Infidelity is often the final nail in the coffin of a marriage. Even spouses who thought they had good marriages can find it impossible to forgive a cheating spouse and remain in the marriage.
Divorcing couples with few assets and little community property typically experience quicker and less expensive divorces than California couples with many resources and high incomes. But there are things that couples can do to make high-asset divorces easier.
California is a community property state, which means that barring an airtight prenuptial agreement being in place, couples split all their assets by half. Although all couples circumstances are unique to their relationships and families, often we find that our clients are better served by seeking larger portions of the retirement assets and foregoing the house in divorce.
Anecdotal evidence suggests that more and more California couples are considering the usefulness of signing prenuptial agreements before getting married. A prenuptial agreement is a legal document that sets forth how assets will be divided if the couple goes through a divorce. According to the results of a survey performed by the American Academy of Matrimonial Lawyers, 62% of lawyers said they'd seen an increase in the number of prenups requested.
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.
The overall divorce rate in California and around the country has remained fairly stable in recent years, but the number of divorces involving couples over the age of 50 has soared. Property division negotiations are often complex in gray divorce cases as older spouses tend to have more valuable marital estates, and deciding how to deal with retirement savings that have been diligently built over decades can be especially thorny.
A divorce financial specialist can be a helpful addition to the professional team of some California couples who are ending their marriage. In particular, people who have complex financial situations or who are not well-informed about their marital finances might benefit from working with a divorce financial specialist.
A divorce can have a significant effect on a person's finances, and it is important to take steps during the process to understand and protect assets. A San Jose resident who has not been involved much in the family finances should be sure to get a full accounting of what their assets are as a couple and as individuals. The person should also know how to access those assets.
When California couples get a divorce, they usually have to separate all of their assets. This process may get a little complicated when it comes to separating financial assets, especially when couples have investment accounts. When people divide their investment accounts, there are a few things they should keep in mind.
If you and your high-asset California spouse will soon head to divorce court, you should consider the possibility that (s)he may have one or more offshore accounts of which you are unaware. An article in the Washington Post describes how vindictive or greedy spouses often use an offshore bank account as one means by which to hide assets from their spouse during a divorce.