Gumm & Green, LLP, Attorneys at Law
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February 2018 Archives

Securing post-divorce finances for older adults

California residents at or over the age of 50 who decide to get a divorce are part of a growing group of people who choose to do so as they approach retirement. The Pew Research Center reports that the divorce rate for people in this age group is two times was it was 25 years ago and that it is growing.

Medical debts hitting Gen X harder than other age groups

Medical debts plague every adult age group in California, but data collected by Comet showed that members of Generation X are currently carrying the highest balances. Generation X represents people in their late 30s to early 50s. Their financial burdens include supporting children, paying for mortgages and keeping up with high credit card bills. These existing financial pressures too often make the timely payment of medical bills impossible.

Reasons to avoid revenge during the divorce process

Divorce is often accompanied by many painful feelings, and some California estranged spouses might think one way to make themselves feel better is by seeking revenge. However, this rarely works the way they hope it might. Studies have shown that revenge does not produce a sense of satisfaction. Instead, it means people tend to hang onto whatever upset them longer than people who are able to simply let it go.

Tax changes will affect alimony

Starting in 2019, the federal tax code could change the way California divorces are handled. For the past 75 years, alimony has been tax deductible for the payer while the payees were required to pay income taxes on any alimony received. After December 31, 2018, alimony will no longer be tax deductible for the payer.

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