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.
Prenuptial agreements have emerged as an acceptable method for couples from all types of backgrounds in California to talk about financial issues. Poor communication and money disputes represent two of the top motivations for divorces. However, discussing divorce issues prior to a marriage gives partners an opportunity to express their views free of the emotions and stress that accompany the end of a marriage.
Statistics suggest that more and more older spouses in California are considering divorce. The divorce rate for adults 65 and older has tripled since 1990. For the 50 and older age group, it has doubled during the same time frame.
At the start of every school year, California kids have to deal with a host of new challenges. Unfortunately, children of divorced parents face additional hurdles as they begin the school year. By planning ahead, however, divorced parents can help to minimize their children's anxiety.
As the tax laws change regarding alimony for divorces concluded in 2019 or later, many people are looking toward individual retirement accounts as a way to create fair settlements that preserve tax benefits for both parties. When the shifting of the tax burden for alimony goes into practice, the current environment that encourages generous support payments through a valuable tax deduction will change considerably. However, both parties will still be looking for a solution that provides a measure of tax protection for the paying former spouse while providing needed funds to the recipient.