Making decisions regarding how a divorcing couple should divvy up their assets can be complex. It is not unusual for individuals to have attachments to certain items and feel the need to negotiate harder for those particular pieces of property. However, California residents may wish to consider how the outcomes of the property division process could impact their futures before staying set on obtaining a certain asset.
Whether getting married for the first time or an additional time, asset protection is important. Because no marriage is perfect, the chance that a divorce could occur does exist, and California residents could find themselves facing the property division process. Most people do not want to enter such proceedings with uncertainty, and creating a prenuptial agreement could help.
Owning a home is a goal that many California residents have. In many cases, individuals purchase a home with their spouses soon after or even before marriage. When this occurs, typically both parties have an obligation to ensure that the mortgage loan on their home is paid. If the home is left to one person as part of the property division process in the event of divorce, who is liable for the mortgage?
If you are getting divorced in California, you can expect that you and your soon-to-be ex-spouse will divide the assets you have in half. Each of you will exit the divorce with half of what you accumulated during the marriage, including both assets and debts.
When you think about property division in a divorce, you probably imagine dividing up the house, bank accounts, cars, credit card obligations and other significant assets and/or debts. Of course, this will be a top priority in any divorce.
There is no question that hiding assets during a divorce is a bad idea. Not only is it unfair, it is also illegal and you could wind up facing some serious legal penalties if and when hidden assets are revealed.
Hundreds of thousands of households across California have pets. And whether that pet is a dog, cat, bird or something else, chances are that it is considered a part of the family. Because of this, determining who gets the pet in a divorce can be a contentious battle.
In our last blog post, we discussed some of the basics of property division in California. We mentioned that one way to protect your property is to have a prenuptial agreement in place prior to getting married. In this post, we will look more closely at this type of document and what it can do.
One of the most contentious parts of a divorce can be when the time comes to divide up property. Not only is it difficult to unravel all the things you own, it can be painful to assign a value and ownership to everything as well.