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Posts tagged "Divorce"

Tax law changes may affect divorcing spouses

A California couple planning to divorce may be particularly concerned if they need to finalize their split after the new year in 2019. This is because of a change in tax law that accompanied the Tax Cuts and Jobs Act. The new law passed in December 2017, but its provisions related to spousal support go into effect only after 2018 comes to a close. For many separating couples with significant assets, spousal support is an important part of the divorce. This is particularly the case after a long-term marriage or one in which a partner gave up a career to be a stay-at-home parent.

Financial missteps to avoid in divorce

There are a number of financial mistakes people in California might make when they are getting divorced. One of those mistakes is spending too much money on a shopping spree because they are upset. Unfortunately, this can cause even more stress when the bills come in.

Why prenuptial agreements can be useful

When people in California plan on getting married, they may not want to think about prenuptial agreements. In general, prenups have a bad reputation; people think of greedy celebrity divorces or other legal dramas. In other cases, people feel that it's bad luck to plan for divorce before the wedding even takes place. However, there's a lot more to prenuptial agreements than their image in pop culture, and they can be an excellent and important choice for many couples.

Personality traits that could lead to divorce

California couples may be more likely to get a divorce if they have certain tendencies or characteristics. For example, some people catastrophize small incidents and file for divorce over minor issues only to turn around and withdraw the filing later. This can strain the relationship. Overvaluing material things can also be an issue, particularly in marriages where wives earn more than their husbands but believe that men should be providers in accord with traditional gender roles.

Tax law may increase cost of divorce

People in California who are considering divorce might want to examine how the Tax Cuts and Jobs Act that passed in 2017 will affect their finances. For example, alternating exemptions for children with IRS form 8332 will no longer be possible. Instead, divorced parents who have only one child will have to decide who can claim the head of household exemption.

Health planning after a late-age divorce

A growing number of people in California and across the country are choosing to divorce later in life. For people aged 50 and older, divorce rates have doubled over the past several decades. However, no matter when someone decides to end their marriage, it can be very important to take care of their health. According to the Holmes-Rahe Stress Inventory, divorce is the second-largest contributor to stress-induced health breakdowns. For older people with existing health concerns, the effects of divorce-induced stress can be significant.

Reasons to get a prenuptial agreement

California couples may want to consider the benefits of prenuptial agreements. While some people may feel such documents could increase the likelihood of divorce, creating a prenup can actually improve communication and teach compromise. In particular, people who are heading into second marriages, have blended families or own businesses may benefit from a prenup.

Feelings of hopelessness predict divorces

Californians who feel hopeless about their relationships are much likelier to divorce than people who feel like their marriages are worth working on. When one spouse feels indifferent about their relationships, they might be unwilling to invest time and energy in order to save them.

Friends' divorces can impact others

People in California may be surprised to learn that when their friends divorce, they are more likely to consider divorce themselves. While ideas about the social contagion of divorce have always been popular, especially when people see several friends end their marriages in quick succession, the concept is backed up by scientific research. A study conducted by researchers at Brown University, Harvard University and the University of California at San Diego found that people with friends who divorce are 75 percent more likely to end their own marriages. In addition, even people with friends of friends who get divorced see their likelihood of divorce rise by 33 percent.

Financial issues commonly associated with a divorce

Some of the stress that can go along with ending a marriage in California concerns financial issues. Many separating couples fail to focus realistically on their financial needs and obligations during and after the divorce process. However, paying more attention to assets, liabilities, income and expenses could reduce the stress level of soon-to-be-former-spouses making the transition from joint responsibilities to individual ones.

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