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March 2018 Archives

Changes ahead regarding child support information

The federal Office of Child Support Enforcement collected almost $33 billion in fiscal year 2016, and most of that was through income withholding. California payroll department employees may have received new guidance from the agency about child support payments and workers.

Splitting retirement accounts while avoiding taxes, penalties

A 2016 survey of members of the American Academy of Matrimonial Lawyers found that retirement plans were the second most common topic of conflict in a divorce. In first place was alimony and in third place was business interests. California couples may have to face this issue when their marriages are coming to an end.

Divorce planning can preserve financial futures

California couples planning a trip down the altar might also want to consider making contingency plans to safeguard against a failed marriage. The wisdom of having health and life insurance policies is unquestioned, and taking similar precautions regarding assets subject to future divorce litigation is becoming a more accepted way of thinking.

Keeping assets in line: Proving what you own to avoid losing out

California is a special state, because it, among few others, recognizes community property. While most states now understand that equitably splitting assets is a good way to do things, California relies on a method similar to that used in Mexico and other nations south of our border. Community property states split assets 50-50 instead of splitting them equitably.

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