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marital property division Archives

Can one give up their interest in the family home after divorce?

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?

Couples have options when it comes to the family home and divorce

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.

Commingling can change the status of assets in property division

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.

What happens when California business owners divorce?

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?

Look out for hidden assets in the property division process

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?

Marital property division in a California divorce

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.

Don't handle property division alone in a high-asset divorce

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.

Be careful when dividing retirement plans in a divorce

Does divorce always happen after a flash-in-the-pan marriage? Sometimes. Yet, other couples can spend years or even decades married before deciding to divorce. In fact, in what is coined a "gray divorce," in the United States, the divorce rate for those 50 years old or older has increased twofold since the 1990s. For example, in 2015, 10 married people out of every 1,000 age 50 or older divorced. Moreover, the divorce rate for those 65 years old and up has approximately tripled since 1990.

Watch out for signs your ex is hiding assets in divorce

When a couple in Los Angeles shares a joint bank account, there may be disagreements on how that money should be spent. It may be tempting for one spouse to hide a purchase from the other spouse. In fact, according to one study, three out of every 10 adults have admitted to doing so. Similarly, sometimes a person opens a financial account, such as a credit card, behind their spouse's back. This also is not unusual -- the aforementioned study reports that around 7.2 million people in the United States have a credit card or bank account their spouse does not know about.

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