Real estate is often the biggest investment that people make, and most do not even realize it. Purchasing a home is a significant life step and investment that many California couples are happy to make during their marriage. However, depending on the type of property, its worth and personal feelings, dealing with real estate during a high asset divorce can be quite a task.
Millennials do divorce (and marriage) differently
Young adults are often the drivers of change, and the millennial generation is no different. Their views on both marriage and divorce are drastically shifting both processes, and is even bringing down the average divorce rate in California and across the rest of the United States. The divorce rate has fallen 24% since 1981 and is expected to continue falling for the next several years. One reason for the lower divorce rate is that many millennials are simply not tying the knot, but that is far from the only explanation.
Important information regarding alimony
It is relatively normal for one spouse to outearn the other in a marriage. For any given couple this could be for a number of reasons. One person might be employed in a career that has higher average rates of income, or maybe another has more education than the other. In other cases a spouse might have chosen to leave the working world to stay home and care for children. In these situations, alimony usually comes up.
Your 2nd divorce can be complicated, but not impossible
It is not uncommon for people in California to remarry after previously ending an unhappy marriage. However, this means that some people will eventually go on to divorce for a second or even a third time. While no two couples or divorces are alike, people who are divorcing for the second rather than the first time will encounter some unique challenges.
Address property division and more with a postnuptial agreement
Creating a prenuptial agreement is a good idea for many California couples. However, maybe you did not think you needed one or did not understand the full range of benefits associated with a prenup. Even if you initially decided against a prenup, it is not too late. You can still address family law matters like property division and more through a postnuptial agreement.
How retirement accounts factor into property division
Retirement assets generally comprise a sizable portion of California couples' assets. When it comes time to divorce, how to treat these assets during property division is a serious question. Most people want to avoid taking any penalties or encountering tax consequences for making withdrawals, but are unsure of how to do so. A Qualified Domestic Relations Order is usually the solution.
Divorce doesn't have to be hard -- try mediation
Minimizing expenses, time management and conflict is high on the list of priorities for many California couples who are ready to end their marriages. However, popular media often likes to portray divorce in a singular way -- litigious, costly and time-consuming. This does not have to be your reality. Depending on your situation, mediation could provide a meaningful alternative to approaching divorce.
