Texas residents who are going through a divorce will need to learn a new set of tax rules related to being a single filer. For instance, an ex-spouse with children may benefit more from being able to claim the Head of Household (HOH) designation on their tax return. A parent qualifies if they had a dependent living in their home more than 50 percent of the time.
Filing for divorce is an unfortunate reality for many Texas couples. Perhaps because more spouses are accepting the possibility of separation, prenuptial and postnuptial agreements are becoming increasingly common. A prenup can make the process of divorce simpler and easier.
A growing number of people in Texas and across the country is choosing to divorce later in life. While divorce rates have become stable for Americans in general, including younger people, they have continued to rise for older couples. For example, since 1990, the divorce rates have doubled for people age 50 and older, and the same rates have tripled for people age 65 and older. The phenomenon has become so well known that it has been called the "gray divorce revolution," reflecting the growing frequency of people getting divorced at a later age.
It's not unusual for soon-to-be-spouses to opt for a summer wedding, or one that will take place during the holidays when more family members and friends are likely to be available. And some couples in Texas prefer to make their upcoming marriage even more special by choosing a specific date with a significant meaning. However, results from a recent study suggest "special meaning" dates may not lead to the long-term happily ever after most couples have in mind when tying the knot.
Divorce cases in Texas and around the country involving older couples are often quite amicable as potentially contentious issues like child custody and support are rarely a factor. Spouses who are 50 years of age or older sometimes seek quick divorces because they have grown tired of one another, but the desire to move on with their lives as rapidly as possible can sometimes leave them unprepared for hastily arranged property division discussions.
Texas women facing a divorce may relate to divorcing women who said in a survey that their biggest financial fear when it came to divorcing was living off just one income. The second fear was the actual cost of the divorce.
Money is one of the common reasons why couples in Texas and throughout the country choose to get divorced. When couples have little or no savings, an emergency situation could send them into a panic. The increased tension in the relationship may then serve as a catalyst for divorce. By establishing an emergency fund, it can be easier to handle emergencies without having it lead to a conflict.
When Texas couples get divorced, the marital assets that they have spent years obtaining will be split. Furthermore, those assets, which often include financial assets, must now cover two full households instead of one single household. Depending on the ages of the individuals getting a divorce, splitting assets can have a major impact on how long those assets will last when it is time to retire.
Gender roles and expectations around them can have unanticipated effects on the future of many Texas couples' marriages, research indicates. While many people start their marriages on equal footing with both partners committed to their careers as well as household management, other marriages are based on more traditional ideas of masculine and feminine gender roles. While either type of marriage can last over the long term, when roles shift and redefine themselves, couples can find themselves in tense situations.
When Texas couples get a divorce, they will likely need to divide their marital property. There are procedures that must be followed in dividing retirement accounts to avoid incurring taxes and penalties.