Ending a marriage can impact many different aspects of person's life, from where one lives to the household income. While change can be a good thing, divorce can have unintended consequences for those who are not aware of how dividing debt can impact the future. Here is what Texas divorcees should understand about protecting their credit scores during divorce.
Some people in Texas might have some preconceived notions about what prenuptials are and who uses them. However, young adults are shaking up those long-held beliefs. Millennials are not just delaying marriage until later in life, they are also better prepared for divorce than their parents might have been.
Credit cards are a common feature in most people's wallets. These little pieces of plastic do not always indicate that a person is in debt, though. Instead, Texas consumers frequently open credit cards in order to earn reward points. While this is a useful approach, few people realize that those credit card reward points will have to be divided during a divorce.
A business is not built overnight. Owners in Texas put in a tremendous amount of time and effort to nourish their business operations, and the idea that a divorce could potentially halt or even undo that progress is understandably upsetting. Protecting a person's business interests is important, so here are a couple of options for doing just that.
An unhappy marriage is an unhappy marriage regardless of age. While in the past some unhappily married couples might have felt as though they had no options but to stick it out because of their age, current attitudes are much different. The Pew Research Center reported that, over the past 25 years, divorce actually decreased by 21 percent among adults between the ages of 25 and 39. For those over the age of 50, divorce rates skyrocketed by 109 percent.
January has been affectionately dubbed "divorce month" by experts, and the reasons why might be obvious enough. People in Texas often spend the beginning of a new year reflecting on their lives. Fresh out of the holiday season when tensions between unhappy couples might already be strained, this period of introspection helps some people realize that they are no longer happy and that a divorce is the best option for their future.
Amazon is such a common feature in the lives of most consumers that it might be hard for some people in Texas to imagine a world without online shopping. Amazon CEO and founder Jeff Bezos might also find it hard to think back on the past before he created one of the largest retailers, especially as he heads for what will surely be an expensive divorce. The couple never signed a prenuptial agreement.
Ending a marriage can be an emotionally taxing process, and reaching the best possible solution to important matters like child support, custody and more usually feels like a monumental achievement. So what are you supposed to do when something gets in the way of your divorce agreements? You may have to go back to court for a modification or enforcement order.
In some cases, getting divorced might seem like more hassle than it is worth. There are the seemingly endless months of litigation, money shelled out for court fees and the emotional burden of fighting an ex over every small matter. Contrary to the popular depiction of divorce in the media, most Texas divorces do not have to go this way.
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.