Most residents of Orange County probably realize that a couple going through a divorce or legal separation will have to sort through several tax issues when doing so.
According to relatively recent statistics, the divorce rate across the county has been falling fairly consistently since the last decade. To clarify any confusion about what the divorce rate entails, in this post, it represents the number of women's marriages that end in divorce in a given year. For example, in 2015, for every 1,000 married women, there were almost 17 that ended in a divorce.
Previous posts on this blog have talked about how retirement plans get divided in the event of a divorce or separation. Indeed, retirement plans are a very important part of the overall property division process, as a couple's assets are often heavily tied up in their retirement plans. Like other assets, the general rule is that retirement plans get divided in a divorce.
Instead of taking every parenting issue back to court, many separated parents in Orange County, California, choose to instead make a detailed visitation plan. This is also be referred to as a "parenting plan," or, more formally, a "custody and visitation agreement."
As this blog has mentioned on previous occasions, during a divorce or legal separation in California, one party may be ordered to pay spousal support, which is a term people often use interchangeably with alimony, to the other party.
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).