California divorcees who have to pay alimony may be pleased to know that the money they pay to their ex-spouse can be tax deductible. However, there are requirements that have to be met.
In a California divorce, there are many different types of property that may be divided. A Thrift Savings Plan may be one of those items. A TSP is available to federal employees, and it is similar to 401(k) plans offered by private employers. A Retirement Benefits Court Order will need to be created before any portion of the account can be transferred to the other spouse.
California residents are strongly advised to consider the financial ramifications of divorce before going through with it. While a divorce can impact anyone financially, data shows that women generally experience greater challenges that men after ending a marriage. According to the Bureau of Labor Statistics, married women make up to 20 percent more per week than women who aren't married. They also make 9.6 percent more than men who are not married.
California couples who are considering divorce may wonder how they can prepare their finances. They may be getting advice from family and friends, but if that advice comes from other situations, it may not apply to them. It may be better to consult professionals, such as an attorney or a certified divorce financial analyst, rather than relying on the experiences of others.
There are some California assets that are being divided in the divorce between the co-host of the TV show "The Talk," Aisha Tyler, and her husband of more than 20 years, Jeff Tietjens. However, rather than have the decision be made by a judge, the estranged couple was able to come to an accord in an amicable fashion.
Divorce is complicated and frustrating under the best of circumstances. If you and your former spouse are having difficulty agreeing to a fair division of assets or custody arrangements, it can be a very difficult process.
Once your husband files for divorce, you must take steps to protect yourself. This doesn't mean in the physical sense. Instead, you have to ensure that you protect your financial future. The property division settlement is the way that you do this. If you are going through mediation, you and your ex work together to determine the settlement. If this isn't possible, the court determines how to handle the division. In either case, knowing what to expect and what to consider can help you to remain as stress free as possible.
When California couples divorce, if they also own a business together and do not have a prenuptial agreement in place that deals with it, they will have to decide how to divide it. While one person might want to buy the other out, this could be difficult if that individual's money is largely invested in the business itself. In this situation, it may be possible to get a bank loan or to sign a property settlement note that allows the individual to pay the other person back over time with interest.
If you have been fortunate enough to acquire significant assets, then you know that more money can indeed mean more problems. This is exceptionally true when it comes to divorce. While couples who do not have much of an estate may be able to call it quits with relative ease, significant potential marital property makes the process exponentially more difficult.
Divorce is rarely a simple matter. For those who have built a business from the ground up, the prospect of ending a marriage takes on a much greater weight than it does for those who are merely ending a marriage.