There are steps that Orange County couples who are ending their marriage can take when they are contemplating a divorce that might give them a better idea of what their financial situation will look like after the divorce. Friends and family members might offer advice, but it might not be appropriate for every situation. Professionals, such as attorneys and certified divorce financial analysts, are likely to offer more reliable counsel.
Money is one of, if not the, most contentious elements in a California divorce. Spouses argue over who gets the house, whether an account is marital or separate, and how much should be paid in spousal support. Sometimes the battles seem frivolous, and motivated only by one person's desire to punish their ex.
Orange County couples who get a divorce may be more likely to be over the age of 65 than those in previous decades. According to a study by the National Center for Family and Marriage Research, this age group is more than twice as likely to divorce as they were in 1990, and numbers are up for people between 50 and 65 as well. Older adults who divorce may have some unique concerns.
California couples who are ending their marriages have a lot on their mind, and property division is often a significant issue. Whether they are of modest means or have millions of dollars, figuring out these matters out can be a difficult task.
Some parents in California may start a college fund for their children and then worry about what might happen to that fund in a divorce. With a 529 savings account or a Coverdell Educational Savings Account, the beneficiary can be changed. This means that a former spouse could change the name of the child on the account and use the money for themselves, their new spouse or children from the new relationship. The best way to address this is to include a provision in the separation agreement stating that the funds in the account are only for the use of the beneficiary named. If the account is a custodial one, then the beneficiary cannot be changed.