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.
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.
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.
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.
Prenuptial agreements are often considered necessary for only the wealthy or famous. Yet, many experts tout their usefulness for most California couples or any couple around the country. Agreements such as prenups can be very helpful in divorce proceedings when property division issues are being addressed.
Many California couples and others around the country who get married a second time often develop a prenuptial agreement. The spouses may have children from their first marriage, inheritances, business entities or other assets that they wish to protect should they get a divorce in the future. While prenups eliminate many of the potential conflicts that often arise in property division disputes, some disagreements are still a possibility. A family law expert recently received a question from a woman regarding the difficulties she was experiencing in dealing with dividing the marital home.
When a California couple is going through a divorce, there are a multitude of issues they must address in the process. Property division is a major topic of consideration in the end of most marriages. While the home, cars, bank accounts, insurance policies and retirement funds may be the main focus, there is one asset that may be overlooked.
At the end of a marriage, many couples will be faced with the question of how to separate various types of savings accounts. If spouses have been married for a long time, they may have spent significant time and effort with each other stashing away funds for the impending time of retirement. It is also possible that one partner has focused more heavily on household management while the other earned the lion's share of the income. In California, this doesn't necessarily mean that the higher-earning partner will get to keep all the property in his or her name.
Splitting up assets in a California divorce can be a complicated process. When dealing with major assets, such as a home, decisions need to be made that will be fair and equitable to all parties. For many couples, their largest asset is an IRA plan. Property division issues must be addressed to avoid potential penalties or taxes. Financial advisors recommend understanding all the tax implications before splitting the funds in an IRA.
When a couple separates, child custody and support are often the foremost issues. But property disputes are not far behind, and especially so if there are no children and you have been married for awhile. You want what's yours, right? It may seem somewhat simplified in California, due to community property law. But deciding what is separate property versus community property can be a complicated matter. Moreover, even if something is easily identified as joint property, it may not be so easy to split evenly. With that in mind, let's take a look at three property disputes that got somewhat out of hand.