As is the case in other states, Orange County, California, couples are allowed under California law to enter in to prenuptial agreements. Not only can these types of agreements head off divorce problems down the road, they can also help even happily married couples who may have children from a prior relationship or who just want additional clarity about what happens when either they or their spouse dies.
Orange County, California, couples are frequently more than just household partners; they often own and manage a family business together as well. While sometimes these businesses operate more as a side job which generates a little extra income, in many cases, the family business is the source of the couple's livelihood and, in addition, is the couple's most valuable marital asset.
Prenuptial agreements are known for their negative connotations. Feelings of mistrust and anxiety may arise when this topic is addressed by engaged couples. For many, creating a prenuptial agreement implicitly suggests a marriage may end in the future. Speaking of this before a marriage has even begun is uncomfortable and difficult.
For someone who is entering into a divorce for the first time, things may become overwhelming and seemingly unbearable at times. Emotions are running high and it is often difficult to think straight. There are many myths and assumptions out there regarding a divorce. It is important to understand what to expect in order to make certain your decisions are sound and in your best interests.
A complex divorce in California poses many challenges on dividing the house, car, household furnishings and bank accounts. Spouses should not, however, neglect retirement plans, such as a 401(k).
Health savings accounts (HSA) have existed for only 13 years. These are now becoming a new and large asset, sometimes, over $100,000 that must be divided in a California divorce.
A Californian spouse's divorce problems do not end with the entry of a decree. Child support and alimony have federal tax consequences, and spouses should plan for this while negotiating a settlement or pursuing litigation.
Spouses in Orange County who are considering divorce should know that it can have severe financial consequences. This can be especially true for women. According to studies, a wife's standard of living may decline by 27 percent after separation. Factors, such as insufficient child support, may lead to this decline. Accordingly, it is important to plan for these financial consequences and potential divorce problems.
Dealing with a new financial situation is one of the most common divorce problems. This is particularly difficult for spouses who have not made financial decision on their own before the end of a marriage. These issues can be as mundane as finding a new bank or as complex as dividing stock.
Californians may have heard of the oft-cited statistic that half of all marriages these days will end in divorce. However, there has been much discussion as to whether this statement is accurate. For example, according to the American Psychological Association, the divorce rate in our nation is somewhere between 40 percent and 50 percent. That being said, these numbers are up for debate, and, in fact may differ among various demographics.