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High Asset Divorce Archives

Protecting assets during a split

Regardless of who earned an income during a marriage, both parties have their own financial interests to tend to if the marriage comes to an end. California residents should look to open their own bank accounts, learn the basics of financial management and close all joint accounts as soon as possible. Doing so can help a person gain leverage in divorce settlement talks. It can also prevent any new joint debt from accruing before the divorce is finalized.

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.

Tax implications of a divorce

When California couples get a divorce, there are a number of tax considerations they should keep in mind. If the divorce was finalized by the last day of the year, the couple should file their tax returns separately. Couples whose divorce was not yet final, even if they are separated, may file jointly or as married filing separately.

Claiming Social Security spousal benefits

Even though a California couple may divorce, one spouse could still be able to claim Social Security benefits on the other's earnings. However, the marriage must have lasted for at least 10 years. Also, the ex must have earned significantly more income than the spouse claiming spousal benefits.

The potential pitfalls of divorcing after 50

Older couples throughout California and the rest of the U.S. are increasingly choosing to split, even as overall divorce rates have been decreasing. It is important for people who are older to understand the potential pitfalls that can come with a "grey divorce."

Dividing retirement accounts without legal help can be difficult

When married couples in California decide to get a divorce, they often forgo hiring an attorney in order to save money. While some assets may be easy to divide without any legal assistance, splitting retirement accounts, especially pensions, can be very tricky. Without the relevant knowledge, one or both parties could receive far less than they anticipated due to large tax bills and penalties. Divorce lawyers know how to split accounts so that they aren't subject to these costs.

Have you considered a prenuptial agreement?

The perception of prenuptial agreements is that these are insidious documents that few married couples -- or, more accurately, soon to be married couples -- should even consider. Prenups have a stubborn stigma attached to them. Namely, that they hurt your marriage before it even begins. However, this simply isn't true upon even the most simple of analyses.

Locating assets in divorce

Most couples in California who consider divorce seek to be above-board in their dealings with each other. This means that they are willing to disclose all assets and debts as part of the process of negotiating a fair settlement. Unfortunately, some spouses are unwilling to be forthcoming with this information, which can complicate a divorce.

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