If you are facing divorce, the business you own will take center stage during the property division process.
People in California who are struggling to pay their bills might wonder if they should file for bankruptcy. First, they should make sure that their debts can be discharged in bankruptcy. While many types of debts are dischargeable, exceptions include child support debt, most student loans and income tax debt.
For many married couples in California, finances are discussed frequently and openly. Both parties likely know where the family's money is invested, how much money the family has and what debts they have. When a couple in this situation divorces, it is easy to lay everything out on the table. However, family law attorneys are increasingly facing a unique challenge in that one or both of the divorcing parties might have secret investments in cryptocurrencies. Tracing these investments, determining their value and dividing them based on current law is a time-consuming, expensive and challenging process.
In cases in which divorced or separated parents in California both claim their children as dependents on their federal income tax returns, the Internal Revenue Service will have to determine whose claim will be allowed. If there is no separation, custody or divorce agreement in place that specifies who can claim the children, the IRS will use a series of rules to make a decision.
Divorced parents in California might be concerned that if there is a great deal of conflict in their relationship, they might jeopardize their child's adjustment and well-being after the divorce. However, a study that appeared in "Journal of Family Issues" found that a better predictor of a child's well-being was his or her relationship with each parent, and that relationship was bolstered by frequent communication.