Like most life-altering events in Texas, getting a divorce has tax consequences. Tax planning should play an important part in preparing for the divorce and negotiating property division, spousal support and other legal matters.
Almost by definition, the end of a marriage may be difficult under the best of circumstances. Some Texas residents may even find that the complexity of their divorce multiplies when they are dealing with a high-conflict spouse. However, there are ways to lower the aggression in a divorce and protect one's rights in Texas.
It is the policy of the State of Texas that children should be supported by the contributions of both of their parents. This means that even if the parents choose not to reside together with the children, they will each still be legally responsible for the financial support of their children. To this end, like most other states, Texas has established guidelines that use the incomes of each parent to determine what each"s share of the child support should be. Generally speaking, the parent with whom the child lives, known as the "custodial parent" (or sometimes, depending on the circumstances the "sole conservator" or "primary joint conservator,") will receive child support payments from the "noncustodial parent."
The divorce process can be challenging as emotions can run high and important concerns must be addressed. Important divorce-related issues include property division, child custody, child support and alimony which all may need to be resolved. While couples are strongly encouraged to reach agreements regarding these concerns themselves, they may face challenges doing so and the family law process can help.
Throughout the history of the United States, until recently, it had been assumed that the father in a family would be the one who goes out and earns money for the family while the mother stays home to take care of the children. Since the 1960's to 1970's however, our traditional gender roles and how a family operates has begun to evolve.
We all know how much is involved when you go through a divorce. It can undoubtedly seem overwhelming. You need to have alimony or spousal support determined, and if there are children from the marriage, you will also need to have child support and child custody determined. One common question that clients ask when entering into a divorce involves what will happen to the house.
Many divorces are contentious, with emotions running high and animosity playing a role in the decision-making process. This can lead to a lengthy and costly divorce for all parties involved. There are times, however, when both parties agree on most or all of the decisions to be made in the divorce. During these times, it may be possible to enter into a collaborative divorce.
Getting divorced can be tricky no matter how many assets you and your spouse may have. However, it can be particularly challenging for those with high-value assets. These assets range from real estate property to businesses.
The divorce process is seldom easy for all parties involved. Each side generally has a view as to what they believe they deserve and are entitled to, and these views often vary widely between each divorcing spouse. One of the most heated decisions to be made during a divorce are decisions regarding children from the marriage such as child custody.
If you are married and own a business, did you know that if you dissolve your marriage your spouse may be entitled to half of your company? As Texas is a community property state, the law assumes you and your spouse each own 50 percent of all marital assets if you get a divorce. So, unless you take the steps necessary to protect your company, you may need to prepare yourself for the worst.