When people in Texas get a divorce, taxes may be one consideration when it comes to property division. However, because of the Tax Cuts and Jobs Act, there are some additional changes ahead that people should be aware of.
Anytime a couple chooses to separate, they'll be faced with an assortment of challenging issues. This includes child custody arrangements, asset division and alimony. For couples with high-asset divorces, determining how belongings will divided and how child custody will be arranged can be even more difficult. Unfortunately, making decisions regarding alimony and child support is an incredibly important task that each couple must face.
Parental alienation takes place when one parent tries to manipulate the children into believing that the other parent is a bad person. In some cases, Texas residents engage in this behavior because they have Narcissistic Personality Disorder. Those who have this condition may act out because they are embarrassed or otherwise hurt by the fact that their marriages have come to an end.
People in Texas who decide to divorce may realize that the financial effects of the end of a marriage can be far more long-lasting than the emotional and practical aspects of the split. Indeed, many people planning for divorce feel intense stress about how their finances will change. However, by reviewing their assets, liabilities, income and expenses, people can make a plan for their post-divorce financial future that can help to improve their peace of mind moving forward.
Dividing marital estates is often a challenging and contentious process in Texas and around the country, and reaching an amicable settlement can be especially difficult when one of the most valuable assets involved is a family-owned business. Determining the value of a private business is rarely a straightforward process, and people who are not involved in day-to-day operations may believe that the companies run by their spouses are worth far more or far less than they actually are.
Due to the oil industry, Texas has a reputation for having lots of wealthy residents. However, that wealth can mean a downturn in couples' financial positions should they decide to divorce.
Divorce among older couples is becoming more common in Texas and across the U.S. In fact, while divorce rates have stabilized for all other age groups, it has doubled over the last few decades for people ages 50 and over. Unfortunately, this phenomenon, known as gray divorce, can wreak havoc on retirement plans if assets are divided up incorrectly.
For divorced parents in Texas, co-parenting can often be one of the most difficult, yet rewarding, aspects of adjusting to life after divorce. Individuals who are close to their children may be conscious of trying to avoid making the kids feel as if they need to choose sides between them even when the parents have a contentious relationship with one another. Some people may also feel like they need to compete with one another for their children's love and affection, especially when activities and standards are different between the parents' homes.
During a divorce, many Texas couples also have to negotiate child support. Understanding the different types of child support cases might be helpful. Additionally, parents should keep in mind that during a child's life, the situations surrounding their support might change and that in many instances, that will affect their type of support case.