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Fullerton Family Law Blog

Cryptocurrencies increasingly becoming an issue in divorces

For many California spouses going through a divorce, one of the most difficult and contentious issues is the division of assets. This process is becoming even more complicated thanks to the growing use of cryptocurrency.

The main problems involving cryptocurrency as it relates to divorce include the ability to hide digital assets fairly easily and the difficulty of assigning a value to a type of currency that has a rapidly fluctuating value. Furthermore, cryptocurrencies have the potential to allow some individuals to accumulate considerable wealth from a small investment. Tracing assets of this nature that are purposely hidden from a soon-to-be-former-spouse can also present several challenges.

Claiming dependents after a divorce

California residents should expect for their tax returns to be scrutinized by the Internal Revenue Service if they claim a dependent who is also claimed by another filer. This can occur in situations in which separated or divorced parents both want to get dependent-related tax credits.

Parents who claim their children as dependents can potentially file as Head of Household. They may also be able to claim certain beneficial tax credits, including the Child and Dependent Care Tax Credit, Earned Income Tax Credit and Child Tax Credit.

Divorced firefighters and parental scheduling conflicts

You got married just as you started your training to become a firefighter. Your wife was very supportive of it at the time. You went on to get a full-time job in Fullerton, where you love what you do. You and your wife had kids, bought a house and moved forward with your lives the way you'd always expected.

The end of the marriage

Divorce for older adults influences retirement planning

These days, divorces among people over age 50 in California are not uncommon. Although older adults might be beyond concerns about how the end of a marriage affects young children, financial issues require extra attention. Retirement savings will likely be divided between departing spouses, which could delay plans of retiring.

Coming to terms with a former spouse about the division of retirement assets frequently creates conflict. To arrive at a fair agreement, a person should work with a financial planner to determine a post-divorce budget for basic living expenses and a new retirement savings strategy. Catch-up contributions allowed for people over age 50 could allow someone to rebuild savings after a divorce. The Internal Revenue Service grants older adults the ability to place an additional $6,000 into an employer-based retirement savings plan or individual retirement account.

Business owners and divorce

When California business owners decide to divorce, they may be worried about the effect that the end of their marriage will have on their entrepreneurial interests. It may be particularly important for them to develop special protections in order to ensure that they, and others involved in their business, will not face massive upheavals as the result of a divorce. This is especially true for business owners seeking outside investments in the company, as venture capitalists and others may require safeguards.

In many cases, both spouses are involved in building the business and, thus, have a right to share in its value. However, making a plan does not mean depriving the other spouse of his or her rightful interests. What it does mean is that the business itself can remain intact despite marital upheaval. A prenuptial or post-nuptial agreement may address how the business will be handled in a divorce.

The basics of preparing for a divorce

Most couples in California don't actually "plan" for a divorce. Even so, there are times when marital problems become so great that untying the knot becomes an option. The first thing couples are encouraged to do when preparing for a divorce is determined if ending a marriage is the right choice. This is because the process of splitting can be stressful, financially impactful, and, in some instances, costly and time-consuming.

It's equally important for a spouse considering divorce to do some research ahead of time since each state has different divorce-related timelines. There are also differences with how long a couple has be separated before divorcing. Setting personal and financial goals for the future can also help a soon-be-former-spouse be better prepared for life after marriage. If kids are involved, the general recommendation is for couples to keep the best interests of children in mind when determining custody arrangements. Getting organized during the divorce process typically involves gathering bank statements and other key documents.

4 critical tips for the single dad

You thought that you would work with your spouse to raise your kids. That was always the plan. In your mind, that's just how life would go.

When your spouse asked for a divorce, it shattered those plans. Suddenly, you became more focused than ever on being a great parent. You just knew it was going to be challenging. Single fathers with sole or joint custody face a lot of significant hurdles.

Child support and a parent's disability

California parents who rely on receiving regular child support payments may become concerned if the paying parent develops a physical disability and is unable to meet those obligations. While this may present a financial hardship for both parties, there are certain actions that can be taken.

It is important to find out if the parent responsible for paying child support has disability insurance. Disability insurance benefits, which may be provided by that parent's employer, can be used to make child support payments. However, the amount of disability insurance benefits is typically less than what the individual would normally earn in regular pay. As a result, the child support payment amounts that will be paid are likely to be less. This is because the parent's income is used as the basis for calculating child support, and disabled parents may be able to obtain a child support modification.

Reasons for getting a divorce

There are a variety of reasons why a California couple might have irreconcilable marital problems. A list that ranks common divorce reasons was created based partly on a study conducted by the National Center for Biotechnology Information.

Having zero commitment to marriage was listed as the top most common reason for a divorce. Seventy-five percent of the individuals who participated in the NCBI's study stated that this was the reason for the end of their marriage. The second most common divorce reason was infidelity. Typical reasons for engaging in an extramarital affair may include issues with insecurity, fear of being abandoned or feelings of neglect. Excessive arguments and conflicts in a marriage is another common reason for getting a divorce. The participants in the study reported that there were generally no effective or calm resolutions to their conflicts and that the conflicts seemed to intensify as time went on.

Tips for designing a child custody schedule

There are several important points that California parents should keep in mind when creating a joint parenting schedule during a divorce. One of those is that they should try to think about what the experience will be like for their children. Life after divorce involves many changes and a big adjustment for children.

By considering logistics and the child's schedule, parents can minimize some of those changes. For example, it may be helpful if the child can keep the same child care provider. Parents should also make sure they don't live too far apart from one another or the child's school. They should think about the child's extracurricular activities and may even want to seek the input of older children. Kids with special needs may need extra consideration when designing a custody schedule.

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