In California, while a couple is married, they may decide that when it comes to their property that, "What's yours is mine, and what's mine is yours." And, this is the way California law also treats community property. This is an especially important distinction couples should keep in mind should they decide down the road to divorce.
Married couples in Los Angeles spend many of their working years building a solid retirement plan. They may have 401(k)s, pensions, IRAs and other investments. They may be anticipating the day that they can retire, and do things together like travel, play golf and spend more time with family and friends, all things made possible through a well-rounded retirement plan.
When a couple in California owns many valuable assets, should their marriage start to fail, both parties may be concerned with who gets what. And, indeed, property division is an important divorce legal issue that couples must settle when they part ways. Of course, when people think of their marital property, they may think of their house, vacation cabins, automobiles, boats, furniture and artwork, among many other valuable items. However, what divorcing couples should be aware of is that it is not just their marital assets that will be divided -- their marital debts will be divided too.
There are many options for what to do with the family home in the event of a divorce. Some divorcing couples in Los Angeles may decide that one party will stay in the home for a certain number of years, after which they would put the home up for sale and divide the proceeds. Of course, this ties a person to their ex at a time in which a person simply wants to move on. In situations like this, the person not living in the home might just want to pay off the mortgage so that their name can be removed from it. However, will that relinquish that spouse from any responsibilities regarding the home if their ex continues to live in it?
Many married couples in California purchase a home, envisioning living their life there together forever. However, sometimes plans like that don't work out, and a couple ends up seeking a divorce. When this happens, they will have to divide their assets. This includes the family home. In fact, when it comes to property division, the family home may be one of a couple's largest assets. Therefore, couples will want to think carefully about what to do with the family home in a divorce.
When a couple in California marries, does the old adage, "What's yours is mine, and what's mine is yours," apply? Well, it is possible for some assets that were obtained prior to marriage to remain the sole property of the person who owned them even if they divorce. However, in order to keep separate assets separate, it is important that commingling has not occurred.
Owning a family business may be part of the "American Dream," but you can't go through life wearing rose-colored glasses. Some people in California who are married and own a business together might have success in both ventures, at least for a while. However, eventually their marriage might deteriorate to the point where they feel they are best off divorcing. What does that mean, though, for the business they have built together from the ground up?
Not every spouse in Los Angeles acts fairly in a divorce. Sometimes, out of greed or spite, one spouse may try to hide assets to keep the other spouse from obtaining them during the property division process. This may be especially true when one spouse is self-employed as a small business owner. So, what signs should a person look out for if they believe their spouse is hiding assets?
When a couple in California divorces, they will need to divide their assets and their debts. Oftentimes, the couple can reach a property division agreement through out-of-court negotiations. Keep in mind, though, that a court must approve such an agreement to make it final and legally enforceable.
California couples who decide to end their marriages may have a lot of concerns, and one of these concerns may be how to divide their property. This may be especially true for couples who have a significant amount of assets. While some property will be considered separate and will be retained by the spouse who owns it, property obtained during the course of the marriage will generally be subject to equal division, although this doesn't mean that every piece of property will be split 50/50.