When couples in California divorce, the personal finances of each spouse are often thrown into turmoil. Asset division and commitments to spousal or child support are typical aspects of the divorce settlement process. However, it is also essential for each spouse to...
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Developing a co-parenting plan after a violent marriage
For some separated couples in California and around the country, intimate partner violence is a common occurrence during marriage and after the separation. Interestingly, the type of violence that occurred has a significant impact on the ability for parents to make...
Avoiding taxes and penalties when dividing retirement accounts
California couples who are getting a divorce may want to keep things as simple as possible, but if they are splitting a retirement account, they might need professional assistance to avoid having to pay taxes and penalties. For example, to split a 401(k), the couple...
Alimony deduction may be on the chopping block
One part of the proposed tax reform legislation that may impact some people in California is the proposal to do away with the alimony deduction. Under this proposal, people who are ordered to pay alimony to their ex-spouses would no longer be able to claim their...
Being prepared can be essential to positive custody outcomes
California fathers involved in a divorce may be concerned about the impact of the end of their marriage on their children. Besides the regular concerns for a child's emotional development, many fathers worry that their bonds with their children will be strained or...
How to make a divorce easier
California residents may feel uneasy about the financial ramifications of their divorce. However, there are ways to keep costs to a minimum when ending a marriage. For instance, it may be possible to seek out mediation instead of going to court. On average, the...
Child support and extraordinary medical expenses
A California child's uninsured medical expenses are also part of both parents' obligations to pay in addition to basic child support, in most cases. These medical expenses are the ones that are not covered by a health insurance plan and can include co-pays,...
Property division and hiding assets in a divorce
California is a community property state, which means that marital assets are divided in half for divorces. This has lead to many concerns for separating couples, including one woman who is divorcing her husband of 25 years. Her husband has insisted that he is going...
What to do if a spouse transfers assets
Many California residents may be unsure what to do if assets are transferred from a joint account into an account in one spouse's name. One man opted to give his wife one month to replace $130,000 that was transferred into a CD in her name only from a joint account....
Finances after divorce: It isn’t all bad
Many Californians know that divorce can create lots of financial turmoil, even if only in the short term. However, there are some potential financial benefits that can emerge during and after the divorce process. Thrifty individuals who were married to a spendthrift...