It's tax season. With the Tax Cuts and Jobs Act, people are talking. President Trump signed the new plan in 2017, but the changes didn't go into effect immediately. Some have taken place already and will affect returns due in April. Others will wait for next season. There are many positive aspects of this Act that will benefit all taxpayers.
It seems like nowadays, the millennial generation gets blamed for just about everything. Too many adult children living at home with their parents? Blame it on Millennials. The large unemployment rate? Blame it on Millennials. The slump in the economy? Blame it on Millennials.
Many of us have heard the phrases "money can't buy happiness" and "With more money comes more problems." These phrases underestimate the power that money actually does have in certain situations, like a divorce.
Securing spousal support after a divorce can be significant for financially disadvantaged spouses across California. This money should help spouses rebuild their lives, transition out of marriage and help to maintain the lifestyle they enjoyed while married, all of which can be crucial for certain spouses after divorce.
Too many people make some assumptions about the divorce process that are ultimately proven to be false. By that point, unfortunately, there may be nothing you can do to correct the mistaken belief or adjust your situation to put yourself in a more appropriate position.
Getting divorced can be an enormously difficult transitional period in any person's life. Going from being a couple to feeling like you are on your own can be overwhelming and you are likely going to go through periods of being scared and feeling insecure. This can be especially true when it comes to your financial stability.
We have discussed how useful prenuptial agreements can be for any couple in California who may have assets or investments they would like to protect. Prenuptial agreements allow a couple to have an open discussion about finances and set guidelines for what will happen to individual assets in the event of a divorce.
In some divorce cases, a higher-earning spouse is ordered to pay spousal support, or alimony, to a lesser-earning spouse. The goal of spousal support is to help both parties maintain close to the same standard of living that was established during the marriage.