Knowing someone who has divorced could increase a person's chances of getting divorced. That was the main takeaway from research conducted at the University of California at San Diego, Harvard and Brown. Specifically, a person is 75 percent more likely to get divorced if a friend has gone through such an event. If a friend of a friend gets divorced, a person's chances of also divorcing increase by 33 percent.
When a child's parents are not together, the noncustodial parent is required to make payments to assist in raising the child. In some cases, the person who receives these payments is not the child's biological parent. Instead, it could be a legal guardian or custodian. A person who receives child support payments may simply be a person with whom the child lives. There may be significant penalties for failing to make child support payments.
People who are divorcing or approaching divorce in California know that the process can be stressful in many different ways, including financially. According to a survey by the American Academy of Matrimonial Lawyers, the most common points of contention in divorce are alimony, pensions and retirement accounts, and business interests. In cases where the couple will be dividing assets held in workplace retirement plans, the parties must use a qualified domestic relations order.
If a divorce is handled poorly, it can have negative effects on a child. The level of conflict between the parents may determine how long the negative effects will last and how deep the emotional trauma will go. If you and your spouse are planning to separate, you’re most likely worrying how your split will impact your kids.
Older couples in California who decide to go their separate ways are part of trend that has seen the rate of gray divorces, or divorces of adults who are over 50 years old, double what it was in the 1990s. It is important that both parties in older couples are aware of how to divide their retirement plans and other types of assets properly. If certain retirement assets are not divided properly, individuals may end up with a steep tax bill or some other unexpected financial hit.