For many going through a divorce in Texas, it seems like no decision goes the right way. Naturally, you would hope to be able to keep as much money and as many assets as possible to take into your new life, but the sad fact is that community property will likely be divided in some way. Perhaps the most misunderstood ruling in some eyes involves alimony.
For some people, celebrities are like their own family. Fans follow the news for details about their careers, their wealth and their love lives. The latest headlines regarding a celebrity tell of a seemingly outrageous divorce settlement that may leave many shaking their heads in disbelief. Those in Texas who are going through divorce themselves may even feel some concern about any alimony ruling a court may order for their situation.
Spousal support laws are changing rapidly throughout the country, although in some states, those supporting a former spouse may think the laws do not change fast enough. Nevertheless, Texas courts strive to determine fair amounts of alimony if such support is needed. Following the guidelines provided in the state's Family Code, couples may be able to predict how alimony will pertain to their circumstances.
In Texas and many other states, spousal support is not a given when a couple divorces. In fact, in many courts, the assumption is that no alimony will be awarded. However, financial advisors recognize that often, particularly for women over 50, alimony is the difference between providing for one's basic needs and sinking into poverty.
When people get married, it is a wonderful, joyous time, and they usually plan to remain married for life. In reality, many Texas marriages fail or do not even make it past the honeymoon stage. With divorce comes a variety of factors that will arise, such as alimony. When filing for divorce, each spouse should be aware of his or her financial background and standard of living. Being attentive to this could be key to a successful and expedient divorce.
Whether Texas spouses are living a lavish or more middle class lifestyle, their standard of living may come into play when divorce proceedings commence. Essentially, one's standard of living may be taken into consideration when a court determines the amount of spousal support, or what is more commonly known as alimony. Understanding this concept could potentially be beneficial to a spouse who is fearful of being unable to maintain a similar lifestyle after a divorce.
Diving headfirst into a divorce without knowing the first thing about it is a pretty scary thing. When it comes to alimony, it can be the epitome of scary to some spouses while other spouses can't wait for the payday. In some Texas cases, alimony may not be an issue or option at all, as each situation is different. As they relate to taxes, these alimony payments may be deductible by the payer if certain requirements are met. Additionally, the payee may end up paying tax on this income.
Because it is not always easy to obtain, many Texas residents might wonder if spousal maintenance is available. The short answer is that spousal support, also commonly referred to as alimony, is available for residents who meet the statutory requirements. Below are the general requirements that must be met by the spouse seeking support.
In many marriages, one spouse tends to earn more money. Therefore, if the marriage ends up in divorce, one party could be at a disadvantage economically. To help put things on a more even-handed level, Texas law allows for the awarding of alimony to a spouse if a need for it can be shown.
If you are divorcing in Texas, it's very important that you understand the state's alimony laws. Texas' laws are unique. Spouses who married in other states or who lived in other states for some time before moving to Texas may not be familiar with the laws.