Texas couples that have filed for divorce may consider filing separate tax returns. However, they may have many questions about the rules related to such filings. Texas is a community property state and has particular laws pertaining to property division and tax returns. The tax for married couples that file jointly may be lower, but some couples may benefit from filing separately.
Texas readers may be interested to learn about the recent news that a final ruling is imminent in the high net worth divorce of Harold and Sue Ann Hamm. The soon-to-be divorced couple resides in an adjacent state, and Mr. Hamm is said to be number 29 on the list of richest Americans. The source of the bulk of his business assets -- estimated to be about $14 billion -- is apparently his 68 percent share in Continental Resources. The couple's marriage lasted for 26 years, and it is reported that they never signed a prenuptial agreement before their wedding -- a fact that is a contributing factor in this complex divorce.
There are two schools of thought when it comes to the subject of prenuptial agreements. Some people consider such an agreement as the killer of romance, while others appreciate the importance of being proactive in dealing with potential issues related to the financial side of a marriage. The number of Texas couples opting to sign a prenuptial agreement is growing as they recognize the positive effect honest financial discussions can have on a marriage.
Many unmarried parents in Texas recognize the importance of ensuring a legal father-child relationship. When a parent is legally recognized as the father of a child, his parental rights and responsibilities will be guaranteed. In the event of a break in the relationship, the father will not have to endure time-consuming and costly litigation related to child custody, visitation and child support. Such issues can be resolved through mediation as in cases of married couples.
It is not uncommon for a divorced parent to consider relocation. Reasons for relocation could be varied and may include a relationship that is new or an employer moving business operations to a different city or state. A parent who was a stay-at-home parent during the marriage may be unable to obtain suitable employment in the current location and may need to relocate to look elsewhere. Whenever a Texas parent who has child custody wants to move away, there are bound to be legal issues over the relocation.