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Split IRA savings in accordance with family law court instruction

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. 

In 2018, these family law problems are common

Couples are apt to fight over just about anything at the end of a marriage. Many family law attorneys in Texas have just about seen it all. Some lawyers who work closely with couples calling it quits say they are seeing new off-the-wall trends in what couples differ about during the divorce process. 

Common threads that ease family law matters

Breaking up a marriage can create conflict by its very nature, which is why many automatically think of battles when the topic comes up. Luckily, this isn't always the case, and many people are able to find a middle ground in which they are able to split from a soon-to-be ex-partner amicably. Family law matters in Texas are settled every day without bitterness or acrimonious fighting when individuals show some common threads. 

Family law policy and health insurance

Breaking up with a spouse can leave a person with financial challenges. For an ex-spouse who has previously been on a partner's health insurance plan, the end of a marriage can also mean the end of the health insurance. Both Texas state and federal family law policies give some insight to how divorce will affect an individual's health insurance coverage.

Tax law changes bring family law issues to the forefront

Usually, couples are running to the altar, but with recent tax changes, couples in unhappy marriages may be rushing toward a quick divorce. The new tax plan is wide-ranging, but one change in how alimony will be treated has some individuals wanting to close the deal before it goes into effect. In Texas, individuals considering divorce will also have to take state law into account, and family law advisors are still putting the puzzle together.

Texas family law accounts for the fact that you life could change

When you finalized your divorce and/or child custody agreement, you may have attempted to account for the inevitable changes that life can bring. However, no one can account for every possible change, and there could come a time when you need to change the terms of your agreements. Fortunately, Texas family law accounts for the fact that you may need to modify, or even enforce, your divorce settlement or child custody agreement to better fit the current circumstances.

Divorce agreements will change over time

When you and your spouse decide it is time to divorce, it will take some time before you reach the legal conclusion of that divorce. Once you sign your divorce agreement, it will feel like you've accomplished something, even though it may not necessarily be a happy moment in your life. You have still achieved something by completing your divorce, but you shouldn't get too comfortable.

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Law Office of Jacqueline McNutt
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