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September 2017 Archives

How divorce changes tax filings

Taxes are one of many things that will change for people in Texas who get a divorce. The switch from filing as married to filing as single or as head of household, if there are dependents, and the move to a new tax bracket happens in whatever calendar year the divorce occurs. Therefore, if an annulment, separation or divorce is finalized on or before the final day of 2017, when the person files taxes for that year, the filing status will have changed. An annulment introduces the additional complexity of needing to amend previous years' tax returns to indicate that both people were not married at the time.

How to decide which assets to seek in a divorce

In a divorce, marital property division is generally negotiated in a manner that is equitable to both sides. However, not all assets are equally valuable. For instance, Texas residents may feel like keeping a marital home is worthwhile because it means not having to move. However, it also means retaining responsibility for maintenance and upkeep as well as other costs related to owning a home.

David Hasselhoff claims alimony payments threaten his retirement

Television viewers in Texas who enjoyed David Hasselhoff's successful "Baywatch" series might assume that stars never have financial problems. Wealth and fame, however, often go hand in hand with costly divorces that impose hefty spousal support obligations, like the $21,000 a month Hasselhoff agreed to pay his ex-wife after they ended their 16-year marriage in 2006. The actor has now approached a court to end the payments entirely so that he can prepare financially for his retirement years.

Take proactive steps to understand finances during divorce

Going through divorce may make you feel as if you have lost a teammate. However, learning to rely on yourself during this time could prove useful. You may find that you have a greater capacity to address life issues than you had initially thought and potentially gain a sense of confidence that did not exist during the marriage.

Kardashian, Chyna reach agreement regarding child support

Texas reality television fans and those who like to keep up with the Kardashians might be interested in the details of an agreement between Rob Kardashian and Blac Chyna. The two settled their child support dispute centering on their daughter, Dream Kardashian, and will share custody of the child going forward. Rob Kardashian will make child support payments in the amount of $20,000 per month to Chyna.

Texas denies over 14,000 registrations to noncustodial parents

The attorney general for Texas says that 14,779 vehicle registrations were denied to noncustodial parents since a new child support law went into effect in September 2016. The law allows the state to deny vehicle registration renewals to those who have gone six months or more without making a child support payment. Drivers are sent a letter 90 days before their registrations expire. It gives an explanation as to how they can get compliant with the law.

"Grey's Anatomy" actor reaches custody agreement

Texas television fans may be interested to learn that it has been reported that Jesse Williams, an actor who stars in "Grey's Anatomy", and his former wife have reached an agreement with regards to the custody of their children. According to reports, the two parents will share joint legal custody of their son and daughter. There was no mention of any physical custody arrangement.

Co-parenting under stress

Most divorced or separated parents in Texas work hard to maintain a positive relationship with the other parent of their child or children. Unfortunately, there are situations in which one parent is no longer acting in good faith and engages in toxic behavior. This behavior can make it difficult for the parents to work together to meet the needs of their children.

Divorced parents and consistent household rules

Divorced Texas parents might struggle to establish consistent rules for their children as the children move between the parents' two households. However, establishing this consistency is important. It provides stability and structure for children at a time of uncertainty and upheaval. Parents should make an effort to sit down together and talk about how they can make their household rules more consistent. Children who are old enough may want to participate in this process as well. Before this meeting, parents might want to think about what points they are willing to compromise on and which ones they can be more flexible about.

Sole custody prevents moms from entering workforce

Texas parents who are considering a divorce may be interested to learn that, in about 80 percent of child custody cases, custody of the children is still awarded to the mother. While mothers may be happy about this at first, it can potentially keep mothers trapped in the homemaker role and prevent them from finding a place in the workforce.