Ending a marriage is never an easy process, but there are recent changes to tax laws that could make it even more difficult in the New Year. On January 1 of 2019, laws that have been in place for 75 years will change, affecting how taxes work for those who pay or receive alimony. As a result, many people have been trying to finalize their divorces before the end of the year. Those in Texas who will file for divorce in 2019 will find it beneficial to learn about how the process will affect them and what to expect.
Some Texas couples feel that they do not have enough assets to warrant a prenuptial agreement. Others worry that bringing up the topic will send the wrong message to their fiance. For whatever reasons a couple decides to forgo a prenup, ideas of what a marriage will be like and the reality of how it actually is are often quite different. However, this does not mean that they will have to resign themselves to being unprotected during a divorce.
Leaving a spouse is one thing, but saying goodbye to a pet is another altogether. For many people in Texas, pets are truly members of the family, making separating from them a painful and difficult experience. However, going through a divorce does not mean potentially giving up on ever seeing a beloved animal again.
Most married people in Texas spend their entire lives working toward a single, shared goal -- retirement. Although divorce can complicate those plans, it does not mean that people should remain in an unhappy marriage to protect their retirement savings. Instead, focusing on ways in which to minimize the financial impact of ending a marriage can help each spouse pursue a happier and financially stable retirement.
Like most people, you probably purchased items or acquired assets during your marriage that were for your sole use. However, because of Texas family law, most property acquired during marriage is considered to be that of both people unless one person can demonstrate otherwise. This community property approach can complicate your divorce.
Texas parents usually understand that child support is essential for their child's well-being. Less clear, however, is the importance of alimony. Many people are understandably uncomfortable with the idea of paying their ex after a divorce, but doing so is often necessary.
Owning a business is one of the most rewarding experiences for entrepreneurs. While these innovative individuals often put a great deal of planning and effort into even the smallest aspects of their companies, they often fail to implement an important protection -- a prenup before any planned marriage. Creating a barrier between business and divorce is important for Texas business owners who want to make sure that their livelihood is not threatened.
Most people in Texas understand that there are financial implications to divorce. It is not necessarily uncommon for divorcees to experience a temporary drop in income, a loss in retirement savings and other finance-related issues. However, this does not mean that unhappy couples must necessarily delay divorce. Instead, people should be vigilant regarding the short and long-term implications of property division throughout the entire process.
Most people in Texas know that financial stress, constant arguing and unrealistic expectations can lead couples to reevaluate their marriages. But what about other common divorce factors that are less well known? It turns out that simply knowing someone who has divorced increases the likelihood of filing for divorce.
The idea of making regular payments to an ex is difficult for some Texas divorcees. Particularly for those who do not have children, the idea of making a clean break and going on their separate ways is preferable to maintaining ties through alimony. However, since alimony is a reality for most people, it is best to start the divorce process as prepared as possible.