When California couples decide to marry, they typically go into their marriage with optimism. However, failure to plan for a future in which the marriage may not work out can be very costly for those who have high assets. Prenuptial agreements may seem cynical, but they may be necessary to protect an individual's assets. Amazon founder and CEO, Jeff Bezos, may be facing this exact quandary after he and his wife announced their divorce, and apparently they have no prenuptial agreement in place.
Dividing assets during divorce can be stressful for the average California couple. Throw in complicated property, however, and the process can feel completely overwhelming. If you know that you will need to deal with complex property division, getting help now rather than later can usually lead to better results.
As 2018 winds down, some residents of California and other parts of the country are anticipating how part of the Tax Cuts and Jobs Act will affect them in the new year. For those couples who are planning to divorce in 2019, there is a new law taking effect on Jan. 1 that changes the way alimony is handled for tax purposes. Some matrimonial experts believe these changes will make divorce deliberations more complicated.
Becoming a stepparent is normally not easy, at least not at first. There are a lot of adjustments to make. Families in California these days can consist of his and hers or hers and hers or his and his, and according to statistics, couples with stepchildren are more likely to walk the divorce path yet again. But there are ways to avoid becoming another statistic.
It may be because celebrities are in the public eye, but often their marital splits seem to be pretty brutal. Such seems to be the case in the divorce of television personalities Audrina Patridge and Corey Bohan. Patridge, 33, a California resident, and Australian-born Bohan, 36, have at least agreed to move forward with mediation in their thus far messy divorce.
Any time a couple from California or other parts of the country decide to end a marriage, there are always many issues to discuss. Certainly, these issues are more complicated when the couple has been married for many years. Research shows that the divorce rate for couples over the age of 50 has essentially doubled in the past two decades. With so many couples facing a so-called gray divorce, experts have identified some of the most common questions they must address.
The divorce rate for couples in their 50s and 60s has doubled and tripled, respectively. Changes in the alimony tax laws have led couples to rush to finalize their divorces before the end of year, though those who live in California have missed the chance to take advantage of the current tax laws if they did not file prior to July of this year. Along with alimony concerns, there are other financial matters that require thorough consideration.
Millennials in California and elsewhere around the nation have the reputation for thinking independently and often doing things differently than the generations before them. One example of this is that they are waiting longer to get married, according to statistics. With being older, those in this demographic also realize the possibility that a marriage may end in divorce one day. To protect themselves financially, many see the benefits of getting a prenuptial agreement before they get married.
Marital splits can cause all sorts of anxiety in many areas of life. One aspect of life that divorce may affect is financial. Suddenly, a two-income household becomes two separate households, usually with one income earner in each place. When a California couple divorces and the financial situation is a complex one, it may take months to reach an agreement. Individuals need to be prepared to deal with the financial picture moving forward as singles.
Life changes and so sometimes do feelings. No California couple heads to the altar with the thought of divorce on their minds, so it might be that they didn't give consideration to a prenuptial agreement. On the contrary, all couples should. It has actually been shown that marital agreements work to strengthen a union, not the other way around.