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February 2020 Archives

Wealthy couple struggle to divide property in divorce

In California, almost all assets acquired during marriage are treated as community property, which is shared between couples 50-50. If a couple is unable to agree on how to split up their community property during a divorce, a judge will order that everything be divided equally. In most other states, assets are divided 'equitably", which does not necessarily mean equally. One New York divorce has made headlines as a wealthy couple battle over assets, which include real estate and artwork.

Divorce rate grows for older Americans

Fewer people in San Jose overall are filing for divorce, but the opposite may be true for older residents. Between 1990 and 2010, the divorce rate for Americans aged 50 and up more than doubled, a trend that has only continued since then. Dubbed "gray divorce", separations involving older adults may also carry some unique concerns about finances and retirement planning. There are many reasons why more people are choosing to divorce later in life.

Benefits worth seeking in a divorce

Social Security benefit checks are expected to replace roughly 40% of the income retirees in California will lose when they stop working. Typically, the size of a person's benefit check is based on his or her work record. However, it may be possible for an individual to claim Social Security benefits based on a spouse's work record. This is typically true whether that person is married or has gotten divorced.

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