Judges in California will soon have more issues to consider when awarding pet custody in divorce cases. A new state law that was signed by Governor Jerry Brown on October 18 allows judges to base their pet custody decisions on matters pertaining to the pet's well-being.
Divorce among older spouses is becoming increasingly common in California and other states. Also known as "gray divorce," a late-in-life separation can threaten a senior's hard-earned retirement savings. However, there are several ways to prevent a gray divorce from affecting retirement.
Being financially secure during retirement is a major concern for many women who get divorced. According to the results of a 2008 study, women divorcees are hit with a sustained drop in income of over 20 percent on average while their ex-husbands are likely to experience an income increase of nearly 33 percent.
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.
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.
People who file for divorce in California are often taken by surprise when the courts issue multiple restrictions against them and their spouses. These restrictions are placed on both spouses to prevent them from causing different types of harm to the other while the divorces are pending.
When California couples start considering marriage, they may think about whether they should get a prenuptial agreement. While many believe that prenuptial agreements are for those who are wealthy, prenups can also protect those who are still building their wealth.
Older couples are twice as likely to get a divorce than the same age group was in the 1990s. For people in California who have not been involved in managing the marital budget, it could be the first time in decades or even a lifetime that they have had to make financial decisions.
California couples have the option of using divorce mediation in lieu of traditional divorce litigation. With mediation, the divorce process will be less expensive and take less time. Furthermore, each spouse could have greater control over the final agreement.
When a California couple gets a divorce, they may have to divide assets such as retirement accounts. While taking distributions from a retirement account before reaching a certain age usually results in taxes and penalties, a divorce is considered an exception. However, it is still necessary to complete the proper paperwork.