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Financial literacy may become concern after filing for divorce

Many people, including some in California, lack the financial literacy that could help them in many areas of life. Commonly, when people are married, they allow one spouse to handle the finances while the other has little or nothing to do with expenses. While this arrangement may seem fine for a time, it can be jarring after filing for divorce.

After divorce, individuals will likely become responsible for their own financial well-being. In a recent survey involving divorced or soon-to-be divorced women, participants indicated how finances were handled while married. Apparently, 23 percent of women in the age range of 18 to 54 allowed their husbands to have financial control. With women in the 55 and over age range, only 18 percent allowed their husbands to solely handle their finances.

Can you modify a child support agreement later?

During divorce proceedings, one of the most contentious issues that often comes up relates to child support and custody. Both state and federal laws mention that both the father and mother are responsible for the fiscal well-being of any children they share. The law states child support must continue until the child graduates from high school and is at least 18 years old, or when the child turns 19 and either joins the military or marries. 

couple may divorce when the child is still fairly young, and a person's financial situation can change greatly over the course of a decade. It is possible to request a modification of child support payments as long as there is a significant change in circumstances.

Prenups may help with property division later on

Before entering into a marriage, it is important to consider a number of different aspects of life and the future. This step includes considering the potential for divorce. It is possible for California residents to prepare for divorce, and property division in particular, before they even get married.

A prenuptial agreement is a type of legal contract that more people are entering into before getting married. Individuals considered part of the millennial generation are especially seeing the benefits of these agreements. A survey conducted by the American Academy of Matrimonial Lawyers showed that over half of the attorneys that participated in the survey had clients of the millennial age looking for information on and requesting prenuptial agreements.

How to protect your privacy during divorce proceedings

Divorce proceedings can be long and intensive. The state of California offers numerous resources so that people can become more informed about annulments and spousal support. 

However, one aspect of the process many people overlook is how much privacy they lose. News of the divorce will spread quickly throughout your respective families as well as the businesses you work for and community organizations. Fortunately, there are ways to keep certain matters private.

Lack of closeness in marriage could lead to the divorce process

Intimacy and closeness are a substantial part of relationships. While they are likely not what the entirety of the relationship revolves around, issues can still come about if these areas are lacking in any marriage. It is also possible for a lack of intimacy to indicate additional issues that have California individuals considering the divorce process.

For most people, intimacy is about connection. When individuals no longer connect with their spouses, that feeling of closeness and the attention that was gained from one another may dissipate. Parties may find that they no longer have the emotional support they once had and need, and they may also feel that their relationship no longer brings physical comfort or closeness either. Feeling shut out from a spouse or a mutual shutting out of each other does not signify a healthy relationship.

Filing for divorce? Consider the tax impacts

There are many impacts that divorce can have on anyone's life. For most people, it can feel hopeful to look forward to life as single individuals, but it can feel stressful to consider the financial ramifications of filing for divorce. In particular, taxes could play a major role in how some California residents make decisions during the process.

First, tax laws regarding alimony have changed. The changes will take effect on Jan. 1, 2019, and it will require the payor to maintain the obligation of paying taxes on the money rather than the recipient. However, at this time, the recipient is still responsible for applicable taxes on spousal support, so if parties would like their terms to avoid falling under the new law, they may wish to get their final divorce decrees regarding alimony in before the year comes to a close.

Is an ex-spouse entitled to your inheritance?

Marriage typically involves both spouses sharing everything. In the event divorce occurs, then both parties will want to know what they can keep and what is up for division. From inheritance to other assets, there are various steps a person can take to prevent these from going to an ex during a divorce. 

Many couples in Encino, California, decide to divorce. While there are many contentious issues to deal with, such as child custody and support, a spouse may worry about what will happen to the money he or she received after the death of a parent. Inheritance often comes with an emotional connection, so it is critical to understand state laws surrounding it. 

Is it a failure to go through the divorce process?

Even when in unhappy relationships, many California residents may put off thinking about ending their marriages. Because a negative stigma still surrounds the divorce process, it is not unusual for people to feel as if they have failed if they choose to dissolve their marriages. However, it may be wiser to still consider this part of life as a success.

During marriage, it is normal for people to change and grow. As a result, parties may find themselves outgrowing their spouses. This idea may seem unfortunate, but it could be a reality for many individuals. Even if couples choose to seek counseling and attempt to work on their issues, the end result may still be the decision to bring the relationship to an end. 

3 tips for collaborative co-parenting after divorce

Divorce is a fraught and difficult time, especially when you have children. The decisions made during the divorce with regard to parenting are some of the most important decisions you and your former spouse will make for the future of your family.

Although divorce may be the only viable option for you and your spouse personally, it is still important to make your best effort to maintain a healthy parenting relationship with your children. While you may parent separately, that does not mean that the parenting has to be conflictual. Here are three tips to help you cultivate an effective co-parenting situation with your former spouse:

The divorce process may mean a change in lifestyle

It is common for individuals in California and across the country to enjoy the manner in which they live. Often, they are able to maintain their particular lifestyles due to the income they and their spouses generate. However, when individuals go through the divorce process, it may be unrealistic to think that the same lifestyle can be upheld post-divorce.

Some parties may have the ability to keep up with a similar lifestyle, but concessions may also need to be made. If the outcomes of the divorce settlement do not allow for the financial comfort of the same lifestyle, individuals could wind up in dire straits if they try to stretch their single income -- even with alimony or child support -- too far. Instead, it may be wiser to focus on creating a new and enjoyable lifestyle.

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