In certain situations, more money really does equal more problems. In the case of a high asset divorce, a California couple might have to divide money from multiple income streams, complicated investments, businesses and other complex financial assets. However, couples do not have to go into marriage blindly trusting that they will figure out money matters if they end up divorcing. Here are a few ways in which a person can protect his or her finances and interests during divorce.
The shape of marriage is changing, and decades-old norms are now becoming less and less common. Some of these changes are driven by generational differences, many of which are credited to millennials. These young adults are increasingly choosing to maintain separate bank accounts even after saying "I do," and while that might work well for them during marriage, it does raise some questions during property division.
California parents typically understand how important it is to respect their children's best interests during divorce. However, these same parents often end up overlooking their own financial interests in the process. Things like child custody can significantly impact future taxes. While taxes should not be a driving force for any given custody arrangement, parents should still understand how their taxes might look.
A strong economy is good for virtually everyone in California. As the economy improves, incomes generally rise and there are usually more jobs available overall. These improvements give people a much-needed sense of financial security. Since money is a significant source of stress in many relationships, it would make sense if a stronger economy also reduced the divorce rate. Instead, the opposite appears to be true.
Having the financial security of a well-paying job can be extremely reassuring during difficult periods of life. Unfortunately, jobs are not always as permanent as they may seem. Losing a job during a high asset divorce is not an easy situation for California residents to find themselves in, but here are a few ways to minimize any negative consequences.
Money can be a serious point of contention during marriage, but for some people, it is an even bigger issue after divorce. California residents often have conflicted feelings about alimony. While some might acknowledge that it is an important part of divorce, others want to make sure that they are paying a reasonable amount. In such cases, a person paying alimony might try to take the matter back to court.
The summer is here and kids across the nation are ready for a fun-filled three months away from class. But, if you’re a divorced parent, you know that taking a vacation with the kids can be a challenge.