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Posts tagged "Divorce"

Thursday, February 22, 2018

Alimony is not always tax deductible

Consideration of the tax consequences of a divorce decree or settlement are among the first steps for a spouse at the end of a marriage. A divorced Texas taxpayer recently learned that a poorly-drafted settlement agreement can impose tax liability.

Negotiating a divorce, even when times are good

Prenuptial agreements, made before marriage, are common in Texas. They can help resolve complex disputes if the marriage ever ends. Couples who never executed these contracts, however, can enter postnuptial agreements that can act as a divorce "insurance policy" that is hopefully never used, and which can set forth future expectations.

Tax bill could hit alimony recipients

New tax reform legislation before Congress, the Tax Cuts and Jobs Act, may end the deduction that federal taxpayers receive for making alimony payments to their former spouses. If enacted, the law could change divorce proceedings, property division and settlement negotiations in Texas and throughout the country.

Divorce dos and don'ts

Making decisions during the turmoil of a divorce is difficult and riddled with risks. A spouse considering the end of a marriage should carefully consider their first steps and avoiding other actions.

The pros and cons of mediation

Many couples face complex disputes at the end of a marriage. Divorce mediation may be an avenue for resolving these issues if both spouses are willing to seek amicable conversations to reach a settlement. This process, however, may not work for every couple.

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