When a California business owner gets divorced, it is important to know exactly how much the company is worth. This is because it may be divided in the divorce settlement. How it is divided may depend on the structure of the business; it may be necessary to buy out a spouse if he or she is a partner in the company. Even if the business is run as a sole proprietorship, a spouse may be entitled to a portion of its value.
While California marriages may end for many reasons, the causes of most divorces fall under just a few categories. Money problems are a common reason for divorce. Poverty can be stressful but so can large disparities in income, including if a woman makes significantly more than her husband.
Making a marriage work is difficult for many California couples. However, they may be interested in learning about certain risk factors that can make it more likely that they will divorce. Unfortunately, people generally do not have any control over many of these factors.
California residents whose marriages are ending may have a lower standard of living after the divorce. Often, this happens to women because they still make less than men do at around 82 cents to the dollar. The gap is even greater in certain fields or with other variables. There are a number of reasons for this including the likelihood that caregiving duties will fall to women, and this means they may work part time, have less chance for career advancement and save less money.
California residents who are getting a divorce may want to refinance the family home in order to keep it or get a new mortgage. They should think about a number of financial factors including whether it is possible to buy out the other spouse, whether alimony and child support are being paid or received, and whether there is enough money for a down payment.
Employee retirement plans like 401(k) plans are usually not co-owned with a spouse. However, couples in California who are planning to get a divorce should understand how a 401(k) can be treated when a marriage ends.
California residents who are considering getting a divorce might be concerned about how to prepare financially before starting the process and how to plan for the post-divorce future. While settling financial issues can be a delicate process, with proper planning ahead of time, it can be managed.
According to research, couples in California and across the nation are getting divorced or breaking up over politics. The data showed that about 10 percent of all couples were getting divorced or otherwise ending their relationship due to arguments centered around politics, particularly around the topic of President Trump.
California residents who are married or planning to do so may benefit from a prenuptial or postnuptial agreement. In some cases, it may limit an individual's liability when it comes to paying a spouse's debt. A prenuptial can be worded to specify that premarital debt belongs to the person who accrued it and that it is separate property during the marriage.
As children in California get older, they are less and less likely to want to spend their summer vacations with their divorced parents. While this is perfectly normal, it is important that non-custodial parents learn to create living conditions that acknowledge this reality. It may be a good idea for parents to integrate their children into the household by asking them to do chores or otherwise contribute to running it.