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High Asset Divorce Archives

What happens to a family business if the owners get divorced?

As many California residents have found out, marriages sometimes come to a premature end, and when a couple separates, there can be many complications. One of the issues these estranged spouses might have to deal with is how to address a business when the relationship falls apart. There are different options available to business owners, from selling the company and sharing the profits to keeping the business together and finding a way to continue working as co-owners.

How divorce may affect Social Security

California couples who are considering a divorce may wonder about its effect on Social Security benefits after retirement. Social Security requires the equivalent of a 10-year work history, and one person may not have this or might make less income than their spouse. If a person's Social Security benefits are less than what they would be eligible for from their ex-spouse, they may be able to claim on their former spouse's income under certain circumstances.

Finding evidence of asset dissipation in divorce

In California, divorce summons contain an automatic temporary restraining order. This is intended to prevent either spouse from taking a number of actions including concealing or frivolously and excessively spending assets. The name for this is dissipation of assets, and it can be a way for one spouse to ensure that the other does not get much or any of the marital property in the divorce.

Financial tips for California couples going through divorce

Before going through a divorce, one should take steps to secure their financial future. For starters, they should plan to live on about half their income but with nearly three-fourths of their current expenses. While it is important for a person to understand their financial situation, they should avoid moving money around or doing anything that could be construed as trying to hide assets. Similarly, moving out immediately may also not be advisable since it could give the impression of abandoning the family.

Protecting children's college accounts in divorce

Parents in California who are getting a divorce might be concerned about any college savings plans they have set up for their children. They may want to take steps to ensure that the accounts are not diverted by the other parent to pay for the education of a new child with another partner or for some other purpose. These concerns may be addressed in the separation agreement.

How Social Security benefits factor into a divorce

Many people do not fully understand the rules for Social Security benefits, and they can become even more confused when divorce comes into the picture. Although California retirees may be aware they can claim spousal benefits when they are married, they might not realize they could be entitled to spousal benefits if they are divorced. People might want to learn the basics of how these benefits work before they seek to end their marriages.

Planning for divorce is unpleasant but can be important

Nearly everyone who gets married hopes for the best, but California divorce courts of California are filled with people who never planned to be there. Unfortunately, the high rate is a statistical fact, and an appreciable number of people who get married are going to see their unions come to an end at some point. It is a depressing reality, and those who feel themselves capable of facing such harsh emotional truths might be wise to prepare for the possibility when making financial plans for their retirement.

The lessons from Johnny Depp's divorce case

Johnny Depp's divorce case may provide some invaluable lessons to Californians who are unhappy in their marriages. Because of the couple's celebrity status, the publicity has been unavoidable. Still, it shows what people should avoid doing when they are thinking about filing for divorce.

Complications of dividing a retirement plan

California couples who are getting a divorce may also need to divide a retirement plan. This can be complex for a number of reasons. One is that there is such a variety of retirement plans. They can be military, company pension or government plans, and the rules around splitting and distributing each may vary.

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