It’s often difficult to pinpoint what leads to the dissolution of a particular marriage. Some California couples say they’ve simply grown apart over the years. Interests change, communication breaks down, and spouses drift away from one another. Others say their divorce came about after a particular event, such as one spouse’s act of infidelity or some sort of financial disagreement.
Regardless of the events leading up to a particular divorce, most people face challenges during proceedings related to assets, liabilities and property division issues. There are various steps that can be taken to keep stress levels to a minimum and obtain a fair and agreeable settlement. A first logical step to take is to make a list of everything one owns.
All sources of income, as well as financial and non-financial assets, should be included in the list. Any unpaid debt for which one may be liable should be added, too. It’s often beneficial to seek assistance from an outside party, such as a certified financial adviser or experienced family law attorney. The latter can not only provide sound counsel regarding financial matters in divorce but can advocate on one’s behalf throughout proceedings.
California is one of only nine community property states in the nation. This means any income or assets acquired during marriage are to be equally divided in divorce, whereas states that have equitable distribution laws divide all assets fairly, though not always 50/50. A family law attorney can help protect one’s best interests when disputes between spouses arise concerning assets, debts or other finance-related issues.
Source: livemint.com, “When untying the marriage knot“, Priya Sunder, March 16, 2017
