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Encino Family Law Blog

Divorce tax planning includes paying attention to child support

Tax planning is an essential part of planning for the dissolution of a marriage. However, it is often neglected during this type of family law proceeding in Los Angeles and elsewhere. A particular aspect of divorce that requires attention as far as taxes are concerned is child support.

Child support is not taxable, nor is it deductible. However, a dependency exemption is available for use during the filing of federal income tax returns. Only one parent can use this exemption.

Annulment is different from divorce

A marital split-up in California can be emotionally and financially challenging, often leading to many questions about how to proceed. One of the first questions couples may ask is whether to file for annulments or divorces. An annulment leads to a court ruling that the couple was never actually married, whereas a divorce focuses more on splitting up marital assets.

Generally, filing for either an annulment or a divorce is an easy process: It is a matter of checking the right box on the petition. However, annulments and divorces are very different from a legal standpoint. For most couples, getting divorced makes the most sense. Getting a divorce is actually a lot simpler, particularly if both spouses agree about their split.

Child custody can be tricky to navigate

Divorce can be a challenging ordeal for children, just as it is for their parents. About half of children who were born in the 1990s may face their parents' marital split-up. Fortunately, a few tips may help parents in California who are dealing with matters related to child custody to make the divorce process easier for their children to handle.

An important step when dealing with children and divorce is reassuring them that they are loved and will continue to be cared for during and after the divorce. Children, depending on their ages, can experience a wide range of emotions, including fear or anger. Children naturally feel uncertain about the future during divorce, and the lack of stability they are experiencing can be emotionally challenging to deal with.

Divorce can be tricky when dividing assets and debt

Any time money is involved, it is natural for people to become protective. This is true in business, and it is just as true in divorce. A couple of tips might help with addressing money matters during the dissolution of a marriage in California.

In some divorce proceedings, the major issue at hand is determining how to split up debt. Meanwhile, other couples are preoccupied with dividing sizable chunks of assets. In both situations, the ideal goal is to achieve equitable and fair division.

Child custody case involves several essential aspects

A marital split-up is naturally tough on the spouses who have decided to go their separate ways. However, it can be just as difficult for the children who are witnessing it and are a part of it. A child custody case in California has several important aspects that affect both the parents and the children.

First, in years past, the divorce courts in California strongly favored mothers when making custody decisions. However, in recent years, that has changed, with more fathers being granted custody. The court in a child custody case will research both parents' fitness before arriving at a final decision.

Divorce mediation may not work in a couple of cases

In some cases, repairing a marriage is simply impossible in California. The question that arises in this situation is how difficult it will be for the couple to get a divorce -- to untangle their lives from a financial and legal standpoint. In some cases, divorce mediation can be extremely helpful, but it may not be enough in all cases.

Divorce mediation is an alternative to traditional divorce litigation that is known for being more amicable and less stressful and costly. During this process, the two spouses work toward producing an agreement that both parties approve of, with the help of a neutral third party known as the mediator. However, mediation does not work in a couple of cases.

Prenuptial agreements important for business owners

Planning a wedding can be an exciting experience for the California couple. There are numerous details to work out and a number of decisions that must be made. In addition to this excitement, one must also juggle the day-to-day aspects of everyday life and all that it entails. As engaged couples look at their current picture and anticipate what the future may hold, the necessity of creating prenuptial agreements often becomes evident.

Today's engaged couple brings to the marriage greater life experience and assets than most from previous generations. These assets accumulated prior to the marriage are generally considered to be separate property. However, so that there is no confusion later on, it is often beneficial to list them as such in a prenuptial agreement.

Family law and politics

For many California couples, the decision to divorce is as much a financial decision as an emotional one. Decisions must be made regarding real property, personal property and even insurance in many cases. In addition to property division and child custody issues, there are a number of other family law concerns that must be considered and addressed prior to finalizing the divorce settlement.

In light of recent political developments, some couples have expressed concern regarding health care post-divorce. With possible health care changes in the near future, some individuals are concerned about their ability to purchase health care once they are no longer covered by a spouse's policy. This concern stems from uncertainty regarding both cost and pre-existing conditions.

Child custody a common issue in California divorce proceedings

While money appears to be the catalyst for many of the problems that California couples face, it is only one part of the problem when the couple decides that it is time to move on. There are many issues that need to be addressed when the couple decides to divorce. In addition to their financial concerns, they will also need to address how their personal property will be divided and, if they are parents, child custody arrangements.

The financial concerns relative to most couples include a combination of assets and liabilities. These will include bank accounts, investment accounts, mortgages, car notes, credit card bills and possible more. Each individual will want to review each account to be aware of what is actually owned and owed. This will then aid in deciding how each should be handled.

Prenuptial agreement useful tool in divorce for older couples

As more couples are finding love during their golden years, the need to plan for future possibilities becomes more important. There is a good chance that California couples over the age of 50 will decide to get married. Many of these individuals bring both children and assets into this new marriage. In order to protect children and even grandchildren, it is important that the couple discuss a prenuptial agreement in case of a divorce and as a possible attachment to a will.

Many assume that the prenuptial agreement is solely used in the event of a divorce. As such, it is a useful tool in opening up discussions and deciding how assets will be distributed in the event that things do not work out. The prenuptial agreement allows the couple to specify how property should be distributed and which party is entitled to retain which items.

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