Between Hollywood, Silicon Valley, and all points in between, California is truly a state where a person from humble beginnings can become a very wealthy individual. And, like people across the nation, oftentimes when a couple marries, over the years their assets accumulate in a way that substantially increases their net worth.
Most couples don't expect to find themselves slogging through a divorce after 30 years of marriage. However, it happens more often than one might think and presents its own set of unique challenges. Late-in-life divorce is sometimes referred to as a "silver divorce" or "gray divorce." Some reasons for these situations involve infidelity, regrets, and financial issues. While older, more mature adults may be able to handle the emotional pitfalls of a divorce better than a young couple, that doesn't mean it is any less painful or less tedious to resolve. In fact, late-in-life divorce comes with some unique considerations to take in.
Not every marriage is meant to last. Whether a couple in California gets by paycheck-to-paycheck, or whether they are wealthy individuals with many valuable assets, their marriage can hit the rocks for a variety of reasons, leading to divorce. One high-profile couple's divorce demonstrates just that.
Whether a divorce was your idea or your spouse's, and whether you're merely considering ending your marriage or have already filed paperwork, you may be dreading the thought of court. You may even have begun your divorce proceedings with the best of intentions, hoping to make the process as amicable as possible. Perhaps, you've given some thought to - or even already attempted - mediation.
Sometimes, when the fighting gets to be too much or when spouses grow more and more distant from one another, one or both of them will decide that their marriage simply can no longer be held together, and they are best off divorcing. In California, a divorce (also referred to as a dissolution) puts a legal and permanent end to the marital relationship. This means that once the divorce process is complete, a person is considered to be single and can remarry, if they so choose.
Divorce can sometimes bring out the worst in people, but this doesn't always have to be the case. Couples in Los Angeles seeking a divorce can decide to take the high road and try to work together so that they each walk away from the split more or less amicably. For these couples, mediation may be an option.
Sometimes, couples in California have a falling out. But, when one fight leads to another and then another, eventually both partners come to the conclusion that their marriage was not meant to last and they are better off divorcing. Naturally, disagreements are often at the heart of many divorces, so it should come as no surprise that couples may not see eye-to-eye when it comes to resolving divorce legal issues, such as the division of assets, child custody and spousal support.
An increasing number of older couples in Los Angeles and nationwide are deciding, after decades of marriage, that their relationship is no longer viable and they want to divorce. Sometimes, this happens when a couple simply grows apart over time, and the split is amicable. Sometimes, this happens after years of arguing and resentment. And, still, sometimes this happens when couples have known for years that they were only staying together for the children. No matter what the circumstances, however, it is important to note that these "grey divorces" present issues not found in other divorces. One of those issues involves Social Security.
Spousal support is an issue that comes up in many divorces in California and may be especially important in a high-value divorce. Spousal support refers to circumstances when one spouse is required to pay another spouse following a divorce. Partner support for domestic partners who are divorcing may also be available in California. Spousal support or partner support may be agreed upon by the divorcing couple or ordered by the court.
Although California is a community property state, and divorcing spouses are each entitled to half of the marital property, in reality it can be challenging to divide assets built up over the course of a marriage in half. In circumstances of a high net worth divorce, the assets can be especially complicated to divide. A high asset divorce can involve a number of valuable assets that must be disclosed, valued and divided so it helps for divorcing couples to understand the process.