Most people in California understand that they will have to split up their property in a divorce, but far fewer individuals understand how this process works. This can make heading into the property division process extremely distressing. Some people may even put off filing for divorce out of fear that they will lose their most prized assets. Securing a better understanding of the laws that govern property division can help put some of these fears at ease.
A home is one of the biggest joint purchases that California married couples make. Despite this, many still end up mismanaging their real estate during divorce. Not only can making mistakes with the marital home hurt emotionally, it can also cost each person a significant amount of money. In order to better handle the home during property division, individuals should be aware of a few important matters.
No one wants to come out of a divorce feeling as if they lost everything that was important to them. With the right approach and careful attention to detail, this does not have to be your situation. Here are a few things to keep in mind when approaching property division.
Approaching divorce and retirement at the same time? For those in California who are dealing with this situation, the future may feel uncertain. Most people know that there are usually penalties and taxes associated with early withdrawals from retirement accounts, but this can be avoided during property division through careful attention to detail.
The retirement years are meant to be enjoyed and savored, but a divorce could disrupt those plans for tranquility. Divorcing California couples -- particularly those who are near retirement -- may feel the side effects on their retirement the most. Paying careful attention during property division and other important divorce processes can help these individuals protect their retirement savings as well as their financial security.
You probably already have an idea of the type of people who use prenuptial agreements -- wealthy and perhaps not totally committed to their future nuptials. Unfortunately, this long-standing stereotype makes it difficult for the average person in California to fully grasp the true benefits of a prenup. Whether addressing concerns about property division or protecting yourself from your partner's debt, a prenup is an invaluable tool from which virtually anyone can benefit.
Owning a pet is about so much more than simply feeding an animal. For most people in California, pet ownership means treating an animal like another valued member of the family. Unfortunately for most pet parents, this familial bond has not always translated well during divorce, putting beloved animals in the middle of heated property division disputes. Now, a new California law aims to help these individuals handle things more easily.
There are a million little tiny decisions that go into planning a wedding. However, even if a couple already has an ideal venue in mind or the perfect flowers, nothing can really fall into place until they settle on one, important thing -- the date. California couples usually take a wide range of factors into account when picking that perfect date, but a new study indicates that one factor could be setting people on a path toward divorce and property division.
Planning for an upcoming wedding is an overwhelming ordeal. California couples spend hours upon hours selecting the right venue, picking the perfect date, sending out invitations and planning every last detail of their perfect day. Few, however, look ahead to something else they may want to plan for -- property division in the event of a divorce down the line. Although prenuptial agreements may feel distinctly unromantic, having one can help couples who must later traverse through the emotionally-fraught divorce process.
A divorce late in life for some seniors means that, after many years together, they have grown apart from their spouses and decided to move on alone. While the split may be amicable, both sides need to understand the importance of property division during the divorce. Older couples in California and other states should consult with an attorney and financial consultant to understand the specific rules for dividing assets.