One of the most complex factors of any California divorce is property division. The process of dividing up hard-earned assets and savings is a difficult and often messy process. Understandably, you may have serious concerns about what your financial future will look like and how your divorce will impact your financial stability.
How property division will work depends largely on the types of assets you have and your goals for your post-divorce future. The decisions you make during divorce will have a significant impact on your future, and it is important to think carefully about the choices you make. It is smart to be intentional about the division of your assets and your long-term interests from the very beginning of the process.
Important questions about important assets
You likely have important questions regarding the protection of your property rights and how your divorce will reshape your future. Some of the most important assets and financial matters you will have to address in your divorce include the following:
- Your house – Many people want to keep their family home during divorce. However, you must consider your ability to pay for the house on your adjusted income after divorce, as well as taxes and the cost of upkeep.
- Your retirement – When dividing retirement accounts, it is beneficial to consider the tax implications of early withdrawal. You may also need a Qualified Domestic Relations Order to split certain types of retirement accounts.
- Your insurance – Health insurance will usually stay with the primary policy holder. However, you may be able to still get a continuation of coverage through your spouse's employer, at least for a period of time.
These are just a few of the complex assets that could impact your future after divorce. Whether you are pursuing a final property division order through negotiations or in court, it is beneficial to carefully weigh the benefits and potential drawbacks of the terms of your agreement.
What can you do for your future?
Your primary goal regarding property division is to emerge from your divorce with a strong and stable future intact. What this means for you depends on your financial situation, personal assets and objectives for the future. Due to the serious nature of this process, it is beneficial to seek guidance from a knowledgeable legal professional regarding your rights and legal options.
When there is so much at stake, you do not want to commit avoidable errors or agree to unfair or unsustainable terms.