The divorce rate for people 50 and older is on the rise. Ending a marriage closer to retirement presents some financial challenges, but there are things people can do to address them.
When California couples decide to divorce, they will need to address a number of financial issues. For example, they may have to divide retirement accounts. In order to avoid having to pay taxes and penalties when the account is divided, a qualified domestic relations order might be necessary.
California parents who are getting a divorce will need to agree on a child custody and visitation arrangement. Otherwise, a judge will create one in the child's best interests. When making a decision, both physical and legal custody will need to be taken into account. While physical custody refers to where the children live, legal custody has to do with making choices about a child's education and general welfare.
Throughout history, leaders have often discovered--often tragically--what the opposite of negotiation is. It's been said that when there's no negotiation, when there's no talking and when there's no agreement, then there's war. When it comes to your children, war is not what you want. You'll want to negotiate.
If your marriage is on the verge of collapse (or has already collapsed), there are things to do to protect yourself, writes the author of "Money Confidence." Kerry Hannon says, "Once the love is gone, money is the issue, the only issue."