In Texas and around the United States, modern family dynamics are increasingly developing outside of the realm of marriage. From 2007 to 2018, the rate of American children born to unmarried parents jumped from 10.7 percent to nearly 40 percent. As can be expected, many situations result in single fathers living apart from their children and having to deal with issues related to child custody, visitation and parenting time.
Some women in Texas who are getting a divorce might be unprepared to deal with the financial ramifications. A survey conducted by Worthy, an online marketplace, found that 46 percent of women said they had encountered unpleasant financial surprises in divorce.
Financial issues can be a source of tension in many relationships. These problems can also cause acrimony between couples who have divorced and have to co-parent with one another. Co-parents in Texas and the rest of the country should make an effort to prioritize their children and work to resolve any disagreements regarding money.
You and your spouse may have been thinking about getting a divorce for some time now. Your marriage is not working out like it used to and you think you may be better off apart. But something is holding you back from pulling the trigger and filing for divorce.
Finances may cause issues that eventually lead to divorce for some couples in Texas. One of the most common reasons money problems end a relationship is a lack of communication. Couples may be able to combat this by sitting down once a month and going over all financial paperwork and their spending and saving together. Communication problems are related to another common money issue, secrecy about money. If one person finds out the other one has a secret savings account, this could create a rift.
Married couples in Texas who are planning to divorce may be wise to take action before the end of 2018 due to changes in the nation's tax laws. Under the current rules, spouses who pay alimony can deduct it as an expense while spouses who receive support must pay tax on the money. However, this situation will be reversed when the provisions of the Tax Cuts and Jobs Act go into effect on Jan. 1, 2019. This could change the way spousal support is negotiated as spouses who make these payments generally pay income tax at higher rates than spouses who receive them.