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divorce Archives

Health problems more likely for those who divorce late

On the Holmes-Rahe Stress Inventory, which ranks certain life events by the amount of stress they cause, divorce is number two, behind only the death of a spouse. For Texas couples whose marriages are coming to an end, the emotional, financial and mental strain can cause issues in other areas of life or health problems. This can be true for young couples as well as those who have been together for decades.

Birth certificate is a record, may not establish paternity

The laws of most states are designed with the assumption in mind that a baby's parents are legally married. This can raise questions in some cases where the father's name is not on the baby's birth certificate. For mothers in Texas, they may think they have to file for custody or that it might be a bad idea to file if it causes a father who was out of the picture to show back up to make demands for joint custody.

The impact of divorce on older adults

Adults in Texas who are 50 and older are twice as likely to divorce as couples of that age were in 1990. Those who are 65 and older are three times more likely to do so. Researchers have made suggestions as to why divorce is on the rise for older adults, but studies show that their speculations were not always correct.

Student debts inspire more couples to seek prenuptial agreements

Wealthy celebrities over the years have brought the concept of prenuptial agreements to the attention of people in Texas. High incomes and royalties associated with celebrities have motivated many wealthy individuals to negotiate the terms of a divorce prior to marriage. These legal agreements aim to prevent battles over assets and debts in the event of a breakup. People from all walks of life, especially millennials, have now recognized the usefulness of prenuptial agreements in increasing numbers. The contracts potentially allow people to reserve assets from the marital estate and insulate parties from the debt obligations of spouses.

Older couples, divorce and dividing assets

According to the Pew Research Center, the divorce rate for older couples in Texas and the rest of the United States is twice what it was in the 1990s. People who are older than 50 years old and who want to get a divorce should be aware of how to properly divide their assets, particularly retirement assets. Dividing certain assets in the wrong manner can result in unexpected tax bills and other types of financial hits. Because older couples are close to retirement, it is especially important that they avoid these types of financial mistakes during their divorce.

How finances can cause rifts in a marriage

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.

The tax implications of divorce will change significantly in 2019

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.

Planning for retirement after divorce

People in Texas who decide to divorce may already be aware of the emotional, practical and financial difficulties that can accompany the end of a marriage. However, these changes can affect areas of life that people may not automatically consider when first considering a divorce. It is possible to surmount these challenges, but it can be important to consider these issues during the divorce negotiations, settlement process and when planning for the post-divorce financial future. One such issue is retirement planning, an issue that may loom large for people who divorce later in life but may seem less urgent to those separating at a younger age.

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Law Office of B. Diane Heindel, P.C.