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Family Law Attorneys

April 2015 Archives

Former Texas baseball player divorcing wife

Texas baseball fans may be interested to learn that on April 19, a former player for the Texas Rangers moved ahead with the divorce process. While the divorce petition stated that conflict was the reason for the couple's separation, it was noted that the baseball slugger has a history of substance abuse and reportedly relapsed in early 2015.

Credit status after divorce

Some Texas residents may be interested in the way finances are affected by divorce. After a divorce, financial dynamics may change. The cost of living may lessen, but household income levels might shrink and other costs such as alimony or child support may be added. Division of property may result in one spouse remaining in the home while the other spouse pays the mortgage.

Texas property division for women in divorce

Many Texas women enter a divorce believing their spouse is no longer entitled to pensions, Social Security benefits and retirement savings such as 401(k), life insurance policies and other ERISA benefits once the divorce is finalized. They, or their beneficiaries, often find out later this is not the case because simply divorcing someone does not automatically negate their beneficiary rights. Before entering divorce proceedings, it is always wise to amend beneficiary designations on the benefits and in one's will, because one does not necessarily make the other enforceable.

Taxes and alimony payments in Texas

Unlike child support payments, alimony is to be reported as income by its recipients. Therefore, people who pay alimony are able to deduct the payments on their income tax forms. The deduction is only available if the payments are made according to a divorce or separation order, and voluntary payments do not qualify.

Choosing lump sum alimony over monthly payments

Many Texas spouses elect to receive or are offered alimony when they divorce. However, in many cases these same people must return to court and obtain an order forcing their former spouses to pay what the court has already stated as part of the divorce decree. In these situations, a monthly alimony payment may actually become a greater hindrance than a help. Texas law offers a solution by allowing lump-sum payments.