The only thing worse than your ex taking all your money is the government taking it, too. Divorce has several tax implications that will affect how you file. Knowing these changes ahead of time can prevent mistakes and last-minute stress.
Alimony, which Texas law refers to as spousal maintenance, can be a topic that raises concerns for someone contemplating divorce. It does not help that a lot of misinformation continues to circulate and generate misplaced panic for higher earners.
Pew Research stated that in 2012, there were nearly two million stay-at-home dads -- almost double that of 1989. Why the change? Some modern households now rely on the wife for financial support. Today, women can be the "breadwinner," and many females have a higher earning potential than men. This means men can take care of the home and children. So, what happens when you file for divorce and you no longer have the financial support you once had from your wife?
As the years go by, the divorce rate in the United States continues to increase. Some people may be under the impression that simply filing and signing divorce papers means the end to all of their issues with their spouse, but that is not the case. Due to the various matters needing to be discussed during a divorce, the process is rarely easy for the parties involved.
When getting divorced, couples will discuss various issues with their attorneys including spousal support. This specific topic will be brought up after one spouse makes the request to receive alimony from the other spouse. It is common for one party to request alimony, especially if they made the decision to not work and stay home to support the family, while the other worked. While alimony is awarded in an attempt to limit the financial effects of divorce, there is much to be examined before it can be awarded to the spouse requesting it.
When two people are going through the process of getting a divorce, they are to divide any assets that they may have acquired during their marriage. In some divorces, the residual assets may be enough for each spouse to live off, but in others it may not. When this happens, one party may requestspousal supportt, also known as spousal maintenance or alimony.
When a Texas couple files for divorce, it is highly likely that one spouse may ultimately be ordered to pay alimony to the other spouse. Usually, the spouse will make monthly payments until they have paid the full amount that was agreed upon in the divorce decree. However, some spouses may have the option to pay lump sum alimony.