Millennials in California are more financially savvy than most people give them credit for. This generation has been careful to plan for the future, and that includes marriage and divorce. These young adults are leading the way in a prenuptial agreement revolution, leaving them far more protected than past generations.
Income is often discussed as if it is a straightforward matter that has only one of two approaches -- a regular salary or a paycheck based on worked hours. However, many people in California also earn additional income in the form of things like bonuses, commissions and added perks. This makes dealing with the topic of income during divorce somewhat more complicated.
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.
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.
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.
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.
For parents, ending a marriage often involves taking more than just marital satisfaction into account. The cost of raising children on a smaller income after divorce is a valid concern that many people struggle with. Child support can help California parents address their fears over their children's future financial security. Here are a few things to know about this important part of family law.
Raising a child is no small undertaking. From ferrying kids around to extracurricular activities to helping them excel academically, being a parent in California can be exhausting. For divorced parents, parenting can also be financially exhausting. Child support is essential for maintaining a child's sense of financial security after a divorce, but what if the parent ordered to pay avoids his or her responsibility?
Health care later in life is a serious concern for most people in California. While most do their best to prepare, unforeseen circumstances can impact a person's access to health care, retirement benefits and more. Divorce is just one such situation which might alter a person's ability to maintain his or her expected standards of living. However, most people have options to address these concerns and preserve their access to these and other essential supports during retirement.
From not getting an equal portion of marital assets to losing out on valuable time with kids, it may feel as if dozens of things under the family law umbrella can go wrong at the drop of a hat. However, divorce does not have to be one disaster after another until couples ultimately reach a dissatisfied end. By remaining vigilant, focused and aware of ongoing proceedings, California couples can generally reach the best possible conclusions.