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Dallas Divorce Attorneys, Mark Nacol and Julian Nacol
Based in Dallas, Texas, the Nacol Law Firm PC, traces its roots to the firm of Mark A. Nacol and Associates PC, established in 1979. The Nacol Law Firm team shares its experience on a variety of legal topics here. See our recent posts below.
Texas Divorce : Who is Responsible for Student Loans in a Divorce
The State of Texas is a “Community Property State.” What this means is that most debts incurred by either spouse during a marriage will be owed by the couple or community. The shared community debt is only applied to debts incurred during the marriage. If one of the spouses incurs a student loan before marriage, such person will have total responsibility for the debt. An exception to this rule would be where a spouse signs onto an account as a joint account holder after a marriage or refinances jointly during marriage.
If a couple is living together, but are not married, the person carrying the student loans will be solely responsible for his/her debt.
How can couples avoid Student Loans Debt Problems?
In Community Property States (Texas, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Washington & Wisconsin) couples can sign a Pre or Post Nuptial Agreement to have their debts and income treated separately. A very good time to do this would be if one spouse is going back to school or pursuing higher education, or is starting a new business.
Before marriage, have a discussion with your future spouse on the extent of his/her debts and your financial situation. Nothing will sour a loving relationship more than unexpected understood debt.
Taxes 2013 : Who Is Entitled To Use The Tax Exemption on Children After a Divorce
As we now approach the deadline for filing our 2013 federal income tax return, many divorced parents are asking this question, “Which parent may legally claim their children on their tax return”? This question has become complicated with the rise in fathers’ rights, expansion in non-custodial parents visitation periods, and advance parenting schedules allowing children to spend quality if not equal time with both parents throughout the year.
In the past the Internal Revenue Code provided that the custodial parent was allowed to claim the minor children on his/her federal income tax return. Mom was usually the custodial parent and Dad usually had the children every other weekend.
The Internal Revenue Code states that the parent with whom the child lived with for the greater number of nights during the year is entitled to claim the dependency exemption.
If during or following a divorce in final judgment, the two divorcing parents agree that one parent shall claim the child as a dependent in odd numbered years and the other parent in even numbered years, or if the divorcing parents have more than one child, one parent shall claim some children, while the other parent shall claim the other children, this agreement in your final divorce decree will be honored by the IRS.
If your divorce was final before 2008, just attach the final divorce decree to your tax return. If your divorce was final after 2008, your ex-spouse must fill out IRS form 8332 which provides the name of your children that you can claim on your federal income tax return.
I you are divorced in 2013 and have questions please contact your tax adviser or go to the website http://www.irs.gov/Forms-&-Pubs for more information.
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Attorney Mark A. Nacol is board certified in Civil Trial Law by the Texas Board of Legal Specialization