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Linda D. States

divorce Archives

Divorce process includes budgeting, saving and estate planning

Divorces require people to rethink their futures and make important and sometimes long-term financial decisions. A person going through a divorce in California can expect the process to alter his or her household income and expenses. An honest assessment of the financial situation and careful planning could help a person overcome setbacks.

Divorce, single women and retirement

Going through a divorce can have a detrimental effect on one's finances. California residents who get a divorce are likely to need to divide their assets in half, support two households instead one for a period of time and still have to pay costly fees to their attorney. As a result, these individuals may find that they don't have enough financial assets to see them through retirement.

Female breadwinners on the hook for spousal support

Female breadwinners in California are finding that spousal support may be their new reality when the dust settles from their divorce. According to the American Academy of Matrimonial Lawyers survey, 45 percent of lawyers had seen an increase in female breadwinners being held responsible for alimony over the past three years. An estimated 54 percent of lawyers saw an increase in mothers who were responsible for child support.

Negotiating children's college educations during divorce

Concerns of California parents about paying for their children's college education may grow if they get a divorce. Amid worries about child and spousal support, college savings might slip down the priority list, but with colleges costing an average of more than $20,000 per year for a state school and over twice that for a private school, it is likely that help will be needed.

How to financially plan for a divorce

Taking steps to prepare financially for divorce even before it is underway may help some people in California through the process. For people who do not have an income or manage the family finances, some steps may be critical such as applying for an individual line of credit. This is something a person who has always shared joint accounts with a spouse may want to do before leaving the marriage.

Child custody can be an abuser's weapon

When survivors of domestic abuse in California make the decision to divorce, child custody can be a particular concern. Because child custody rulings can essentially mandate ongoing communication between parents, it can also provide an opportunity for abusers to continue manipulative and violent behavior against their family members.

Dividing 401(k) funds properly during a divorce

There are multiple mistakes that California residents can make when dividing their 401(k) assets during a divorce. Unfortunately, oversights can result in high tax bills, excessive penalties and an unfair division of funds. To avoid making such mistakes, it is important that spouses are aware that the various types of retirement accounts are governed by different rules.

Contact Me To Discuss Your Case Based in Sacramento, my solo practice allows me to give each client the personal attention and care they deserve. To schedule an appointment, call 916-426-9119 or fill out my online contact form.

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