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April 2013 Archives

Divorce for Texas women who earn more than their spouses

For women who earn more than their husbands, considering a divorce can represent some important financial considerations. There are several factors to take into account, even before the nuptials, when thinking about the monetary implications of the dissolution of a marriage. The division of marital property, business considerations and personal financial accounts may all come into play during divorce proceedings, and proper planning ahead of time can help to prevent problems and protect financial assets. A pre-nuptial agreement, for example, can assist a couple in sorting out the most important pieces of monetary information should the marriage be dissolved. Thinking of a pre-nuptial agreement as a respectful way to settle matters with the least amount of complexity for both parties can help to frame such an agreement in a positive light.

New alimony laws bring unexpected changes to couples

Texas residents may be interested to know that the much-discussed alimony legislation reform was passed by the Florida Senate on April 4 by more than a two-to-one margin. When people file for divorce, they can expect that alimony will change and that permanent alimony may become a thing of the past. The courts can modify current divorce agreements to update the changes in the law. Many people will be impacted, including children, those who pay alimony and those who receive it. The bill has completely overhauled a system that is considered to have worked fairly well. On the other hand, it might not help those who most need the financial support. In addition, the courts could be overburdened as thousands of people go back to court to modify agreements that are already in place.

Lottery winners may find child support obligations waiting

Texas and many other states participate in Powerball lotteries, giant pools that pay off millions of dollars to a single winner. While winning a pot this large may be everyone's dream, those who owe unpaid child support may find that winning this kind of money brings attention from family law advocates and child support enforcement agencies. This is what happened to one New Jersey man who recently won the Powerball jackpot for more than $300 million.The $338 million jackpot, which will pay the winner $221 million in a lump sum payment, would seem to be every lottery player's dream come true. However, the man quickly discovered that New Jersey law enforcement agencies were paying attention when they announced that they intended to seek $29,000 in unpaid child support immediately. It remains to be seen if the man will be forced to pay out more of his winnings if the custodial parent decides to take action.

How to handle taxes after a divorce

While most residents of Texas who file for divorce understand their finances are going to change as a result, many do not consider the impact that divorce will have on how they file their taxes. The choices individuals make regarding their divorce will often have long term effects, so people should be proactive about reducing their tax burden. In addition to changing the status they can file under, divorce will also impact what deductions people have access to, especially if they have children. Following a divorce, individuals are naturally no longer able to benefit from a married filing status. Some are still able to file as "Head of Household," which usually carries a lower tax rate, but only if they meet certain criteria. Deductions related to children are another huge change in the way that divorced individuals can file their taxes, and the tax deduction for each child generally goes to whomever the child spends the most time with.

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