Texas residents who are getting remarried in their 50s or 60s may find that completing a prenuptial agreement may be in their best interest. People who get remarried later in life are likely to have accumulated homes, retirement assets and businesses. They may also have children from a previous marriage for whom they would like to ensure will receive assets that are intended for them if the new marriage ends in divorce.
Parents in Texas should be aware that getting a divorce can impact how they handle financing their children's college education. However, if they plan carefully, they can make sure that their children are able to pursue their higher education dreams after a divorce.
In general, divorce rates in Texas and other parts of the country have fallen off over the years. The one big exception to this trend is with older couples. So-called "gray divorces" have more than doubled over the past 25 years. And it's not just older couples in second marriages experiencing this phenomenon. In fact, more than half of all older-couple splits involve individuals who were married for 20 years or more.
Wealthy individuals in Texas and throughout the country need to be strategic when it comes to their divorce. Ideally, they will have a set of priorities as to how the divorce unfolds. For instance, it is generally a good idea for former spouses to not talk poorly about each other at work. This may limit the chances that others will as well. It is important to consider the impact of a divorce on a business.
Some men in El Paso married to women who are significantly more attractive than they are may be more helpful to and attentive toward their wives than men whose wives are less attractive, but this still might not be enough to save their marriage. However, if the man and woman were friends for some time before starting a relationship, the impact of disparity in attractiveness tends to disappear. These are among the findings of several studies that have looked at the relationship between the success of a marriage and the attractiveness of the couple.
Couples in El Paso who are engaged in divorce negotiations likely have assets that they can easily divide. Other assets, such as the house that they co-own, are not as easy to divide. Of course, the option exists to sell the home and divide the profits, but one of the two spouses may have an emotional attachment to the home. Alternately, there may be a child involved, so for the sake of continuity in the child's life, parents may decide it's best to let one of the parents stay in the home.
For people in El Paso planning to divorce, they may be concerned about the changes to tax law that will go into effect with the dawn of 2019. The Tax Cuts and Jobs Act, passed in late 2017, contains several provisions that will affect the way that people who divorce handle their finances, but the changes do not go into effect until Jan. 1, 2019. One of the most significant changes relates to the tax treatment of alimony payments, which has remained the same for decades.
One challenge that divorced or separated parents in El Paso might face is dealing with their own and their children's emotions during the holiday season. This can be a tough time, and feelings of sadness, loss and anger may threaten to overwhelm families. However, it is important for parents to focus on their children and set their emotions aside.
Many people in El Paso believe that prenuptial agreements are primarily for rich people who want to protect their wealth should their marriage end in divorce. The truth is that more people than ever are signing prenups for reasons other than to protect wealth.
After divorce, some ex-spouses in Texas may suddenly feel financially liberated. However, this doesn't mean they should celebrate the occasion by going on a spending spree. This is one of the many financial mistakes that recently divorced individuals commonly make.