Any time a marriage ends in California or anywhere around the nation, there are always countless issues to resolve. No matter how old a couple is, the decisions made during a divorce have major implications on the lives of those involved. However, older couples may realize that getting divorced may throw a wrench in their retirement planning.
When couples in California or elsewhere around the country decide to end their marriages, the issue of property division can often become contentious. As emotions likely run high during the divorce process, the parties involved are concerned about protecting their individual interests. However, if a couple has developed a prenuptial agreement or other marital agreement, the decisions about "who gets what" are more straightforward. Experts are reporting that these types of agreements seem to be more commonplace with a particular generation.
Weddings in California can be expensive, but whether a couple spends a few hundred dollars on their special day or tens of thousands, most believe that the outcome is the same -- the celebration of the start to a happy marriage. A recent study showed that this line of thinking might not be accurate. Researchers discovered that the more couples spent on their wedding, the higher their chances of divorce were.
The Tax Cuts and Jobs Act of 2017 that became effective on Jan. 1, 2018 affected many California residents and others around the country. While the Act addressed numerous issues, one notable topic dealt with how alimony, also known as spousal support, will be taxed. These tax changes will have a great impact on those couples who divorce in 2019.
No two marital dissolutions are alike. With that being said, a few mistakes are commonly made during the divorce process in California and elsewhere. One of these mistakes is pursuing a settlement that assumes the status quo.
Baby Boomers are those individuals in California and around the country who were born between 1946 and 1964. Many in this generation have been married for long periods of time, have children and grandchildren, and are considering retirement, if they haven't retired already. However, the divorce rate among this demographic has been steadily increasing over recent years.
It is a well-known fact that divorces can take a long time to settle. People typically blame confusion over assets, difficult negotiations or a stubborn ex for the lengthy process. However, couples seeking a divorce in California may have an additional factor delaying their process, thanks to a large backup of family court cases in the state.
Prenuptial agreements are not exactly the most romantic subject a couple planning a wedding may broach in California or elsewhere around the country. Discussing how to divide property should a divorce occur is simply not met with the same enthusiasm as choosing the color of the bridesmaids' dresses or picking a honeymoon destination. However, developing a prenup may actually foster better communication in a relationship if handled properly.
Residents in California and all across the nation were given a couple of extra days this year before their federal tax returns for 2017 were due. While some taxpayers file their returns as soon as they receive all the required documentation, others choose to file as late as they can. Although the deadline for filing this year is now past, many individuals are already looking ahead to see how changes in tax laws may affect them. In particular, couples going through a divorce will experience some changes in their tax filings.
For many California couples, the thought of ending their marriage is difficult to adjust to. Some will go to great lengths to try and save the marriage, including turning to a marriage counselor to try and work through issues in the relationship. Some spouses wonder if a couple's counselor will ever suggest that the clients consider a divorce. While this is not usually the case, there are certainly instances where a therapist can and will suggest divorce.