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.
For some California couples, entering into the golden years of retirement together sounds like a dream come true. However, in some cases, other couples may think spending all their time together now that they are no longer working seems more like a nightmare. Now more than ever before, older couples are deciding to call it quits and see a divorce.
Prenuptial agreements were once mainly thought of as being necessary for the rich and famous. However, many matrimonial experts recommend them for many of their clients in California or elsewhere around the nation, regardless of their jobs or income levels. Should a couple get a divorce in the future, a prenup is an invaluable tool in the proceedings.
Many factors come into play when a California couple or others around the country decide to end a marriage. For whatever the reasons that lead to a divorce, couples of all ages routinely decide to call it quits. Researchers have long tried to analyze divorce trends among the different generations. Is there one age group that has a higher divorce rate than the others?