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Posts tagged "Alimony"

The importance of being assertive during a divorce

To reduce some of the stress in the divorce process, some Texas couples compromise as they work through issues around property division and spousal and child support. While it's a good idea to avoid deliberately putting up roadblocks to a friendly resolution, people should also make sure that they still protect themselves financially along the way.

How judges create alimony and child support orders

After a divorce, an ex-spouse may be ordered to meet child or spousal support obligations. There are many factors that a Texas judge will consider when determining the amount of the payments. For instance, a judge could look at how much money the noncustodial parent should be making and compare it to what they are actually making. This is more likely to occur in situations where individuals take menial jobs to artificially reduce their income.

Determining spousal support

When Texas couples divorce, spousal support can be a contentious issue. Divorce is often an emotional time, and spouses may deeply resent being ordered to maintain a financial connection with someone they are angry with. On the other hand, spouses with limited career prospects or financial resources might have good reason to request continued financial support for at least a short period of time.

Tax changes could complicate divorce matters for older adults

It's not unusual for divorcing couples in Texas to fight over the house and possessions. However, for adults age 50 and over calling it quits, another common point of contention is retirement savings. It's even more important to pay attention to such assets because of changes mandated by the Tax Cuts and Jobs Acts that will fully take effect in 2019. The most noticeable change pertaining to end of marriage issues is with alimony. These spousal support payments will no longer be tax deductible for the paying spouse, and the receiving spouse won't be able to claim payments as income.

Dealing with divorce and alimony

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.

What happens to child and spousal support in bankruptcy

Divorced Texas parents cannot discharge child support or alimony in bankruptcy, but they may be able to discharge other elements of the divorce settlement in certain circumstances. Fewer than half of people who are supposed to get child support receive the full amount. The legal system takes failure to pay child support seriously, and it may be punished through garnishing wages, fines and even jail time.

Maximizing tax savings for divorcing couples

As a result of the Tax Cuts and Jobs Act, alimony for future Texas divorcees will no longer be treated as a tax deduction. The rule will apply for future separation agreements starting in 2019. This historic change reverses the legislation enacted in 1942 that permitted tax deductions for alimony and ongoing spousal financial support.

More women are paying child support and alimony

Texas residents who are considering divorce may be interested to learn that women are increasingly being held responsible for making alimony and child support payments. This may be in part due to the fact that the number of two-income households are increasing and some wives have a larger income than their husbands.