California couples who are getting a divorce should be aware that there are some common financial pitfalls to be avoided. One of these is trying to keep the family home on a single income. A person who does this may find that it is not possible to do the necessary upkeep.
Common property division mistakes in a divorce
The likelihood of divorce in different professions
The California marriages of scientists, actuaries, physicians and software developers may be less vulnerable to divorce than those of flight attendants, bartenders and casino workers. A study found that people who work in the fields of math and science have lower-than-average divorce rates while the rates of those who work in transportation or whose work involves night life are higher than average. Professions that are more popular in rural areas, including military careers, forestry, fishing and farming, also had a lower-than-average divorce rate.
Is a quick divorce better for your children?
Divorce can prove hurtful to everyone involved, but children in a marriage are especially vulnerable to the deep emotional trouble that divorce can bring with it. In many cases, the longer that a divorce drags on, the longer that a child suffers needlessly, from the tension of the marriage, and from the uncertainty surrounding what is next.
The importance of protecting the ability to retire
Californians who are divorcing and who have retirement accounts need to take care to protect their savings . Making simple mistakes may expose people to significant tax liability and prevent them from retiring on time.
Should you keep your home after a California divorce?
When a couple decides to divorce in California, dealing with the property division process is unavoidable, and often more complicated than expected. Unlike most other states, California uses community property guidelines when determining how a divorcing couple divides up their assets, which means that the couple must divide all marital property equally.
Getting prepared for mediation
When California couples decide to divorce, mediation is an option that could keep them out of the courtroom. A successful mediation can lead to a legal divorce that does not require involvement from a judge, but having a successful mediation is more likely if both parties do some advanced preparation for the actual process.
Making sure that divorcees can deduct alimony
When divorcing spouses in California come to an agreement regarding alimony, it's important that the order's language complies with the guidelines outlined by the Internal Revenue Service. If alimony orders are set up correctly, the payments may be deducted on the payor spouse's tax returns.
