Divorce can affect California business owners differently than individuals who don't own a business. Knowing what to expect can help a business owner prepare for divorce. It is essential for business owners to consider both the short- and long-term impacts of divorce.
Divorce can present many challenges for anyone leaving a marriage in California. Untying the knot can be especially burdensome for women with investments and other assets they wish to protect. Once the decision to divorce has been made, women are often advised to gather important pieces of information before settlement discussions begin.
People in California who are trying to estimate the effect of a divorce on their retirement should be aware that they might be able to draw Social Security benefits on an ex-spouse's contributions. It is necessary for the marriage to have lasted for 10 years or longer.
From figuring out who gets the house to dealing with custody issues, California couples going through a divorce typically have a lot on their plates. As a result, it's easy for other important matters, such as insurance, to be overlooked. While it's advisable for couples to review policies regularly, it's even more important to do so when a marriage ends. The two most common types of insurance that tend to become an issue due to divorce-related changes are health insurance and life insurance.
When California couples decide to divorce, the financial effects can be some of the most significant and long-lasting. The end of a marriage has a number of emotional and practical consequences, and it can be a grueling process on multiple levels. However, after the divorce is finalized, there can still be matters that need to be dealt with quickly in order to avoid further confusion and problems. This is especially true for changes to financial and other paperwork that can only be dealt with after the divorce has been handled in court.
Technology affects all areas of life, and this is definitely true during the divorce process. As Californians come to rely on digital accounts/online assets for much of their communications and even financial planning, these items become particularly important for the present and the future. In addition, devices like smartphones have become central hubs for all key information about a person. During a divorce, it can be important for exes to think about how to adapt their use of technology to fit their new realities.
The cost of a divorce can play a major role in whether a person chooses to end a marriage. In 2019, the average divorce cost about $15,000 per individual, and the average divorce case lasted at least four months. However, a divorce can last for more than a year if it has to go to trial, and its length can play a role in how much it costs to go through with it.
During divorces that take place in California or any other state, it is possible that a spouse could try to hide assets. This could be done to keep them from being divided in a divorce settlement. It is also possible that an individual is looking to reduce the amount of spousal or child support that he or she would need to pay. Those who suspect that a spouse is hiding assets should look at that person's tax return.
People in California marrying for the first time may not put too much thought into prenuptial agreements. After a divorce, however, it's wise to think more closely about planning before entering a new relationship. When people marry again, especially later in life, a prenuptial agreement is generally well-advised for the future. Those who remarry in their 50s and 60s may have accumulated substantial assets, retirement funds or even businesses. In addition, both partners may have children from previous relationships. As a result, they may be concerned about the financial impacts if their second marriage ends in divorce.
California couples split up every day, but it doesn't have to get petty or ugly. While most discussion of divorce boils down to one side winning or losing, the reality is that it's entirely possible for two adults to collaborate. Here are a few tips that can help minimize the scars of an ugly divorce.