While both women and men in California may face challenges after a divorce related to finances and children, these challenges are more common for women. Women have three times the poverty rate that men do after a divorce and tend to suffer a loss in income while men's incomes often increase. On top of this, mothers are still more likely than fathers to get child custody, and this can leave them concerned about how they will support their children.
Child custody decisions in California and around the country are made based on the best interests of the child. There was a time when following this doctrine usually led to mothers being awarded primary custody. However, shared custody and co-parenting arrangements have now become more common. Family law judges have warmed to co-parenting because research has shown that children suffer less emotional trauma following a divorce when they can spend time with both of their parents, but making these arrangements work is sometimes extremely challenging.
There are many issues that must be navigated in a California divorce. One of the most common sources of disputes is determining what will become of the marital home. Understanding the complexities and addressing them can avoid conflict and help craft a resolution.
In the lead-up to the 2020 presidential election, people in California and across the country are debating tax policy, especially the level of taxation imposed on people in the highest tax bracket. At the same time, some wealthy people are considering options that would allow them to retain a greater share of their income. One of these potential options is "strategic divorce," which is when an otherwise happy couple divorces in order to take advantage of a taxation gap between the highest bracket at 37% for two single people paying separately as opposed to one married couple.
People in California who are getting a divorce and who share a team of financial professionals with a spouse might want to consider working with a new team. This may be particularly helpful for a person who is a dependent spouse since the professionals likely have their primary relationship with the higher-earning spouse.
Starting in 2019, California pet owners going through a divorce may have to do what's best for their animals when splitting. This is the gist of a new state law that gives judges the discretion of considering pets' best interests when determining who gets Fido or Fifi. Previously, pets were legally treated as physical property. Specifically, the law allows pet custody agreements to be based on the care and well-being of the pet or pets that jointly belong to separating couples. Animal rights supporters applaud the measure.
Even amicable divorces can be difficult on parents and children in California. All parties often experience real sadness and, in many cases, anger over the dissolution of a marriage. These emotions can surface during the holiday season, particularly during the first few years after a divorce.
For parents in California who divorce, there's no denying the fact that the end of a marriage can affect children. Typically, most parents want to minimize the stress that often goes along with legally splitting as much as possible regardless of how they may feel toward one another. One way some couples are achieving this goal is with what's termed "nesting" or "birdnesting."
Many couples in California who hoped that their marriage would last a lifetime end up getting divorced. Divorce can be quite costly. There are several ways that divorcing spouses can avoid setting themselves up for future financial failure.
Couples in California who are considering getting a divorce may need to consider how the Tax Cuts and Jobs Act will impact their lives after their divorce if their divorce agreement is signed after 2018. There are number of provisions in the legislation that include changes to deductions, exemptions, federal tax rates and the Alternate Minimum Tax limit. However, there is also language in the TCJA that divorcing couples should be particularly aware of, specifically those dealing with alimony and child support.