After almost five decades of being divorced, a woman will finally be receiving support from her former husband for their now adult child. The California resident successfully sued her former husband for child support he owed for their 52-year-old daughter who was 3 at the time of her parents' divorce. The man apparently fled the country in the 1970s rather than make support payments.
Dividing up debt does not follow absolute rules in a divorce proceeding. Even though one party assumes all of the debt by being the only person named on a credit card account, for example, courts will sometimes order that the other party pay some or all of the account balance. Courts generally have the authority to divide assets and debt with a certain discretionary authority intended to achieve fairness in divorce. California is a community property state and thus the rules for debt and asset division are somewhat at variance with the majority of states.
When a couple decides to move forward with divorce, it is a decision that will being many significant changes to to the lives of both parties. Division of marital property and how credit card debt is handled will affect a person's financial stability for years to come. California is a community property state, which means both spouses are considered equally responsible for any credit card debt accumulated over the course of the marriage until the date of separation.
The baby boomer population is mostly alive and well in California and nationwide. They are entering their retirement years and making out their estate plans to transfer a massive base of wealth to their heirs in the coming years. What happens to the normally structured procedure of retirement and estate planning when a couple decide that it is necessary to get a divorce later in life?