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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.

Possible restrictions on finances, custody during divorce

Some Texas couples who are getting a divorce may be surprised by the restrictions they face during the process. These restrictions vary from place to place and are largely aimed at ensuring that one parent does not take the children out of the other parent's reach and that neither spouse spends the marital assets.

Possible ways to structure alimony payments

Given that about 3 out of every 1,000 residents in Texas have been through a divorce at some point in their lives, Texans are no strangers to the complexities inherent in the divorce process. It is an emotionally trying process, and there are numerous details to be ironed out, including child custody, asset division and alimony payments, each of which is subject to different laws that further complicate matters.

Financial planning is critical for divorcing parents

A divorce can send an entire household into financial chaos. However, Texas parents that have decided to split up can still provide for their children's educational needs through proper planning. More couples need to heed this advice, however, as recent statistics show that two out of every three divorcing couples don't have a financial plan in place in the event of divorce.

Film examines race, child support and poverty

Texas fathers going through a divorce or navigating the child support system as single dads may often find the situation overwhelming or confusing. However, these problems can be exacerbated when race and poverty enter the picture to complicate factors. "Where's Daddy?" is a new documentary that aims to explore how the American child support system affects African American families and, more specifically, the relationship between black men and their children. The film also looks at the impact of poverty on family relationships, noting that 70 percent of all child support debt in the country is owed by noncustodial parents who make less than $10,000 each year or have no income at all.

How to protect assets after a marriage

A person who is getting married in Texas may not like the thought of asking the prospective spouse for a prenuptial agreement. However, parents who have significant wealth may want to protect their assets in the event that their children get divorced. To make the concept of a prenuptial agreement more appealing, it can be a good idea to approach the subject at an early age.

Why equal marriages could be more stable

When a couple in Texas begins a marriage following "traditional" gender duties of child care and housework, they might be more likely to get a divorce if the woman starts to spend more time on her career and make more money than the husband. This is less likely to happen if the couple has a marriage that is more equal from the start, according to a recent Swedish study.

Divorcing after 50 may present difficult financial issues

Divorces among people who are older are on the rise. When older Texans choose to end their marriages, they may encounter some unexpected financial problems. These problems may be especially difficult to handle when there has been a power difference between the men and the women in terms of the financial decisions made during the marriages.

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