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Divorce trends: More millenials seek prenuptial agreements

Prenuptial agreements have long been associated with the wealthy seeking to protect their interests should their marriages come to an end. However,  many California residents and others around the country now see the benefits of having a prenup in place if a divorce is eminent. In fact, there has been an increase among millennials in the popularity of such agreements, particularly among women.

However, under 5 percent of people in the country have a prenuptial agreement, though approximately one third of them believe the agreements are useful. Matrimonial law experts cite reasons for the rise in popularity of the documents. One reason is that many people are marrying at an older age. Individuals are working longer and have established careers and understandably want to protect the assets they have amassed.

Protect finances during a divorce

There are many issues that arise when a California couple decides to end their marriage. The process can prove to be complicated and stressful, particularly when dealing with money matters. Experts suggest seeking professional advice when it comes to handling finances during a divorce.

Experts can help someone going through a divorce to understand how decisions made will affect finances, both currently and in the future. Sound financial advice can help prevent potential problems with taxes, property division or retirement plans. Having a plan in place can help those getting divorced to make more rational decisions in the process. It is imperative to thoroughly understand everything in the divorce documentation before signing it. Unfortunately, once the papers are signed, it is unlikely that the decisions will be reversed in court.

Helping children overcome negative consequences of divorce

When you filed the papers to end your marriage in a California court, you knew your decision was affecting children's lives as well as your own. Hopefully, through thoughtful discussions and by keeping lines of communication open, you'll be able to help them over any bumps that arise on their pathways toward a new family lifestyle. There are certain issues that seem to be most prevalent among children of divorced parents. Knowing what these are ahead of time may help you to better help them.

No two children are going to handle a divorce exactly the same. Some may appear aloof and unemotional while others experience angry outbursts or tearful displays of emotion from time to time. Each of your children, in fact, may navigate your divorce in his or her own way; by letting your kids know you love them and are there to support them, you set the tone for success.

Divorce: Prenups helpful for everyone, not just celebrities

Many couples in California and around the country opt to create a prenuptial agreement before entering into marriage. In most cases, these agreements deal with property division should a couple get a divorce. However, there is a trend in prenups and other relationship contracts to include a variety of stipulations other than those that address finances.

While there is a tendency to think that prenuptial agreements are solely for the wealthy, they can be useful for anyone, regardless of income level. Several issues included in agreements, such as lifestyle conditions or romantic needs, could apply to any couple. Marital experts believe that discussing these issues and putting them in writing can give relationships a better chance.

How to divide real estate during a divorce

The purchase of a home is typically the largest single expenditure a married couple makes in California or anywhere around the nation. When a couple decides to get a divorce, dealing with the home can prove to be a complicated issue since it is likely the largest asset. While experts acknowledge that divorce proceedings may be stressful, it is important to make informed decisions regarding the home during property division.

Some couples elect to keep the situation just as it is. When the ex-spouses plan on passing the home to their children, they may decide to continue to jointly own the residence. Others agree to sell the home, then split the proceeds from the sale. It would be important to consider the additional fees that may come with the sale of the home. One non-financial cost to remember is the potential emotional impact on children if they have to leave the only home they've ever known.

How mental illness or addiction can affect a divorce

Mental illness is a very serious matter affecting California and all other states in our nation. Many people consider addiction to alcohol or other substances to be a mental illness as well. While these problems can have a devastating impact on couples in a relationship, they can also come into play when a couple is getting a divorce.

Laws pertaining to marriage and mental health vary widely throughout the country. For instance, in some states, a person cannot divorce someone just because he or she may be deemed as legally insane. Many states have different standards for mental illness than they do for addiction when dealing with divorce. Some have stipulations regarding how long a mental illness has lasted or whether or not a person has sought treatment for an addiction.

Need to redo budget when going through a divorce

Budgeting is a critical part of managing finances for many California residents and others around the country. However, it becomes even more paramount for individuals going through a divorce. Financial experts recommend focusing on several specific areas as a couple moves from living with two incomes to existing with one.

The largest expense in most households is a mortgage payment. When a home loan was obtained, the payment was covered by two incomes. Now that one of those will be out of the equation, it may become difficult to continue making the payments. Property taxes and homeowners' insurance must also be taken into consideration when determining if keeping the family home is the best financial decision.

Why self-procured divorce isn't usually a good idea

When you first started thinking about getting divorced, you may have immediately begun to worry about the potential costs of such endeavors. While you realized that there are other issues as or more important than money, you have also always been a practical thinker; thus, it seemed only logical to think and plan ahead. Perhaps a few of your friends suggested that you try a do-it-yourself style divorce. You took to the idea right away because it sounded like a big money-saver.

As is often the case in life, things aren't always what they seem. Therefore, if you really hope to obtain the best possible outcome, you may want to thoroughly research the pros and cons of acting without legal representation in divorce.

Pre-nups are important documents in divorce process

Prenuptial agreements may not be considered as a romantic gesture by California couples or others throughout the country. However, many experts view them as an essential document for those entering into marriage, regardless of the couple's income level. They are certainly important to have in place should a divorce occur at some point. A recent financial advice column addresses a number of issues regarding prenuptial agreements.

One topic dealt with inherited assets and the belief that they could not be contested in a divorce. Rather than leave a decision regarding such assets to a court, it would behoove an individual to identify them in a pre-nup to protect them. Another issue raised was the desire to save money by using the same attorney when developing an agreement. It is advisable to have independent counsel, as some courts will not recognize pre-nups developed with the same attorney.

How divorce can affect credit card debt

When a marriage ends in California or elsewhere around the country, there are a number of potentially emotional issues to address. Dealing with finances during the divorce process can lead to conflict among the parties involved. One particular aspect of finances that may be overlooked in discussions is how credit card debt will be treated. However, according to a personal finance website, this issue should be addressed in divorce proceedings.

The couple going through a divorce needs to determine how any credit card debt will be paid. A decision should be made regarding whether the debt will be viewed jointly or individually. Credit card companies only care that they will be paid back, not which spouse incurred the debt. If one party agrees to pay the debt, but does not do so, the other spouse may be responsible for it if the debt was held jointly. However, in community property states like California, both parties are jointly responsible for the debt, regardless of who incurred it.

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