McCoy Fatula, APCMcCoy
Located in Roseville, CA

Posts tagged "Property Division"

A business could be subject to property division in a divorce

Marriage is not always forever, though most people in California enter into it believing that it is. The optimism isn't a bad thing, but it can cause people to overlook certain things that could affect them during a divorce. One of those factors could be a business, which people often fail to realize could be considered property and subject to division as part of a divorce agreement. Experts do have advice for those who have questions about how a business should be handled during property division in a divorce.

Property division: States changing the way pet custody is handled

Household pets are often considered to be part of the family for most California residents and others around the country. In fact, many married couples get a pet together before they have children. Certainly, in these situations, both spouses are invested financially and emotionally with their pets. Unfortunately, should a divorce occur in the future, pets often get thrown into the negotiations for property division in the settlement. However, some states are making changes in the way pet custody is handled in divorce cases.

Handling property division in a gray divorce

There are a plethora of issues to address when a California couple or those living elsewhere decide to get a divorce. When a couple is younger, the discussions often turn initially to child custody or support. However, as years pass, the focus tends to shift to the issue of property division. In fact, if a couple is over the age of 50, there are several factors to consider related to retirement accounts and divorce.

Address income, expenses, assets, debts in property division

When a California couple contemplates getting a divorce, there are typically countless issues to resolve. Certainly, finances are at the forefront of many discussions. When the couple was together, their income and assets -- as well as their expenses and debts -- were co-mingled. The question of property division is paramount in determining what the financial situations of both parties will look like in the future.

Couples separating, delaying divorce affects property division

Many couples in California and all around the nation are separating, yet still remaining married to one another. When celebrity chef Anthony Bourdain recently passed away, this scenario was found to be true for him. He had never gotten a divorce, though he had been separated for quite some time. While couples may have a variety of reasons for doing this, it is worth noting that the practice may have significant implications regarding property division.

How pets are treated in property division during a divorce

There are millions of dog and cat owners in California and throughout the nation who view their pets as members of the family. A pet owned by a married couple is likely viewed as belonging equally to each spouse. While this may be how the couple feels, certain courts may not view pets the same way when property division issues are addressed during a divorce.

Maximize property division options to protect assets in divorce

Some California spouses have the unfortunate experience of facing divorce just a few years into their marriages. Many spouses say they didn't see it coming and, in fact, thought things were going along fairly well in their relationships. A man in another state says he can relate to this, as he found out his wife filed for divorce just after he finished paying off her college loans. The situation raised his concerns regarding other possible property division obstacles he could wind up facing in court.

Property division decisions can have impact on future home buying

Buying a house can be a complex process for residents in California and everywhere else around the country. However, the process may become even more complicated if a couple has gotten a divorce. Since divorce has a major impact on a couple's financial situation, the divorce likewise becomes a factor in the home-buying process. Experts recommend having detailed discussions regarding the home and any other significant assets during the property division process.

Property division in divorce: Who gets the pets?

California couples and others around the nation who are going through a divorce have many matters to consider. If there are children involved, custody, visitation and support are obviously major issues to address. Of course, for any couple, property division is of utmost concern. While most attention may be focused on the family home, bank accounts or retirement funds, many couples are now trying to decide which person will get to keep the pets.

Property division discussions should include retirement funds

When a California couple gets a divorce, discussions begin early about how to divide their assets and belongings. Typically, discussions regarding property division center on the family home, bank accounts and child custody. While it may not initially come to mind, a couple's retirement funds are often one of the largest assets they have. Experts agree that careful decisions must be made regarding these assets to avoid potential taxes or penalties.

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