Getting divorced in the Bay Area may be necessary if two spouses simply cannot reconcile their differences. Unfortunately, the divorce process is sometimes complicated and can quickly become overwhelming. Fortunately, certain tips might help individuals who are going through divorce to be as prepared as possible for the proceedings.
Late-in-life divorce may involve asset division, spousal support
The dissolution of marriage after age 55 is becoming more and more common. Unfortunately, going through divorce later in life can be tricky, as those getting divorced may have more assets to divide and less time to recoup their divorce-related financial losses before the retirement years arrive. Here are a couple of tips designed to help people navigating late-in-life divorces in the Bay Area.
Divorce and your 401k
One topic that you may not have been prepared to address during your divorce proceedings in Livermore is your 401k. These retirement funds are the result of your own individual effort in your job; why would your soon-to-be ex-spouse be entitled to them? Many come to us here at the Family Law Group LLP have this same question. Like you, they have put a lot of effort into planning their retirement, and are now concerned that those plans now could be financially impacted by their divorces.
Remember your estate plan in a divorce
If you are one of the many people who live in California and are embarking on the process of getting divorce, you will very quickly realize that ending your marriage is something that touches every aspect of your life. From daily realities like where you will live to things you don't often think about, there will be a seemingly unending list of items to address. One of these items should be your estate plan.
Your divorce and your mortgage
If you are one of the many residents in California who is facing an impending divorce, you may know that California is one of a few community property states. This fact may impact your final divorce settlement but it does not at all dictate what the specific terms of that agreement will be. What creates an equal distribution of a marital estate can vary based on the circumstances. One factor often in play is the value of a couple's home.
What happens to home equity when you divorce?
Divorce in California, in its simplest terms, involves untangling your personal, professional and financial life from that of your ex, and there are certain key matters you will typically need to work through as you navigate the process. If you and your former spouse purchased real estate together, one such matter you will need to work through involves how you plan to divide any equity you have in your shared home.
What is palimony?
If you have lived with someone in California for several years without benefit of marriage and your relationship now seems headed for a breakup, you need to know about California’s unique palimony law. FindLaw explains that this law allows some unmarried people to claim and receive spousal support from their long-time cohabitant when the relationship comes to an end.
Understanding the impact of your divorce on your children
When you are preparing to divorce your spouse in California, one of your immediate concerns may be how this decision could impact your children and their subsequent ability to cope with a major change in the dynamic of their family. At Family Law Group, LLP, we have been able to provide support and assistance to families as they navigate through a divorce.
The effect of divorce on the educational opportunity of children
When a couple in California decide to follow through with getting divorced, they may initially think that their decision will only affect the two of them. However, divorce often has a ripple effect in the way it impacts the people closest to the divorcing couple. Children in particular face a unique set of challenges that result from their parents' decision to separate.
Handling a business lawsuit during divorce
As a business owner, you may have an array of challenges to deal with. For example, you could be dealing with seasonal challenges related to your business (such as hiring new staff members with summer approaching), but there may be other hurdles that have caught you completely off-guard. For example, your business may be in the middle of a lawsuit over one issue or another (such as a contract dispute, allegations of sexual harassment, etc.). Moreover, you may be going through issues in your personal life, such as ending your marriage, which could complicate things further.
