Texas Divorce and Prenuptial Agreement BLOG

In addition to their other benefits, prenuptial agreements can help couples decide how to deal with their taxes. Here are two areas that couples often put into prenups regarding their taxes. Income and Deductions Spouses can specify to whom income and wages go. This is particularly useful when one spouse brings a business to the marriage and the other spouse will not be taking part in running the business. In a community property state like Texas, a family law court will generally assume that income acquired during the marriage belongs to the couple’s marital or community property. A prenup can specify that this is not the case and that certain income belongs only to one spouse. Likewise, there may be particular deductions that are available to the couple. The prenup can specify who will make use of the deduction if the couple files separately. Property Transfers and Tax Consequences Couples often want to include a property transfer in their prenup. The transfer can take place either before they marry or after they divorce. The timing of the transfer will have tax consequences for the couple. Suppose a wife transfers property to her husband before marriage, and, in exchange, the husband…
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Miami Heat star Lebron James celebrated his 27th birthday by proposing to his high school sweetheart Savannah Brinson. James and Brinson have been together since James’s time at St. Vincent-St. Mary High School in Akron, Ohio where James first burst onto the national scene with his high school basketball exploits. James and Brinson should consider signing a prenuptial agreement. In contrast to most celebrity couples, though, there is no reason to expect that the two will not be together forever. As high school sweethearts, the two have made it through James’s high school days under a national spotlight, the start of his career with the Cleveland Cavaliers and “The Decision” that announced his move to the Miami Heat. The couple also has two young boys together, the first of whom the couple had a year after James entered the NBA. While James and Brinson appear to be a couple that could last, a prenup would just be a safety precaution for the NBA star who stands to lose a lot more than Brinson if the couple do part ways. Other NBA couples and their divorces might serve as examples to James – his idol Michael Jordan paid out $168 million…
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Cohabitation agreements are useful for couples who decide to spend their lives together, but do not wish to get married. These agreements perform the same functions as prenuptial or postnuptial agreements, which are not available for couples who are not married. Cohabitation agreements can also be useful for same sex couples in Texas, since the state does not recognize same sex unions or marriages (several cases are currently pending before the Texas Supreme Court as to whether Texas will grant same sex divorces for marriages in other states). Couples who are considering a cohabitation agreement should consult with a Houston divorce attorney, though, as the agreement requires careful crafting in order for a court to uphold it down the line. Cohabitation agreements are flexible, so couples can create an agreement well suited to their own situation. Some of the important areas that cohabitation agreements can cover include: Providing for the remaining partner in the event that one of them passes away while they are still together Whether an unmarried heterosexual couple wants to be considered as common law married, which can happen whether the parties intend it or not Transforming the cohabitation agreement or parts of it into a prenuptial…
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All relationships are unpredictable to a certain extent, but celebrity ones seem to take the cake. A few months ago, most of us would probably not have predicted that Marie Shriver and Arnold Schwarzenegger would get back together. Arnold’s infidelity reportedly devastated Maria and the couple’s four children, and Maria seemingly wanted the divorce process to go as quickly as possible so that she could move on. She had moved into a new house months before she filed for divorce. Arnold even made some concessions, changing his mind and offering to pay spousal support and attorney’s fees for Maria. Now the tabloids are reporting that Maria may not want the divorce. Reporters spotted Maria and Arnold together over the holidays, prompting rumors of the couple’s getting back together. Maria’s strong Catholic beliefs are reportedly persuading her from divorce, and Arnold has turned back on his charm, reportedly sending Maria presents and trying to sweet talk her. At this point, though, all this talk is merely speculation. News will be forthcoming in the next couple weeks, as Arnold and Maria’s divorce could become official if the two go ahead. Like most states, California has a divorce waiting period. The period is…
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