Alimony has been a tax-deductible expense for those who pay it and taxable income for those who receive it since 1942, but these rules will not apply to divorce agreements executed starting in 2019. Under the provisions of the Tax Cuts and Jobs Act, spouses who pay alimony will not be able to deduct these payments on their personal tax returns and spouses who receive it will not be required to pay tax on this income. Divorced couples with agreements already in place will not be affected by the new law.
Changes in the tax code could affect alimony negotiations
Paying for a child's college education after divorce
Some Texas parents who are getting a divorce might wonder whether it will affect their ability to continue saving for their children's college education. Since two households are more expensive to maintain than one, parents and children may need to revise their college plans. For example, expectations may need to be scaled down from an expensive private college to a state school.
Keep your parenting time secure
The parenting time that a court chooses to award you is not a loose suggestion about how and when you spend time with your child, even if it is inconvenient for your child's other parent. While there is certainly room to consider hardship on the part of either parent, if a parenting plan is not sustainable for one or both parties, the law provides a specific structure that allows parents to petition the court for a modification to the custody order.
Why parents may want their children to have a prenup
People in Texas who are getting married might want to consider a prenuptial agreement. In wealthy families, it may be the parents who are pushing the need for the agreement. The parents may be concerned about preserving family wealth and making sure that an ex-spouse does not end up with it in the case of divorce.
Establishing child custody can be important
Many parents in Texas may be dealing with issues related to divorce, separation and child custody for the first time, and they may wonder what exactly is meant by the term custodial parent. When used in the family court setting, this term generally means the person who has physical custody and spends the most time with his or her child. The custodial parent has the greatest responsibility for the child's development even when the noncustodial parent may be actively involved in the child's life.
How joint legal custody works for parents and children
When people in Texas get a divorce, they might share both physical and legal custody of their children. In another arrangement, one parent might have physical custody while the other person has visitation rights while they both still share legal custody. The parent who has legal custody has the right to make major decisions that will affect the child's life in areas such as religion, health care and schooling.
