportions. Could a Missing Prenup Scuttle Your Divorce? Back in December 2016, Page Six reported that the New York power couple had begun to tell their friends that they are separating. Soon after, rumors began to fly that we should start expecting divorce papers to be filed sometime early this year. However, if those divorce papers do make their way to the court house soon, the couple will have to split Bill’s $1.65 billion in assets. You…
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5 Ways to Manage Your Finances During a Divorce?

Divorce is a pretty rough time, but if you aren’t careful, you could wind up having an even worse time after the divorce is finalized. What are we talking about? Well, if you’re getting a divorce, have you thought about what’s going to happen to your joint accounts, retirement funds and debt? Manage Your Finances During a Divorce with These 5 Steps Keep Paying on Open Accounts– No matter how your divorce goes down, not paying your debts is still going to ping your credit score. Don’t stop payment on an account you think might go to your spouse. If it’s still under your name that nonpayment will still show up on your credit report. Check Your Credit Report– Your credit report has a comprehensive history of almost every financial act you have done in the past few years. It’ll show you what you owe, and accounts opened in your…
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