Many individuals in California and elsewhere spend decades building up their retirement savings. Those who are facing a divorce may wish to know more about the role these assets could play in the subsequent process. Retirement assets can have a substantial impact on the outcome of a divorce and understanding the necessary steps to take to divide these assets could prove vital to avoiding potentially devastating tax penalties and early-withdrawal fees.
Finances are a major factor in your marriage, whether you like it or not. In fact, a recent survey shows that money is the top cause of strain in relationships. One way to deal with financial issues is by creating a prenuptial agreement before your marriage. But if you did not create one, it is not too late to protect your interest and rights regarding assets.
Recent reports indicate that the rate at which couples in California and elsewhere who are over the age of 50 choose to dissolve their marriages has doubled over the past three decades. However, that doesn't necessarily mean that the process of divorce has become any less stressful. In fact, many of those who are entering this stage may still be hesitant to open a new chapter in life out of fear of how a divorce might impact their health.