In today's day and age, some people in California are waiting to marry so they can focus on building their career. Thus, spouses who marry later in life may have had the opportunity to obtain significant assets on their own before they walk down the aisle. For example, one spouse or the other may already own a house, have savings in a bank account or own a business.
Home may be where the heart is, but when two people fall out of love and decide to divorce, they will need to make some very important decisions about what to do with the family abode. When it comes to property division, California is a community property state, meaning that each spouse has an equal ownership interest in all marital assets. Since the family home is often one of the biggest assets a couple holds, it is important to understand what options are available when it comes to divorce.
When a couple in California goes through a divorce, they have to decide how to divide their property. Who gets the family home? Vehicles? Electronics? Collectables? In California, these decisions will be governed by community property laws.
When a California couple decides to end their marriage, they may be concerned about what will happen to their property. After all, they may have spent years or even decades amassing many assets. These assets can have a good deal of sentimental or financial value, so it is important that the division of assets is fair.
The U.S. Census Bureau reports that around 3.7 million businesses in the nation are owned by a married couple. Couples in California may put a lot of effort into seeing their family business grow and thrive, but sometimes the same can't be said for their marriage. When that happens, they may decide that they are best off getting a divorce. However, how will a divorce affect the business they own together?
When a couple in California divorces, they may be concerned about who gets to keep the family home, furniture, electronics, and automobiles. What they may not initially consider, however, is that it's not just their assets that are divided in their divorce -- their debts must be divided too. And, there are certain points couples should keep in mind when it comes to dividing debt in a divorce.
Readers may have heard that California is a community property state. This means that each spouse will receive half of any marital property, or assets acquired during the marriage. Therefore, one may assume that the property division process in a divorce must be fairly simple, the judge divides the couple's assets in half. However, the reality is that dividing property between exes during a divorce, even in a community property state, it is rarely ever that straightforward. While each spouse is entitled to half, there is no law that says everything must be split down the middle. And, having a divorce attorney on one's side to fight for what is important can ensure that they are satisfied with the final agreement.
The most challenging part of a divorce can be dividing up the family property. All couples, but especially those with larger estates, may find themselves in a tug-of-war as they try to battle each other for both tangible and intangible assets. Couples should be aware that in California, property acquired during the marriage is often split equally between the spouses.
Many former couples agree to a child support arrangement when they first breakup. A child custody and support agreement specifies visitation, living arrangements and the amount of money that the non-custodial parent must pay to the other parent to provide for the child's needs. However, as the years go by, custodial parents may determine that this amount is not enough to cover the child's expenses. In some cases, non-custodial parents may find that their life circumstances make it impossible for them to make their assigned payments. If you have a good reason to do so, California courts may allow you to modify your child support agreement.
One of the most difficult parts of a divorce in California is splitting up the assets you have accumulated throughout your marriage. One of the most significant assets involved in the property division process for most couples is the family home. In addition to the financial value of the property itself, there is often emotional value given to the place where the couple built their lives together.