Around 40 percent of marriages end in divorce, but according to a study by TD Ameritrade, about two-thirds of couples have no financial plan in place to deal with divorce or the death of a spouse. Divorce may leave some parents in California struggling to pay for their children's college education, but there may be steps they can take to help secure at least some of that funding.
Child support can be a touchy subject following a divorce. Parents obviously love their children, but paying an ex-spouse can be frustrating.
California couples who are getting a divorce might want to consider trying a more collaborative approach to property division instead of heading straight for litigation. This could leave them with more financial stability in the long run, and with some divorces costing upwards of $15,000, it could be worth trying to keep those expenses down.
In California and across the United States, approximately 50 percent of marriages end in divorce. Many of these marriages involve children. The term "custodial parent" is typically defined by the parent who has physical custody of their children for the majority of the time after a divorce. This doesn't mean that the other parent isn't involved in their children's lives, but it does mean that the custodial parent typically bears more responsibility of child-rearing. Even if parents have agreed on a co-parenting situation, the custodial parent will be assigned custody for the majority of the time.