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Posts tagged "Divorce"

When does divorce make financial sense?

In California and across the country, political debates have drawn attention to tax policy in the United States, especially as it affects some of the wealthiest families. Some candidates have advocated for higher taxes on rich individuals and couples, and these discussions have sparked some conversation about the potential merits of strategic divorce. Wealthy couples both bringing in a substantial amount of income might choose to divorce in order to save on their income taxes. In practice, however, few couples would make this choice, as the tax savings would often be offset by other costs associated with a divorce.

Prenups can be a key step for business owners

In California, many people hope to achieve their dreams in Silicon Valley by founding the next big tech startup. The right idea and the right investors can propel small companies to billion-dollar valuations, and the state is a hub for advanced tech workers throughout the industry. However, tech startup founders and other business owners have some unique considerations to keep in mind when it comes to their personal relationships. Because California is a community property state, all assets acquired after marriage are assumed to belong equally to both partners, even if one of those assets is one partner's closely held company.

Dividing the marital home in a divorce

When people in California make the decision to divorce, dividing the marital home can be a challenging prospect. Both people may feel a sense of emotional attachment to the property. Even more, the home can be the largest single asset shared by the couple, so each partner may have difficulty raising the required funds to buy out the other. Of course, the value of a buyout is not solely determined by the market value of the home but rather by the equity that the married couple has in the property. The amount of the buyout may be affected by the mortgage remaining on the home, and refinancing the mortgage is another significant issue during property division.

Making the divorce process bearable

With divorce rates hovering at about 50% for all first-time marriages, and even higher for subsequent marriages, a significant number of California residents might go through this experience. Divorce can be a long, tense period that evokes many negative feelings. However, there are things a person can do to make it more tolerable.

Annoying personality traits do not have to lead to divorce

Many marriages in California and around the country end in divorce, and spouses sometimes choose to take this path when personality traits that may have once seemed minor or even endearing become irritating or overwhelming. Nobody is perfect and annoying habits are age and gender neutral, but bad behavior does not have to lead to divorce if couples are able to communicate openly and address these issues before they become unbearable.

Millennials enter marriage more cautiously than their parents

Millennials in California and across the globe are showing themselves to have different priorities than the generations that came before them. This shift in priorities has led to changes in the way that millennials look at marriage and the possibility of divorce. A survey showed that there has been a 62% spike, driven by millennials, in people getting a prenuptial agreement.

Mixing divorce with cryptocurrency

During the divorce process, a couple must divide joint assets and finalize a settlement agreement. A key part of this involves being aware of all the debts and assets belonging to the couple. California residents might like to know about how cryptocurrencies like Bitcoin are influencing family law.

Gray divorce harder to recover from financially

The number of divorces involving couples over 50 years of age has more than doubled in the past 20 years. Approximately 25% of people who divorced during the year 2010 were more than 50 years old compared to only about 10% in 1990. California residents who are considering divorce after 50, sometimes referred to as gray divorce, are likely to face different challenges than their younger counterparts.

Tips for keeping a home during divorce

Some people in California who are going through a divorce might want to keep their home. This could be for sentimental reasons, or it might be because the person wants their children to have the stability of remaining in the same house. Usually, keeping the home means buying out the other spouse. The first step is to determine what the house is worth and the equity each person has in the home.

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