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

Preparing for property division in a divorce

When couples decide to get a divorce in California, they may be particularly concerned about the financial implications. Many spouses recognize that the financial repercussions of a separation can be longer lasting than the emotional and practical changes. In order to prepare for divorce, it can be helpful for people to review their financial situations and gain a greater understanding of the process to come.

Property division in a gray divorce

In California and across the country, the number of American adults over the age of 50 who decide to divorce is on the rise. Since the 1990s, the divorce rate for people in this demographic category has doubled while the rate has remained flat or even declined for couples in other age groups. While a larger number of people are over 50, the increased rate means that a greater percentage of them are choosing to end their marriages. These so-called "gray divorces" may look quite different from splits between younger couples as issues like child custody and support are rarely in play. However, some complex financial issues may require particular attention when older adults decide to divorce.

Divorce and retirement

One of the casualties of divorce is often retirement assets. However, California spouses who get divorced and have to give up a significant amount of their retirement assets may be able to rebuild those assets so that their retirement plans can remain in place.

Student loan stress can contribute to divorce

While many people recognize the burden that student loan debt can place on millennials' financial lives, the burden that it can place on their relationships and marriages may be less well-known. Student debt can have a significant impact on people's plans for the future, and the numbers can be substantial. The average outstanding loan balance that borrowers have is $34,144, and that number is higher for the class of 2017. These graduates have an average educational debt load of $39,400. These amounts of debt can lead to a great deal of stress and pressure on the borrower as well as his or her relationships.

How child support and alimony is treated in bankruptcy

California residents and others who owe child support or alimony cannot use either Chapter 7 or Chapter 13 bankruptcy to get rid of it. However, Chapter 13 bankruptcy may allow a person to pay the debt over 60 months. A bankruptcy court may also analyze a divorce decree or similar court order and determine that what is classified as a domestic support obligation is labeled correctly.

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