While California residents may experience financial and emotional consequences after a divorce, it is possible to recover from them. According to a survey from Fidelity Investments, it takes about five years for most people to feel as if they have recovered both emotionally and financially from the end of a marriage. Those who played a role overseeing a household's finances said it was easier to recover from the financial fallout of a divorce.
Couples in California may be more likely to file for divorce in January than at any other time of year. Many attorneys say that there is a surge in divorce filings just after the holidays.
Individuals in California and throughout the country may choose to sign cohabitation agreements or prenuptial agreements. Cohabitation agreements are typically designed to define the rights and responsibilities of unmarried couples who live together. Prenuptial agreements are crafted and signed by individuals who are seeking to get married in the near future. Prenuptial agreements often cover topics such as spousal support and property division, and they are generally seen as a tool to override the standard marriage contract.
People in California may face challenging financial times when they decide to divorce. Indeed, the financial changes that accompany the end of a marriage can be more profound and long-lasting than many of the legal and emotional effects. In addition to dealing with the complications of property division, people may also need to plan to handle their finances differently after the divorce is finalized. Professional assistance from a certified financial planner may help people to structure their new financial lives after their marriage comes to an end.
Couples tend to start building wealth early in their marriages. This could result in considerable assets when they are ready to retire. However, California couples who get divorced before they exhaust those investment funds may have to divide those assets when they separate.
California residents may see a reduced tax bill by divorcing their spouses. Furthermore, it may be possible for an individual to qualify for government health benefits by ending his or her marriage. This is because those individuals could have fewer assets and a lower yearly income on their own compared to when they were married. However, there is also a chance that a person loses out on the ability to benefit from IRA contributions or a 401(k) balance.
Californians who are getting a divorce will have many issues to navigate, such as spousal support and child support. Another vital aspect is property division. If the couple owns a home, it may have significant value. One or both spouses might want to retain it. To sift through the complexities in this situation, it is important to know how to resolve it.
Getting through a divorce is an experience that often involves having to mourn a lost way of life. However, California residents can approach their divorce in healthy ways that might help them overcome the negative feelings that often accompany a split.
Family law judges in California and around the country may modify child custody arrangements when doing so would be in the best interests of the child. Sometimes, custody arrangements are revised because custodial parents have problems with drugs or alcohol or enter into relationships with toxic or dangerous individuals, but judges could agree to a change in living arrangements simply because the child involved has decided that they would rather live with the noncustodial parent.
Research suggests that more and more California couples are signing prenuptial agreements before marriage. Once thought to be the exclusive province of celebrities and the ultra-rich, prenups have become an option for couples of various means, especially as more people marry after establishing their careers. According to a recent study by the American Association of Matrimonial Lawyers, younger people are particularly likely to consider a prenup before tying the knot. Of the lawyers surveyed, around 62% said they have seen an increasing number of clients wanting a prenuptial agreement in recent years.