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Want a successful divorce? Don't forget about taxes

Even when it is the most emotionally healthy decision to make, there is little denying that ending a marriage may have severe financial impacts. These effects can be minimized or circumvented altogether by careful and rigorous planning, particularly when it comes to taxes. Many potential tax issues can be addressed in divorce settlements to save both parties confusion and money down the road.

Credit card debt must be divided during divorce

Ending a marriage involves several different smaller processes, including asset division and determining various support payments, such as alimony or child support. Although most people in Texas understand that they must divide up marital property during divorce proceedings, many are unaware that debt must also be divvied up. However, not all debt is handled the same, and credit card debt should be given careful consideration.

Financial peace after divorce is possible

Ending an unhappy marriage can be one of the most emotionally healthy options for many couples in Texas. However, the sudden need to pay careful attention to finances can be especially difficult for spouses who did not handle any income or pay any bills over the course of their marriage. Asset division, alimony, child support and other related topics can all have an impact on finances post-divorce, and staying on top of these matters can help ensure the most stable future possible.

Prenups can ease divorce for Millennials

Marriage discussions tend to overlook a very important group of people -- Millennials. Although it is often pointed out that Millennials tend to put off marriage more than past generations, there is usually little else on the topic. This leaves many people in Texas without any gainful information regarding marriage and divorce, especially when it comes to prenuptial agreements.

Retirement savings play important role in divorce

Saving for retirement is fairly common for couples in Texas. Many employers offer 401(k) accounts and some even match or contribute funds. It can be such an easy process to have money automatically deducted for retirement savings that most people do not give those funds much thought until a drastic life event -- such as divorce -- comes along.

Divorce or annulment -- which do I need?

Ending a marriage can be challenging -- emotionally and legally. In Texas and elsewhere, there are many ways to do it, though, and there are those who just want to make it look like the marriage never happened. A divorce does not do this, but an annulment can. So, divorce or annulment -- which one is needed?

Looks like the Macklowe divorce is going to court

Texas residents may be aware of the Macklowe divorce that is in process in another state as it has been reported about quite frequently over the last several months. Linda Macklowe is said to have officially filed to dissolve her marriage from her billionaire husband after he offered her a divorce settlement to which she did not agree. Her refusal to settle means that this case will be heard in court soon. Will taking this route help her get what she wants? Only time will tell.

Maintaining a relationship for the health of the children

Texas families understand how difficult maintaining familial relationships can be when a couple with children decides that it is best to divorce. Everyone is under stress, and the feelings of hurt or resentment do not disappear overnight, unfortunately. Yet despite all of this, many parents are managing to remain cordial for the well-being of their children.

3 ways to help kids deal with divorce

Divorce is a major change to deal with, and as stressful as it is for adults, it can be even more difficult for kids who are caught in the middle. While it is important to be mindful of what your kids may be going through, it is more beneficial to seek out solutions than it is to fret about the negative impact the situation might be having. There are several ways you can help kids deal with divorce and its effects.

Uncontested divorce can save time and money

Ending a marriage is often an emotional process, even if the proceedings are amicable. Both parties must make many important decisions, some of which will determine post-divorce financial stability and the preservation of existing parent-child relationships. While uncontested divorces in Texas are typically less traumatic than litigated divorces, those facing these issues may have questions about the different steps involved in an uncontested divorce.

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Law Offices of Jacqueline R. McNutt
1712 N. Interstate 35
San Marcos, TX 78666

Phone: 512-212-4840
Fax: 512-727-0165
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