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Posts tagged "divorce"

Saturday, November 18, 2017

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.

Tax planning before divorce

Taxes can play a serious role in divorce in Texas and should be considered in the first steps of planning. For example, legal federal tax stratagems can shift income from higher-earning spouses to the spouse with less income and play a role in divorce litigation and the shaping of the decree.

Don't navigate a divorce alone

No one enters a relationship with the end in mind. Unfortunately, many marriages eventually reach a breaking point for one reason or another. Finally making the decision to divorce is one of the most stressful and emotionally devastating situations a person can go through. Even in times of such distress, however, understanding the basics of what a divorce entails can help make the process go as smoothly as possible given the gravity of the situation.

Tax planning and divorce

Almost half of all American marriages end in divorce. But like most other life-altering events, there are still tax consequences. Financial planning for the tax consequences associated with property division should take place well before the decree is issued.

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