People often ignore the signs for months or even years. Still, there comes a moment when a spouse realizes the marriage is no longer working. What then? Divorce is a drastic step and affects nearly every area of one's life. This is why it is important that Texas spouses considering divorce take some steps to protect themselves before making their plans for divorce official.
Saving for a child's college tuition needs is a goal that many families have. Unless certain planning steps are taken, sometimes, those funds are put into the general family savings pot. During a divorce, other financial needs may take precedence. In Texas, college funding may become part of the general child support conversation, and the parents will decide how to plan for the future.
When a divorce is finalized, the court will issue a decree that gives instructions as to how and what will be done to complete the process. When a couple has assets that must be split, the family law court will typically state how the assets will be shared and where they will come from. For individuals in Texas who must split an IRA, they should pay close attention to the specifics of transferring funds to an ex-spouse, or they could face unintended tax consequences.
If you are a noncustodial parent in Texas and are currently paying child support to your child’s other parent, your needs may change over time, leading you to desire a change in the amount of support you must pay. Maybe you now have more children to support, or maybe you no longer have the high-paying job you did when the order initially took effect.
Dennis Quaid, the celebrity actor, has reached a final agreement with his now ex-wife regarding property division, child support and alimony. The high-asset divorce will see millions of dollars moving between the pair. They have also reached an agreement for the care and co-parenting of the children. Texas individuals seeking divorce may be able to glean some helpful details from the public example of Quaid and his wife.
The father thought he was being responsible by paying all his child support obligations. Although he was no longer with the mother of his children, he upheld his end of the bargain and paid child support to her throughout the childhood of his kids. When they finally of age, a judge found that he had paid his responsibilities in full and, in fact, was entitled to a refund of a small overpayment. Unfortunately, just 30 days later, the state of Texas took his tax refund check, claiming that he owed over $6,000.