Many Washington residents are counting on their 401(k) plans and other retirement accounts to provide a good living in their later years. However, despite all the work that people can do to save for retirement, life events can throw a spanner in the works. For example, the divorce rate among Americans age 50 and up has doubled in the past 20 years. When people choose to divorce over 50, their retirement assets could be significantly impacted, and they may have fewer years during which to recover from the blow.
Couples in Washington State who are engaged or considering getting engaged should approach this major life milestone with excitement, anticipation and some practical planning. The engagement period should be about more than just planning a wedding but focus as much, if not more so, on planning a life together. A prenuptial agreement can actually facilitate that in some unique ways.
Money is a major issue when it comes to the likelihood of divorce for any particular couple in Washington. According to research published by the Federal Reserve Board, a couple's likelihood of divorce increases as the difference between their credit scores increases. A survey conducted by SunTrust Bank indicated that the leading cause of stress in relationships is money. Of the more than 2,000 U.S. adults surveyed, 35 percent said finances were the primary area of trouble with their significant others.
When some people think of those who go through the divorce process, they may have images of middle-aged or older couples in their head. However, there are also many younger couples who decide to call off their marriage. Young couples may have many pressures, from relocation and career challenges to less experience with long-term relationships and financial hardships. These difficulties can place some strain on a relationship and cause couples to grow apart, ultimately resulting in a divorce.
Perhaps your employer offered you a great job in another city. Obviously, this means relocation and brings up many issues if you are divorced and have custody of your child.
For parents in Washington who are considering a divorce, it will not be possible for them to alternate taking exemptions for children any longer. This has been eliminated by the Tax Cuts and Jobs Act passed in late 2017.
When it comes to a dispute which involves child custody, there are so many factors to consider and each case is different. Sometimes there are especially complicated custody cases, such as those which involve a multi-cultural family. Custody matters can be especially complicated when they involve parents who are from different cultures for various reasons. First, parents may have different viewpoints on custody and other family law issues. Second, some cases involve a parent who wishes to relocate to another country with their child, which can be especially difficult.
Some marriages in Washington start with dreams of eventually enjoying golden years together via solid retirement savings. However, legal unions don't always last forever as evidenced by the significant increase in so-called "gray divorces" since the 1990s. Starting over post-divorce presents challenges at any age. For older couples, however, transitioning back to a single life could mean having to manage the same expenses with half as much income. This could jeopardize retirement assets.
When it comes to divorce, there are many different issues which can affect children and this is especially true for people who work through a military divorce. For example, child custody matters can be complicated when one parent is in the military and the emotional impact of a divorce may be especially hard on some kids. Moreover, couples may be unsure of how property such as military pensions will be divided and the impact of a divorce can be very hard on someone who is deployed. If you have kids, it is crucial to make this process easier for them.
Given the strong bond that many grandparents in Federal Way establish with their grandchildren, one might assume that the law recognizes their right have to continued access to their grandchildren should situational changes restrict it. After all, one might argue that continuing a relationship with a grandparent would certainly be in a child's best interests. However, recent years have seen the issue of grandparent visitation in Washington become increasingly complex.