In the past, the majority of couples did not consider a marital contract an essential part of wedding planning. However, those who own a business may find that a prenuptial agreement deserves careful consideration. Texas residents may find that these contracts can help provide peace of mind if a marriage subsequently ends.
No matter where one lives, one thing that can unite Texas residents with residents of other states is the love of professional sports. While many of the athletes are held up as examples of what anyone with talent and drive can achieve, the world of professional sports can take a heavy toll on family life. Many of these professionals may find themselves facing exorbitant child support orders when relationships, just like careers, come to an end.
For approximately 70 years, the alimony tax deduction helped families reduce taxes after a divorce. With the tax reform act that went into effect at the beginning of 2019, the option for deducting alimony payments from taxable income for the paying spouse was eliminated. In light of this change, there are other ways Texas residents can help reduce their tax burdens after a high net worth divorce.
Over the past several years, there have been changes to laws that affect families and children. With the passage of marriage equality in 2015 by the Supreme Court, other changes regarding child custody have been undertaken in several states. However, there is concern that one case submitted to the Supreme Court has the potential to adversely impact parental rights in Texas and elsewhere.
The process of blending two lives in marriage requires patience and a period of adjustment. However, the process of obtaining a divorce is often much more complex, especially when it's a high net worth divorce. Texas residents who are contemplating this step may keep three practical points in mind.