If you are heading toward divorce, you may think you have matters under control. You may be fortunate to be in agreement with your spouse over how you will divide your assets, and you may have a good enough idea of how Texas laws provide for fairness and protection throughout the divorce process. You may even feel you and your spouse can work out a custody arrangement that is manageable.
There are a lot of statistics about how millennials are waiting longer to get married or staying in a committed relationship that does not include a plan for marriage. However, love is often unpredictable and can strike before the couple finishes college or graduate school. While students famously live on a shoestring budget and often do not have fulltime employment, it is still worthwhile to consider a prenuptial agreement.
In a move that leaves some wondering if he is insane and leaves others tipping their hat, Mr. Bezos plans to split the family's $137.1 billion fortune in half as part of an amicable divorce. The couple filed for divorce in Washington State, which like Texas adheres to community property law in the state. This means that all marital property is divided in half, putting MacKenzie Bezos's settlement at $66 billion.
If issues or disputes have arisen in your marriage, you may be regretting the fact that you did not ask for a prenuptial agreement. Such contracts can be invaluable for resolving conflicts before they even come up, and many successful marriages can credit a well-constructed prenuptial agreement for addressing those issues.
Sometimes a separation is the best option for initiating divorce proceedings, particularly under circumstances where the stress in the family home is through the roof. Unlike most states, Texas does not recognize legal separation, which means most separated couples will initiate divorce proceedings. Nevertheless, couples do have options if they choose to live apart before divorce.
One of the main takeaways for couples filing for divorce in 2019 will be the fact that alimony (called spousal maintenance here in Texas) will no longer be tax deductible for the spouse paying. This likely means an increased tax obligation to those who pay, but financial analysts believe there are still other areas where there are opportunities to save money or enjoy more financial flexibility in a divorce or family law agreement while remaining compliant with the new Tax Cuts and Jobs Act.