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April 2015 Archives

Home loan applications and divorces in Texas

When Texas residents decide to refinance their home or to purchase a new one, they will need to fill out a home loan application. On the application, they will need to list their monthly income. There is a warning included on home loan applications about providing information that is false. People sometimes ignore this statement and misrepresent their monthly income or net worth only to have that come back later to damage them in a divorce.

Josh Hamilton files divorce petition

Josh Hamilton, a former professional baseball player with the Texas Rangers, filed for divorce from his wife in February. The divorce petition was filed in Tarrant County after the couple had been married for 11 years. 'Discord or conflict of personalities between Petitioner and Respondent" was listed as the reason in the divorce petition.

Tax liability after a Texas divorce

Some people have the unpleasant surprise of receiving a large tax bill from the IRS after they divorce because of their former spouse's dishonesty in how the tax return was prepared. In the event that a person's marriage is rocky, they should take preventative steps to make certain they do not fall victim to possible future tax liability due to their spouse's actions.

Updating beneficiary designations because of divorce

Texas residents whose marriages are ending might want to consider updating their beneficiary designations before filing for divorce. Once the petition has been filed, spouses will not be permitted to make changes to beneficiary designations on certain types of financial accounts until after their divorce is finalized.

Lump sum alimony

When a Texas couple files for divorce, it is highly likely that one spouse may ultimately be ordered to pay alimony to the other spouse. Usually, the spouse will make monthly payments until they have paid the full amount that was agreed upon in the divorce decree. However, some spouses may have the option to pay lump sum alimony.

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