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Divorce Archives

How tax laws will impact alimony in 2019

During a divorce, an estranged Texas couple may have to determine how they will deal with alimony payments in addition to dividing up marital property. However, the 2019 tax laws may have a financial impact on alimony, so those who are looking to finalize their divorce in late 2018 or early 2019 should be aware of the changes

Divorce process restricts finances and traveling with children

Divorce in Texas generally takes several months or more to complete. During the legal process of splitting assets, establishing child custody and negotiating the other details of the divorce settlement, laws impose restrictions meant to prevent spouses from moving assets, losing insurance coverage or kidnapping children.

Surveys find changes in alimony and child support

More and more women in Texas may be required to pay child support and alimony. A survey of the American Academy of Matrimonial Lawyers found that more than half of lawyers said they had seen an increase in women paying child support in the past three years. In addition, 45 percent of attorneys noticed that more mothers were paying alimony during the same time period.

Changes in the tax code could affect alimony negotiations

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.

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.

Parents have many options for child visitation

Texas parents who get a divorce can seek creative solutions for child custody arrangements that best suit them and their children. When one parent is the custodial parent and the other has visitation rights, one typical arrangement is for the noncustodial parent to have the child on alternate weekends from 6 p.m. on Friday to 6 p.m. on Sunday.

Divorce rate doubles for older couples

Divorce rates continue to rise for Texas couples over the age of 50. Unfortunately, many of these exes are affected by a severe lack of financial preparedness. A recent study shows that women are more likely to find themselves in this position since most wives over 50 leave major financial decisions to their husbands, according to a recent study.

Tips for parents to help children adjust after a divorce

Texas parents who are worried about how their children will adjust to a divorce can do certain things that may make the process less difficult for them. They should encourage them to move ahead with their lives and should also encourage their relationship with the other parent.