California residents might have heard that Jeff and MacKenzie Bezos are making progress when it comes to finalizing their divorce and have agreed on a settlement that still needs court approval. While divorce can sometimes take a toll on one's finances, both people involved in this split will still be billionaires after the divorce is finalized.
Couples in California who are getting a divorce and who own a business will have to get that business valuated for the purposes of property division. They can either keep the business or sell it.
Cryptocurrencies became part of the financial landscape in 2009 with the launch of the Bitcoin. It has since become a factor in many divorces in which one or both spouses have cryptocurrency assets. California residents with cryptocurrency holdings who are considering getting divorce should be prepared to endure a lengthy and complicated divorce process.
In California, older spouses involved in long-lasting marriages may view grey divorces as happy events. For many older couples, life is a burden too difficult to bear. Marriages often become unbearable because the spouses are no longer compatible. Divorce was frowned upon for generations, especially for couples involved in long-term relationships. Although the phrase "grey divorce" was invented in 2004, older couples had already been obtaining grey divorces for two decades. Today, older couples are filing for grey divorces.
Even in a state like California where it's not unusual to find couples with sizable assets, it's hard not to be impressed by the considerable wealth Amazon founder Jeff Bezos has accumulated over the years. Up until early 2019, he jointly shared that wealth with his wife of 25 years. But now that the couple has announced plans to split, the unique aspects of a divorce involving the super-wealthy are now in the spotlight.
A new California law will soon give pets more rights during divorce proceedings. Thanks to AB 2274, which goes into effect on New Year's Day, judges will have the power to consider the best interests of dogs, cats and other pet animals when overseeing divorce cases.
California couples should be aware of ways they can financially divorce-proof their marriages. Financial strife is a major factor in why couples divorce. A survey suggests that 59 percent of divorced couples at least partially blame financial issues for their divorces. Another 20 percent claim that financial issues were a major factor in why they divorced.
"Gray divorce" is a term used to describe senior couples who are separating. Since the 1990s, the divorce rate for those aged 65 and over has roughly doubled. Older Americans facing divorce may have more assets to split, including 401(k) plans and IRAs. The American Academy of Matrimonial Lawyers reports that after spousal support, disputes over retirement monies come in second on the list of issues divorcing couples argue about.
Older California couples who are considering separating may be worried about how divorce will affect retirement security. However, there are some steps that these people can take to help lessen the impact a "gray divorce" may have on their retirement assets.
A divorce in California can significantly alter a person's financial circumstances. Therefore, prior to getting a divorce, it is important to get an inventory of the assets and liabilities a household may have. Cash, money in an investment account or the value of a retirement account are all considered to be assets. Generally speaking, they are eligible to be divided in a divorce settlement.