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Archives for January 2015

5 Things You Need to Do When Preparing for a Divorce

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by Houston Divorce Attorney Sam M. “Trey” Yates, III

Happy New Year! As we move into 2015, news headlines and social media are abuzz with tips on how to eat healthier, get more exercise, organize our homes and offices, etc. As a family law attorney, experienced in divorce, I also see many individuals this time of year seeking to end marriages that no longer work for them. Divorce is rarely easy and most do not enter into the process lightly. For those facing the prospect of divorce this year, here are five important areas to consider; I call them the Five Keys to a fuller, happier and healthier life after divorce.

1. Securing legal representation

Seek legal advice early if you are considering divorce, even before you have made a decision. Becoming acquainted with divorce law in your state and discussing your specific situation with a skilled family law attorney — experienced in divorce and Board Certified by the Texas Board of Legal Specialization in Family Law — will help you make informed decisions moving forward. Topics to discuss include the timing of your filing, your spousal rights under Texas law, temporary orders, what is separate and what is community property, how your current financial situation will impact your case, who qualifies for spousal maintenance, and much more.

2. Sorting out your finances

One of the most important aspects of the divorce process involves finances. For your own well being and long-term happiness, gain a clear understanding of your finances ASAP. Don’t allow emotions to impact this area. Decisions made during the divorce process with regard to your finances will impact the rest of your life. Here are some questions to consider as you set emotions aside:

  • What happens to the family home?
  • What kind of child support/spousal support should I expect?
  • What about pensions and social security benefits?
  • What about dividing retirement plans?
  • What are taxable and non-taxable assets?
  • What about executive benefit plans such as stock options and restricted stocks?
  • What are the tax implications of your divorce?

This component of divorce can get complicated. You may also want the help of a financial analyst with knowledge of divorce rules who can help calculate an equitable division of assets based on individual circumstances and divorce law. Develop a balanced financial plan with regard to income, expenses, assets and investments.

3. Refreshing your life skills

Your lifestyle is likely to change dramatically following divorce. Now is the time to think about and plan for what lies ahead. Your future is in your hands and, maybe for the first time in your life, you have the freedom to pursue long-forgotten dreams or goals. How will you support yourself? Maybe it’s time to get that master’s degree. You may have always wanted to open a bed-and-breakfast in the Texas Hill Country, move to the mountains, visit remote regions of Asia or teach school. Whatever your dreams, now is the time to plan and prepare for how you will make them a reality.

4. Attaining a renewed state of wellness

Many women focus on their husbands and families for much of their lives. As you begin to transition through divorce, now it the time to focus on yourself and your needs – physical, psychological and spiritual. Now is also a great time to experiment and try new things. Try a new hairstyle and maybe, a new hair color. Take a painting class. Update your wardrobe with some new pieces. Sign up for a yoga class or get a personal trainer. This is also a great time to clean closets and donate what you no longer want. Out with the old and in with the new — you!

5. Making new friends and connections

Some of your “couple” friends may or may not make the transition with you through divorce, so plan now to look for opportunities to make new friends. Your church or place of worship may offer events and activities for singles. Another good idea is reaching out and reconnecting with old friends. There is also the whole world of online dating if that sparks your interest.

Sam M. “Trey” Yates, III is a Houston-based Board Certified Family Law Attorney and creator of The Guide to Good Divorce seminars for women. If you have questions about your Texas divorce, please contact The Law Office of Sam M. “Trey” Yates, III, P.C. for a consultation. If you’d like more information about Trey Yates’ 2015 Guide to Good Divorce seminars, please visit www.GuideToGoodDivorce.com or call 713-932-7177.

Is Your Estate Plan Up to Date?

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By Houston Probate Attorney Estelee Garrison

An effective estate plan should be designed to carry out your wishes for the distribution of assets and the appointment of representatives to manage your affairs in the event of your death, or temporary or permanent disability.

To establish your intentions and reduce the burden on your heirs, planning should be completed with an eye toward clarity and simplicity, as well as estate and gift tax savings, creditor protection, and minimizing or eliminating unnecessary probate involvement.

With the start of a new year, now is the perfect time to review the plans you have in place, and reflect on any changes that have happened in your life and how they may affect your estate plan. Below are some questions to consider as you review the terms of your will and your related estate planning documents.

Last Will and Testament

Have there been any changes in your family? These could include marriage, divorce, births, deaths, debilitating injuries or illnesses, minor children reaching the age of majority, etc. How about major changes in your financial circumstances, real or personal property, or other assets, including an increase or decrease in value, liquidity, and succession? Are you effectively planning for estate taxes?

Power of Attorney

Who is named to act as your agent? Have they been granted a Limited Power of Attorney or do they hold a Statutory Durable Power of Attorney? What about medical decisions and how those will be made? Have you granted a Medical Power of Attorney to anyone, and does that person know generally what your wishes are?

Advance Medical Directives

Medical decisions concerning life-sustaining care and treatment can be some of the hardest decisions to be thrust upon your family members. Do you have a valid Advance Medical Directive that details your wishes in the event of a terminal or irreversible condition and, if so, do your family members know it exists?

Are Your Beneficiary Designations Up to Date and Correct?

These will typically become effective immediately at the time of your death and will supersede a bequest in a Last Will and Testament. Did you know that divorce automatically affects a beneficiary designation? The most common example of these is a life insurance policy, but very often bank accounts and other financial assets include a beneficiary designation. Be sure you’re keeping track of which of your assets include such a designation, and that they’re up to date. And definitely review your designations after major life events such as marriage, the birth of children, divorce and remarriage. The difficulties you may avoid for your family and loved ones later will definitely make it worth your time.

How Are Your Assets Titled?

Do you understand how marriage affects your ownership of property? Do you know whether any of your property is your separate property, or if it’s all community property? Do you know what difference it makes if you have joint assets with rights of survivorship? How you own the property and other financial assets make a critical difference in how those assets are distributed under the laws of the Texas Estates Code, and your beneficiary designations should be reviewed periodically to ensure that assets are going to the correct beneficiaries.

Is All of Your Estate Information Gathered in One Place?

And last but definitely not least in terms of importance – remember that the most carefully planned and meticulous estate plan in the world cannot serve you if it remains safely hidden away and is never found. It is vital to keep all of your estates related information in a location known to your representative or at least where it can be easily found. This should include a listing of assets with account numbers, plans for distribution of tangible personal property, names and contact information of advisors, and final arrangement information.

Estelee Garrison is a Houston-based attorney specializing in the areas of probate and trust administration, guardianship, estate planning, and business succession planning with particular attention to high net worth planning. If you have questions about estate planning, please contact The Law Office of Sam M. “Trey” Yates, III, P.C. for a consultation.

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SAM M. (TREY) YATES, III, P.C. 2003.

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