The number of divorces in California and around the country involving spouses over the age of 50 has increased significantly in recent years even though the overall divorce rate has remained fairly consistent. IRA and 401(k) accounts are usually among the most significant assets divided in a gray divorce, and dealing with them is often difficult because of strict regulations and complex tax laws that were drafted to deter individuals from plundering their retirement savings.
Many couples in California get married without creating a prenuptial agreement. Even if a couple has no prenup in place, a postnuptial agreement can be created during a marriage. A postnuptial agreement is similar to a prenup in that it's an agreement about who owns what and what will happen to property in the event of a divorce.
Throughout the year, many Californians decide their marriage is no longer working and choose to move forward with a divorce. While the time of year might not seem relevant in ending a marriage, statistics indicate that there are certain months in which more people divorce. One of those months is January. With the new year beckoning, this should be considered in the context of family law and divorce.
Prenuptial agreements can protect people financially in case of a divorce, but it is best if they are created with the interests of both individuals in mind. One woman who was asked by her boyfriend to sign a cohabitation agreement before they moved in together was shocked by some of its provisions. The agreement stated that if they married, she would not be eligible to any spousal support in case of divorce. It also said that she would not get any financial compensation for the home the man had purchased with the help of his mother even if she contributed significantly to the mortgage.
Making a financial plan during a divorce in California can be particularly important for anyone who has not been involved in the family finances. A certified divorce financial planner is a financial professional who has been specially trained to deal with financial issues around divorce and may be helpful at this stage. This can be important in ensuring that an individual gets a fair share of the assets.
When couples in California go through a divorce, they will face a variety of challenges. Women tend to experience challenges in a different way than men, especially when it comes to finances. In fact, money issues are ranked in first place when it comes to women's concerns after divorce, which is even higher than concerns related to their children.
Wealthy couples in California and around the country sometimes go through what is known a strategic divorce. This is a divorce that's filed by spouses who still have a happy relationship but would be better off financially if they were single. The number of strategic divorces increased after the passage of the Tax Cuts and Jobs Act in 2018, and analysts expect another surge in strategic divorce filings if the tax plans proposed by politicians such as Senators Bernie Sanders and Elizabeth Warren are implemented. However, there are situations where spouses with more moderate means may wish to consider a strategic divorce.
When parents in California separate or divorce, many are committed to staying fully present in the lives of their children. Joint or shared custody is increasingly common so that each parent has around half of the time with the kids. However, while joint custody can be extremely beneficial for children's emotional development and well-being, it can also come with complex situations during custody transfers. When kids move from one house to another, the process can be difficult and emotionally challenging. It is important for families to take steps to prepare for positive custody swaps in order to make them a better experience for kids.
For many California couples going through the divorce process, the family home is the most valuable asset. Deciding what to do with it often becomes a major point of contention during property division negotiations. Couples have a few ways they can go about splitting up the home.
In California and across the United States, chances of getting divorced exist even before couples pronounce their wedding vows. Marriages may have better prospects for survival when each partner comprehends their unique personality characteristics that can lead to divorce. Even though every person has some bad habits, being accountable for them can yield positive results in a marriage. According to professional marriage counselors and family law attorneys, people can take control of their marriages by mastering their negative personality quirks.