Many Texas residents and others around the country plan for their retirements over the course of several years. They work on their jobs and routinely save money that will be used when they are no longer employed. Often, in a marriage, one spouse may be the primary wage earner and be responsible for funding a retirement account. This is a common practice, and it poses no problem for couples who remain married. However, a couple who gets a divorce faces some challenges in how to deal with dividing retirement funds.
Divorce in Texas can bring with it surprises that a couple may not have considered. One of these surprises can be dealing with taxes. In most marriages, one person deals with finances and taxes. This has the potential to yield surprises for the person who doesn't take care of those matters after a divorce. There are some pitfalls to be avoided.
When it comes to dividing marital wealth, every Texas spouse feels as though there is a significant amount of money involved. That's because everyone grows accustomed to their specific financial circumstances, and generally lives within those means. In some cases, however, a divorce can be astronomically expensive. A recent article takes a look at some of the most expensive divorce cases in recent history.
Ending a marriage is typically an emotional and challenging process, regardless of how amicable it is. Anyone in Texas who is in the throes of divorce will likely soon realize that this is not a process to tackle without support. However, choosing one's support team requires careful consideration. Knowing that the necessary team members are there to help can alleviate the stress and anxiety typically associated with divorce.
As the deadline for filing federal income taxes grows closer, many Texas residents and others around the nation are scrambling to gather their information and complete the process. Everyone is always looking for ways to reduce the amount owed to the Internal Revenue Service. For those couples who have gone through a divorce, one major issue that must be resolved is who will claim the children as dependents on the tax return.
Planning for retirement is a task undertaken by many Texas residents and others around the country. Years and years are spent considering one's financial needs when the decision is made to leave the workforce after many years. Married couples certainly make these plans and decisions together. However, when a couple decides to divorce, retirement plans can potentially be thrown for a loop.
When a marriage comes to an end, there are countless issues a Texas couple or others around the nation must address. Obviously, if a couple has children, the question of custody is paramount in the deliberations. However, family law experts are beginning to see an increase in a different type of custody battle during a divorce. Couples are now becoming much more vocal about how custody of their pets will be handled.
When a marriage comes to an end for Texas couples or others around the nation, there are many financial issues to consider. Spousal or child support, deciding who keeps the family home and other property division questions are just a few of the topics that must be addressed during a divorce. However, depending on their age, couples may not immediately think of how Social Security retirement benefits will be handled. Yet, this subject is an important one, particularly as one or both ex-spouses near retirement age.
Since 1942, the tax law has included a deduction for alimony payments for Texas residents and others around the country. A new tax law has recently gone into effect that changes the provisions set forth over 75 years ago. Marital law experts anticipate that the changes may prompt a flurry of people to seek a divorce in 2018.
Marriages in Texas or anywhere across the country may end due to a variety of reasons. Couples cite financial problems, stress and infidelity as common reasons for seeking a divorce. In addition, some couples believe that one or both spouses have experienced personal changes during the marriage. Whatever the cause of divorce, experts agree that the process can potentially be difficult for the families involved. Consideration for any children in the families should be given to alleviate their stress about the divorce.