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Sugar Land Family Law Blog

How divorce can impact people's finances when they are older

The divorce rate for people who are older than 50 in Texas has dramatically increased since 1990. Since that time, the divorce rate for older adults has almost doubled. People who are older and want to file for divorce should take some time to figure out how the end of their marriages might impact them financially.

When people get divorced after age 50, they may have trouble retiring when the time comes. People who divorce will need to divide their marital assets, including money that they have saved in their retirement plans while they were married. This may make it much harder to retire on time, forcing people to remain in the workforce far longer than they planned.

Plan ahead for better finances after divorce

Texas couples thinking about marriage may benefit by also thinking about divorce if they want to best protect their financial futures. With steadily high divorce rates, putting in place strategies for coping with a marriage ending seems just as prudent as having health or life insurance. For pragmatic couples, there are a number of tactics available to protect individual assets if divorce happens.

The prenuptial agreement is most often thought of when advance divorce planning is considered. While pre- and even post-nuptial agreements are efficient when properly structured, they are not the only available tools for astute asset managers. Simply keeping separate accounts can be a very effective strategy for some couples. Having a dedicated joint account for marital assets while maintaining individual accounts can be of benefit, but any co-mingling or usage of an individual account for joint benefit can negate the intent. For example, if an inheritance is placed into a joint account, it becomes marital property. Maintaining separate finances can also provide some level of insulation for one spouse against the other's individual creditors in the event of aggressive collection tactics.

Changing circumstances may alter child support arrangements

You probably felt that making child custody and support arrangements was one of the most emotionally difficult parts of the whole divorce procedure. However, you and the other parent came to an agreement that has been satisfactory for the most part.

However, change happens in life, and circumstances have developed that warrant a change to your child support order. How will the court view your request for modification?

Managing finances after a divorce

Texas estranged couples will need to address a number of financial matters during and after a divorce. For example, if they owned a home, it will likely need to be sold or refinanced. There may also be a retirement account that needs to be divided. Certain types of retirement accounts require a document called a qualified domestic relations order to avoid taxes and penalties. People need to understand this and any other rules around the division of these accounts.

Establishing credit is also important. Joint accounts should be closed and new individual ones set up. People should also revise their estate plan, including the will and any beneficiary designations. If the divorce is not yet final, some documents may require permission from the spouse to be removed.

Is it time to step in? 3 questions about guardianship in TX.

Our parents are there for us when we are young. In some cases, as our parents’ age, it becomes clear that they need us to step into a more active role in their lives. In some situations, this may involve taking on the role of a guardian.

What is a guardian? Guardianship occurs when the court agrees that a certain person, referred to as a ward, needs the help of another person. Under Texas state law, a guardian is the person that takes on this helping role.

Midlife marriages can result in complex divorces

Midlife marriages can be wonderful unions. At midlife, you’re more mature. You may feel more comfortable with who you are and who it is you want to be with. There’s usually less drama and strife with a midlife marriage.

Still, finances concerning midlife marriages can be a very different animal altogether — and may pose specific problems for your union.

Don't lose your child visitation rights

Your ability to spend time with your children is the most precious thing you have. However, even though your kids are your own flesh and blood, it's still possible to lose your right to spend time with them. In fact, it's not uncommon for a Texas parent to be stripped of his or her parental rights and to no longer be able to spend an unfettered day, enjoying different activities with his or her children.

New tax rules for alimony: Who's getting the better deal?

The media has given a lot of attention and speculation to the new alimony tax rules that came along with the tax reforms recently passed by Congress. According to the "Tax Cuts and Jobs Act," for divorces finalized after year-end 2018, recipients of alimony will no longer have to report their alimony payments as income, and they will no longer have to pay taxes on it. Meanwhile, the payers of alimony will no longer be able to deduct the payments from their income each year.

This has lead to a host of criticisms of the new tax bill. Some commentators are saying that the tax bill will destroy a bargaining chip that divorce lawyers commonly used to settle alimony issues.

When talking to kids about divorce, make sure they know this

There is one conversation that ever divorcing parent dreads, and it involves telling your kids about the divorce. This is never easy, but if you do it the right way, you can -- at the very least -- make the process easier on your kids.

A successful divorce conversation requires parents to deliver some specific and positive messages to their children. It also requires follow-up. Be sure to constantly convey these messages to your kids again and again before, during and after your breakup:

  • Mom and dad have tried for a long time to make it work, and after a long time, we've finally come to this decision.
  • The decision to divorce doesn't have anything to do with the kids. It's an adult decision, and the children couldn't have done anything "better," nor could they have "behaved better" in order to prevent the divorce.
  • Neither Mom nor Dad have blamed one another for this. The children can keep loving the other parent without worrying that they have betrayed or been disloyal to the other parent. There is no blame in this divorce.
  • It's normal if you feel angry, sad, worried or curious about what your future will look like.
  • We continue to be a family. It's just that our family is beginning to change. Mom and dad will be living separately, but you will still see both parents on a regular basis.

What are the rules for divorce in Texas?

Every state has specific laws that change regarding marriage and divorce, and the state of Texas is no different. As such, if you're planning to separate from your spouse or get a divorce in our state, you'll want to prepare by understanding our state-specific laws.

Here are a few things you'll want to familiarize yourself with in this regard:

  • Residency: In order for a Texas family court to have jurisdiction over your divorce, at least one of the parties in your divorce needs to have lived in the state for the last six months, and needs to have been the resident of a specific county for the last 90 days.
  • Waiting time: Every divorce is subject to a waiting period. In other words, your divorce will not be finalized until at least 60 days has passed since the initial filing. Furthermore, you can't remarry prior to the 31st day after your divorce decree was signed. However, this 31-day waiting period can be waived if the court agrees.
  • Grounds for divorce: In order to divorce without fault, the couples need to have been separated for at least three years, or the marriage needs to be insupportable as a result of discord. In other cases, violence, cruelty, abandonment for a year, adultery, insanity for three years, felony conviction and imprisonment (with some limitations) are also grounds for divorce.
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