If a proposed Republican bill passes, divorce and taxes will take on a whole new meaning. The Tax Cuts and Jobs Act would make tax deductions for alimony payments non-existent and create an income tax free zone for those receiving the funds. The law would not affect current divorce situations, only the ones after Dec. 31, 2017, including those in California.
A divorce can impact all aspects of your life. This includes your professional life. As a Medscape article notes, if you are a doctor, this could include the medical practice you've worked so hard to build. As a doctor, what happens with your practice can have major impacts on your professional and financial future. So, it can be important to be aware of the different ways a divorce could potentially impact your practice.
The one who earns the most in a marriage is likely the one who may have to fork out alimony and child support payments. When it comes to property division, though, there are certain states, like California, that follow the laws of community property, meaning that all property obtained while a couple was married (with a few exceptions like gifts to one person or an inheritance) will be deemed owned equally by the couple. Other states -- 41 to be exact -- follow what is known as equitable distribution, meaning that all marital property will be divided fairly, but not necessarily equally.
If there is one thing former spouses are likely to agree on, it's the well-being of their children. Divorce in California may divide a couple, but it doesn't have to split up the core family dynamic. A strong parenting plan could be the road map to successful co-parenting. Statistics show that when children's parents get along after divorce, children deal better with the changes that are happening in their lives.
It may not seem like it when you walk into the grocery store or the mall, but Thanksgiving will be upon us before we know it. Those responsible for cooking the big meal are planning their days, those who are travelling are getting ready for the crush of people at the airport, and divorced and separated parents are drawing battle lines as it pertains to holiday parenting time.
Apparently, a divorce is not a divorce when it comes to certain religious faiths. A legal divorce in California does not quite cut it for those who are Orthodox Jews. Family Code 2300 indicates that once a divorce has been granted, the former couple each return to unmarried status.