When you decided to file for divorce in a California court, you knew that you and your spouse would have to work through a few issues before you could achieve a fair and agreeable settlement. Especially in matters concerning your children, you were really hoping there could be amicable negotiation between you for the kids' sake. However, early on, you realized that it was not to be.
Both for high earners and others in the Los Angeles area, one of the most valuable assets a couple may share is their retirement plans. Whether a pension, a 401(k), or some other plan, these accounts often are worth tens of thousands of dollars since couples use them to stash away money for their retirement.
The tax reform which was big news at the beginning of the year, among other things, made important changes to the way spousal support, which is sometimes referred to as alimony, will be treated for federal income tax purposes.
People in the Los Angeles area probably recognize that home prices in Southern California are steep.
California readers know divorce is a complex process and often leads to financial adjustments for both parties, no matter the age of the couple. However, the financial impact of a divorce is quite significant for couples over the age of 50 as they are closer to retirement and have less time to recoup divorce-related financial losses. Despite the potential risks associated with a later-in-life divorce, gray divorce rates remain high.
A resident of the Los Angeles area might come to a point where she recognizes that she must no longer live with her husband, sometimes even for the sake of her own safety or that of her children.