Prenuptial agreements are rarely thought of as romantic when a California couple is preparing to get married. One or both of the future spouses may believe that bringing up the need for a prenup gives the impression that divorce in the future is a possible outcome. However, financial advisors believe that such agreements can actually strengthen a couple's relationship.
Social Security payments are an anticipated source of income for most California residents and others around the nation as they approach retirement. Many have worked for years on jobs and have included estimates from the government agency in their projections of retirement income. However, as more older couples decide to end their marriages, those getting a divorce may need to examine how potential Social Security income may be affected. Census Bureau statistics show that over the past 25 years, the divorce rate for those over 50 has almost doubled.
While modifications are made every year that affect how California residents and others around the country pay taxes, there have been some major changes in the federal tax laws, starting in 2018. A significant change is coming for the way alimony payments are taxed effective Jan. 1, 2019. Industry experts predict that these proposed changes will have a profound impact on divorce deliberations throughout the current year.
When a California couple or another elsewhere in the country makes the decision to end their marriage, there is often a sense of great relief. However, that feeling of relief may change to one of apprehension when someone realizes all the issues that must be addressed in a divorce. Certainly, if the couple has children, matters surrounding their care and upbringing are first and foremost in the deliberations. Apart from that, questions regarding finances are prominent in most couples' minds.
When a California marriage comes to an end, it is common for those involved to be concerned about how their finances will be affected. One household becomes two, then separate budgets, expenses and savings are established as a result of divorce. Experts recommend several steps to take in order to safeguard someone's finances following a split.
The recent changes to the nation's tax laws will reportedly be the most significant in the past 30 years. The changes have spurred lawmakers to identify ways to generate money to pay for the tax cuts included in the bill. One of the ways tapped by Congress to increase revenue involves alimony. These changes and their tax implications are expected to have an impact on the number of divorce filings in California and around the country.
Deciding to end a marriage is a monumental decision for a California resident or anyone in other areas of the country. Divorce has a wide-reaching impact on the individual involved as well as others in the families affected. Every emotion is likely on display, and tension is often high. Yet, many decisions around finances that affect all parties involved for years to come still have to be made. Experts suggest several steps to make the process more manageable.
Millennials in California and across the country are a very diverse group of people when it comes to politics, religion and other social demographics. Their preferences and choices extend into relationships as they make decisions about whether or not to marry, how old they should be when they marry or when to get a divorce. There has also been an increased interest in prenuptial agreements among millennials, according to a survey among matrimonial lawyers.
The holidays are often a time for families in California and elsewhere around the country to get together for visits, meals and other functions. Even couples that are struggling may try to tough things out through the festivities for the sake of their children or other family members. In fact, statistics confirm that the divorce rate rises in the month of January, following the holiday season.
At the end of a marriage, a person may anticipate losing some of his or her accumulated wealth. Contrary to popular belief, some experts say that divorce can bring unexpected income benefits as well, depending on the person's circumstance. Individuals residing in California who are facing the possibility of a marital dissolution may be interested to learn more about possible breakup boons.