When a California couple divorces after at least 10 years of marriage, one person might be eligible to draw Social Security benefits on the other person's earnings history. This does not affect the benefits of the estranged spouse, but it usually does require that his or her income of one person has been a great deal higher than that of the other.
California couples who are facing the end of their marriages may want to assemble a team that can support them throughout the process. For emotional support, this could include a therapist as well as family and friends. Each party might also want a financial adviser and an attorney.
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.