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Tax law changes and divorce

Couples in Texas who are considering a divorce may be interested to know that certain important changes due to the Tax Cuts and Jobs Act will become effective in 2019. This means that couples have until the end of 2018 to get a divorce if they do not want to be bound by the new rules for how alimony and child support will be treated.

Divorce rates affected by profession

People in Texas are often well-aware that their jobs can affect nearly all areas of life, from mental and physical health to relationship satisfaction. However, career choices could also impact the likelihood of divorce, according to one study conducted on the Danish population. Researchers concluded that people who work around large numbers of other people of the opposite sex are more likely to divorce than people who work in a same-gender environment.

Health and gray divorce

Texas residents who get a divorce will find that the process can have many health implications regardless of how old they are. However, for individuals who are over 50 years old, getting a divorce can result in a number of physical and psychological issues, particularly for older people who have existing medical issues.

Prenups can work for most couples

Those in Texas who are about to get married could benefit from having a prenuptial agreement. They are generally valid as long as both parties to an agreement have the chance to review them with legal counsel. Anyone who owns a company prior to getting married may be able to preserve ownership of the organization with such an agreement. It may also keep a former spouse from being a partner in the company after the marriage ends.

Gray divorce on the rise despite strain on finances in old age

Divorces among older couples in Texas occur for reasons similar to issues that drive younger spouses apart. Couples that lack enjoyment of their free time together sometimes choose to end their relationships and move on. Research also indicates that life changes, like the children leaving home or someone retiring from a job, prompt marital dissatisfaction. Although many reasons end relationships, divorces among older people have been on the rise while divorce has been declining among other demographics.

How tax changes may impact future divorce cases

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.

Student loan debt is taking a toll on more marriages

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.

Six financial surprises divorced women run into

A recent survey found that 46 percent of divorced women ran into financial surprises of one kind or another. To be more accurate, 38 percent of women aged 55 and above reported experiencing these kinds of surprises after getting divorced whereas approximately 50 percent of women in younger age brackets reported the same phenomenon. As a result, the women of Texas would do well to learn from their predecessors and prepare themselves financially in case they ever decide to go through with a divorce.

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