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Tax reform may make divorce a bigger financial challenge

California residents will likely be aware of the proposed bill that would cause a substantial change to the tax regulations of alimony. This will primarily impact those who are considering divorce. If the bill is passed, those making alimony payments will no longer be allowed to deduct those payments on their tax returns, and it will be income tax-free for the recipients of alimony. The change will affect any divorces that are finalized after Dec. 31, 2017.

Divorce: What to take into account when considering a prenup

California couples who are planning their weddings may have questions about the need for prenuptial agreements. Some people feel that discussing a marriage agreement is like preparing for a divorce, and although it protects the interests of both spouses in the event of a divorce, it offers a whole lot more. Couples who start their marriages with limited assets may believe a prenup to be unnecessary, and they will have the option to sign post-nuptial agreements after the date of their marriages if their circumstances change later.

With careful planning the divorce process can be made easier

When a marriage ends in California, each party has to consider the practicality and the financial consequences of the split. Unraveling every aspect that has been intertwined takes time, and moving through the process of divorce requires careful planning. A person can avoid being set back by a divorce by making calculated and informed decisions.

Issues to address in divorce settlement negotiations

When a marriage ends in California, it is only natural for both parties to consider their post-divorce financial security and what to do to make the best of a difficult situation. For this reason, much more than the division of assets needs consideration during divorce settlement negotiations. One issue not to take for granted is Social Security benefits because, depending on the age of the divorcing spouses and the number of years they were married, it may be many years before he or she may be able to draw from Social Security. However, they can explore the options when they do future financial planning.

Divorce in California: What is a summary dissolution?

The process of ending a marriage in California need not be traumatic. California is a no-fault state, which means that there's no need to prove fault to obtain a divorce; it's enough to state that the parties have irreconcilable differences. Furthermore, for couples who meet certain criteria, the option of a summary dissolution is available as a less expensive and less time-consuming way to divorce.

Divorce mediation does not eliminate the need for an attorney

The prospect of ending a marriage and enduring the trauma associated with litigation can be overwhelming for anybody. Although mediation has become the chosen method of divorce for many couples in California, not everybody understands what is involved in this process. Divorce mediation is an alternative to litigation and a way of ending a marriage at a lower cost and in a shorter period of time.

The first meeting with a divorce attorney can be stressful

In almost all divorces, whether in California or another state, the experiences are traumatic. Even when considering the possibility of filing a divorce, there are many things to think about, especially when there are children involved. For that reason, most people choose to rely on the support and guidance of an experienced divorce attorney.

With proper guidance financial impact of divorce can be limited

Ending a marriage does not only take a significant emotional toll on both parties, but it is also financially taxing. Just the thought that the same amount of income will have to provide for two households after the separation is enough to cause elevated stress levels. Then comes the division of property and debts to further complicate the process. The trick is not to try and navigate a divorce in California without experienced legal counsel who can help to prevent the total derailment of retirement plans and college savings for the children.

At what stage of divorce is it best to consider mediation?

Most people in California may be aware that one of the options available if their marriages should end is mediation. Divorce mediation is becoming the chosen method to reach divorce settlements for those who want to save money and time. It is also true that divorce mediation provides a platform to negotiate a settlement free of the trauma and animosity typically associated with litigated divorces.

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