The Canadian Record (Canadian, Tex.), Vol. 113, No. 3, Ed. 1 Thursday, January 16, 2003 Page: 20 of 24
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20
THURSDAY 16 JANUARY 2003
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Obituaries
AUDIE MAE CAGLE MITCHELL
Audie Mae Cagle Mitchell died
Sunday, January 12, 2003 in Ca-
nadian at the age of 93. Funeral
services were held Tuesday, Jan-
uary 14, at the First Baptist
Church of Tulia with Rev.
Charles Davenport, Pastor, offici-
ating. Burial was in Rose Hill
Cemetery in Tulia by
Stickley-Hill Funeral Directors
of Canadian.
Audie Mae Cagle Mitchell was
born July 3,1909 in McKinney to
A.D. and Maude Mae Clark Mills,
When Audie was seven years old
her mother died, leaving her and
her dad to care for three younger
sisters. She attended school in
Plainview. Audie married James Marlin Cagle on September 4, 1925.
They had two children, James Richard and Lynda Mae. Marlin died
October 11,1972 and Richard died November 6,1997.
Audie was devoted to and loved her children and grandchildren
greatly. She helped start the Tulia Senior Citizens and was a member
of a dance troupe called the Merry Makers. Audie was a member of the
First Baptist Church in Tulia since 1933, seventy years. She was also
preceded in death by four sisters: Jesse Ida Mills, lone Edens, Billie
Burdis and Bonnie Starnes; and two nephews: A.D. Edens and Bill
Edens.
She is survived by one daughter, Lynda Cloyd, and her husband,
Jim, of Canadian; a daughter-in-law, Cloyrene Cagle of Tulia; five
grandchildren, Richard and Melissa Cloyd, Susan and Rick Day, Jay
and Jonna Cloyd, Rick and Lesli Cagle, and Kent and Vicki Cagle;
seven great-grandchildren, Steven Cagle, Nikki Cagle, Grayson Cloyd,
Makenzi Cloyd, Jed Day, Jake Day, and James Cason Cagle.
Memorials may be made to the Abraham Memorial Home, 803
Birch Street, Canadian, TX, 79014 or the Tulia Cemetery Association.
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Surviving divorce:
How to protect
yourself financially
DALLAS—When you divorce, you not only dis-
solve a marriage, you also dissolve a financial
connection. For women who have not had much
experience in money matters, the financial as-
pects of ending a marriage can be overwhelming.
In coordination with Women's Financial Health
Week, held Jan. 13-17, the Texas Society of Cer-
tified Public Accountants offers the following ad-
vice to help women going through a divorce
protect their financial future.
First, determine how the assets will be di-
vided. The laws governing the division of prop-
erty in a divorce vary depending on the state of
residence. Community property states like Texas
split the property accumulated during a mar-
riage equally between the two parties.
As soon as you know you are divorcing, direct
your bank to freeze your joint accounts so that
both signatures are required for any withdraw-
als. Split the balances in your joint bank accounts
and open an individual account with your share.
Similarly, you should advise your stockbroker in
writing to require the written approval of both
parties for all transactions.
Consult with a CPA to avoid common tax
traps. There is a huge tax distinction between ali-
mony and child support. Child support payments
are tax-free to the recipient and non-deductible
to the person who pays them. The person receiv-
ing alimony, however, must report it as taxable
income, while the person paying can deduct the
amounts. Be aware that the rules for structuring
alimony payments qualifying as a deduction can
be challenging.
You also should be aware that taxes play an im-
portant role in dividing assets, particularly if
those assets have appreciated in value. When you
sell an appreciated asset, you pay capital gains
tax on the increase realized since the asset was
purchased jointly, not from the time you received
it as a result of a property settlement. That
makes appreciated assets worth less than an
equal amount of cash or non-appreciated assets.
To protect yourself, use net-of-tax figures in ar-
riving at your property settlement.
Protect your credit by immediately notifying
your credit card issuers in writing of your im-
pending divorce. Ask them to freeze your account
and inform them that you will not be responsible
for any new debt. If you don't already have a
credit card in your name alone, apply for one now.
Don't overlook the importance of closing a home
equity line of credit or margin account that may
be approved but not in current use.
Keep tabs on your credit history by periodi-
cally requesting a copy of your credit report from
a credit bureau. If you run into financial prob-
lems during your divorce, you can put a letter de-
tailing extenuating circumstances in your report.
Lenders may be more lenient toward granting
you credit if they know the reason for any prior
payment problems.
Once you're divorced, you'll learn that there's
truth to the adage that two can live as cheaply as
one. To prepare for the financial realities ahead,
create a budget. Determine your income from all
sources to calculate just how much money you have
to live on each month. Then list all your expenses
and decide which categories you expect will in-
crease and where you might be able to cut back.
If you have children, be sure your settlement
agreement includes a provision for your
ex-spouse to carry life insurance for the children.
To ensure the policy stays in force, you can re-
quire proof of coverage from the insurance com-
pany. Finally, don't forget to change the
beneficiary on your own life insurance policies
and retirement accounts and to revise your will.
While divorce affects both women and men,
women still lag behind men in planning for the fu-
ture. In fact, according to the Women's Institute
for a Secure Retirement, half of all working
women are employed in low-paying jobs that of-
fer no retirement plan. Women are more likely to
carry credit card debt than men, and the Social
Security Administration reports that 75 percent
of all elderly people living in poverty are women.
Also telling, 54 percent of women in their 20s and
30s are more likely to acquire 30 pairs of shoes
before saving $30,000 in retirement assets.
That's why the TSCPA, the American Institute
of CPAs, and Money magazine's Money for Women
have joined together to sponsor Women's Financial
Health Week. The week is dedicated to educating
women about the importance of managing their
money and saving for the future, as well as inform-
ing them about the various ways to get their fi-
nances into shape. For more information, go to
www.womensfinancialhealthweek.com.
TSCPA (http://tvww.tscpa.oi-g) is. a nonprofit,
riih'iihu-i/. professional organization represent-
ing Texas CPAs.
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Ezzell, Nancy & Brown, Laurie Ezzell. The Canadian Record (Canadian, Tex.), Vol. 113, No. 3, Ed. 1 Thursday, January 16, 2003, newspaper, January 16, 2003; Canadian, Texas. (https://texashistory.unt.edu/ark:/67531/metapth220562/m1/20/: accessed May 13, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Hemphill County Library.