Divorce is on the decline overall, but among older adults, it is rising. This so-called "gray divorce" can lead to some possible complications in dividing property. For example, people who have not yet reached the age of 59 1/2 may have begun taking 72(t) distributions from an IRA under certain limited circumstances that do not incur a 10% penalty. However, this could have implications if the IRA is divided.
It is likely that some people in California have heard the month of January referred to as "Divorce Month." After surviving the holidays and wanting a fresh start in the new year, many individuals initiate divorce proceedings during the month of January.
Your divorce is almost certain to bring with it a good deal of uncertainty. If your ex-spouse was the primary wage earner in your home, then you may be faced with the prospect of needing to find employment or even new housing. You might feel much more secure in confronting these new challenges if you are on a firm financial footing. You may be entitled to alimony, yet a more immediate source of funds could be your portion of the contributions made to your ex-spouse's 401k.
far too many people in San Francisco may currently be suffering from abuse at the hands of their spouses. For those hearing details of an abusive marriage from the outside, the solution to ending said abuse seems simple: the domestic violence victim simply needs to leave. Yet domestic abusers often exercise a great deal of control over their victims (especially when they are married). They may control the couple's finances and their other resources, leaving their victims completely dependent on them. As if control is not enough, many may also use fear as a method of ensuring that their spouses never leave.
If you and your spouse in California are getting a divorce, you know that dividing your assets and your debts will be something you need to do. Finding a way to agree on the value of different assets is an important part of this process and must be done before you make a final decision about who will receive what assets or who will be responsible for which debts. There are some situations in which the determination of asset value can be anything but straightforward. These are times when the use of a forensic accountant may be useful to you.
California residents probably know that they live in a community property state. This means that marital property is divided equally when a couple gets divorced. There may be some exceptions to this, such as when a prenuptial agreement outlines other provisions. Student loan debt may also raise unique situations and might or might not fall under the need to be equally split.
If you are one of the many people in California who is getting or has gotten a divorce after the age of 50, you might just have more to be concerned about than your younger divorced counterparts. It has long been known that divorce can be an emotionally grueling experience. Some research has even identified a higher level of depression in divorced people than in those who have been widowed.
A common perception of divorce cases in San Francisco may be that those involved look to dig their heels in and hold out for as long as is necessary in order for them to secure the settlement terms that they want. Yet often this "winner-take-all" attitude misses the general purpose of divorce proceedings, which is to formally end a marriage with both sides leaving in similar financial positions. While that might include one spouse paying their other alimony, such assistance is not meant to serve as punishment against that spouse, but rather a temporary means for the other to support themselves until they are able to secure gainful employment.
If you are like many people in California who are separated, in the process of a divorce or already divorced, you can be realizing that your financial situation is not as positive as it was when you were still married and living under one room with your spouse. The sheer need to support two households on the same income that previously supported only one can be a big contributor to this situation. Then, many people find that they have to part with assets in a divorce, pay child support or even make spousal support payments, all of which further reduce the amount of money a person has to live on every month.
Married people who live in California and who become suspicious that their spouse is not being honest with them financially may often wonder what they can do about their concerns. If the couple is still married, these suspicions might point to an impending divorce. If a couple is in the midst of a divorce, the concerns may raise a flag about the legitimacy of the divorce negotiations that are currently underway.