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divorce Archives

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.

Gray divorces and dividing assets

The Pew Research Center reports that the divorce rate for seniors throughout California and the rest of America is twice what it was during the 1990s. While it is important that all couples know how to properly divide their retirement assets and other types of properties, the process is especially important for older couples who may not be able to recover from mistakes that can result in hefty tax bills or substantial financial consequences.

Student loan debt burden can push couples toward divorce

Younger people in Fullerton are often struggling with a serious burden of student loan debt. Across the country, the average student loan borrower owes $34,144, and people who graduated from university in 2017 have an average burden of $39,400. These numbers don't tell the whole story; in the last 10 years, the percentage of borrowers who owe more than $50,000 in educational debt has tripled. Many millennials have postponed life goals as a result of debt, particularly student loans, and living life with substantial debt can have a major impact on psychological health and well-being as well as the choices that people make about their jobs, relationships and spending habits.

The rise in millennials getting prenuptial agreements

California millennials are more likely to seek prenuptial agreements prior to marriage than previous generations. While prenuptial agreements are on the rise throughout all age groups, it is only more recently that the 18-to-34 age group has represented a significant trend in this area.

The surprising financial implications of divorce

Those who get divorced in California may find that the separation process comes with a variety of surprises. For instance, it may be difficult to fathom how much debt the household had. Common debts include mortgages, credit cards and student loans. It could also be difficult for some to come to the realization that they may not be able to keep the family home.

Getting ready for a divorce

Getting a divorce can affect several aspects of an individual's life, including their finances. However, there are certain steps that future exes in California can take to protect themselves financially and lessen the financial impact of a divorce.

Divorce can have long-term retirement impact

When people of any age choose to divorce in California, there can be a range of expected and unexpected financial consequences, especially ones related to retirement. These consequences can be particularly significant for people going through a "gray divorce," which is a term that refers to individuals aged 50 years and older ending their marriages. While the divorce rate for Americans as a whole has flattened and remained stable, the same cannot be said for people in this demographic group. Between 1990 and 2010, the divorce rate for people over 50 years old doubled.

Divorce proceedings may limit financial, parental rights

California is one state that places a number of restrictions on parenting rights and finances when a couple files for divorce. The specifics of these laws vary by location, but in general, people should keep the guidelines below in mind and may want to consult an attorney for further information.

The growing number of gray divorces

When people think about a divorced couple in California, they may envision young spouses married for a short time. While people in all demographics opt for divorce to end unhappy relationships, the number of Baby Boomers choosing to end their marriages has grown. The term "gray divorce" is often used to describe separations for spouses over the age of 50. While American divorce rates have stabilized across the country, the gray divorce rate has doubled since the mid-1990s. In fact, one-fourth of all divorces across the country happen over the age of 50.

Divorce could create challenges when funding college for kids

California couples going through a divorce need to plan for their financial lives going forward. Splitting one household into two often strains the resources of the parents, but it's still possible to save for the children's education. A divorce settlement should address college funds that the parents have already saved and, if possible, lay out a plan for continued saving and tuition payment in the future.

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