Starting on the first day of 2019, those who get divorced in Texas or any other state will see a change to the status of alimony payments. For the first time since the Revenue Act of 1942 was passed, alimony will no longer be considered income to the recipient. It will also no longer qualify as a tax deduction for those who make alimony payments.
Brad Pitt and Angelina Jolie's contentious custody fight
Couples with children filing for divorce in Texas sometimes prefer to settle custody issues with mediation in an attempt to reach mutually agreeable terms. This is also true with some celebrities in the process of ending a marriage. Brad Pitt and Angelina Jolie initially wanted to maintain their privacy by attempting to work out custody issues with mediation. However, things have since turned contentious between these former spouses. For instance, the Department of Children and Family Services failed to find evidence of allegations of physical and verbal abuse toward an older son.
Issues with real estate and retirement funds during divorce
Marriage weaves together the financial lives of spouses in Texas. Unfortunately, the divorce process requires pulling the threads apart on everything. Real estate and retirement plans represent two major assets that many former couples must divide. Before making decisions, people should consider the expenses, debts and potential taxes related to every asset.
Gray divorce presents special asset division challenges
Gray divorces, or divorces among couples over the age of 50, are on the rise in Texas and across the United States. In fact, the Pew Research Center reports that these types of divorces have doubled since the 1990s. However, they can present special financial challenges, particularly in the area of retirement plans.
Planning for divorce makes sense
With the divorce rate remaining at about 50 percent in the country, Texas couples might want to think about and prepare for the possibility of divorce. While most happily married couples would dismiss this idea, it makes sense to be prepared for the future because there are many unknowns.
Do you want to keep the house in your Texas divorce?
Splitting up your assets is commonly a source of contention in a divorce. Spouses rarely agree on who should get what. The more valuable an asset is, the more likely you are to both want to lay claim to it. One of the assets most commonly fought over in divorce is the marital home.
