Child support is designed to help parents share the responsibility of financially supporting their children, allowing the kids to maintain a lifestyle to which they are accustomed. California parents who are going through a divorce may be interested in knowing some of the facts about child support.
Despite being exhausted after going through a divorce, many new ex-spouses in California feel ready to make a fresh start. Part of starting anew involves making certain changes in a timely fashion. Just because the paperwork is signed and a person has the divorce decree in their hands, this does not mean that assets are divided and everything is over.
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.
When marriages break down and end in divorce, it's common for the split to be adversarial. Many California divorces are framed as a debate between who 'won" and 'lost" the division of property. But when a divorce devolves into a battle, more often than not both sides lose. However, it is possible to prevent a divorce turning into a war by working together. Here are a few tips that can help.
The College Board reports that costs for college go up at least 3 percent every year. Despite these rising costs, most couples do not have a financial plan in case one dies or the two get divorced. California parents generally cannot be required to pay for a child's college education after divorce, but it may be an issue parents wish to address in the divorce agreement.
Couples tying the knot in California generally have a mutual desire to stick by one another no matter what life together brings. However, when serious health-related issues affect women, research suggests that their marriages may be more likely to come to an end. Multiple clinical studies have found that women diagnosed with cancer are at a higher risk for divorce than men with cancer. Results from another study show that women with stroke and heart problems are also more likely to see their marriages end than men with similar conditions.
California residents who are concerned about child support should keep in mind that paternity tests are now a requirement in many cases. Paternity tests help resolve any questions of parentage and ensure that the correct father is responsible for child support. In some cases, DNA tests can also be used to relieve a man of his responsibility to pay child support.
Spouses in California thinking about divorce may find themselves preoccupied with the financial consequences of their decision to end their marriage. Even after the emotional and practical issues associated with a split have been handled, the money aspects of divorce can linger for some time to come. However, by keeping some key guidelines in mind, people can help to protect their assets and continue to prepare to achieve their financial goals even as they proceed with a divorce.
California couples who are getting divorced should be aware of how the changes brought on by the passage of the Tax Cuts and Jobs Act can impact a marital separation. The new laws will institute changes in the treatment of child support and alimony that may result in divorces finalized after 2018 being more expensive.