Since divorce is rarely an easy situation for those involved, it is in the best interest of the children and the adults to at least try to keep the co-parenting experience positive for everyone. Often, the court will put a strict child custody and visitation plan in place at the divorce hearing, but it is sometimes up to the parents to develop their own workable plan.
Divorces finalized in 2019 and later will be subject to new alimony rules created by the Tax Cuts and Jobs Act. Texas residents and others who receive alimony in 2019 and beyond will no longer be able to count those payments as income. The person who makes the payment will no longer receive a tax deduction for it. In some cases, this may result in a lower alimony payment.
Divorce can have a major impact on a business. This is one reason why many entrepreneurs who are happy and confident in their relationships opt for prenuptial agreements when choosing to tie the knot. Not only can a prenup protect an entrepreneur in case of divorce, but it could also help to make the business more attractive to investors, venture capitalists and others.
Divorce is a complicated process that will impact your finances, personal life and emotions. In a perfect world, you would file for divorce and move through each step in a timely and cordial manner.
Money routinely ranks as one of the top reasons for divorce. A related issue that's increasingly affecting couples in Texas is student loan debt. While the average college-related debt is about $35,000, the number of borrowers owing $50,000 or more has been on the rise. Since overall college costs have spiked considerably over the past decade, it may not be much of a surprise that a third of borrowers who participated in a recent debt management website study attributed school loans and other financial problems to the end of their marriages.