It is always helpful when things are straightforward. When it comes to divorce, however, things can be quite complex in nature. One California couple, who are going through the divorce process, are awaiting a State Supreme Court ruling on the date that they can legally be deemed to have separated. Their situation may be more common than one might expect in the current economic climate, and could impact significantly on their community property assessment.
Whatever one's taste in art, there is little doubt that into every creation, the artist is likely to have poured his or her heart and soul. On this basis, an artist may not consider such items in terms of material possessions. In California, it may come as a shock to an artist to discover that one's intellectual property may be considered community property in divorce proceedings.
There are a variety of issues that may lead a couple to divorce. During divorce proceedings, it is not always easy for couples to remain amicable or cooperative. Living in a community property state and understanding the tax implications of that status may make it necessary for divorcing California couples to set aside their differences and focus on their finances.
Divorce is often financially complex. In a community property state such as California, it may stir up emotions when deciding, for example, which spouse gets the wedding china. For couples who own a business together, there can be unforeseen complications that do not present themselves until divorce is in the cards. In those circumstances, property division is not only about the present, but also the future.
Divorce proceedings can be complex and time consuming. Once a divorce is finalized, one may consider that to be the end of the matter, and, in the majority of cases, that is true. For a few California residents, important information regarding hidden assets may come to light at a later date. This may necessitate a re-evaluation of the original settlement.
Affairs of the heart are often very painful. When a marriage falls apart, one may experience a variety of emotions. While it is natural for those facing divorce to feel confused and emotional, one should try to avoid acting on those feelings in any way that may compromise one's own position. Property division can be difficult, and sometimes complex, but in a community property state like California, it is highly inadvisable to attempt to hide any assets one owns or to which one has rights.
Fairness, like beauty, is in the eye of the beholder. When negotiating a divorce, California residents may find that this is a subject on which they cannot agree, especially when it comes to property division. The laws surrounding this subject can be quite complex, depending on the state in which one resides.
It may seem cynical to discuss a prenuptial agreement with a view to what one wants to happen in the event of divorce. Some people may feel that it is necessary if, for example, one spouse has significantly greater wealth or earns more than the other. California is a community property state, and prenuptial agreements are usually intended to safeguard property division if a divorce subsequently becomes a reality.
There was a time when women had no rights, let alone any control, over their own finances. While this is no longer the case, it can be difficult to establish whether certain financial assets may be considered marital or personal property. In a community property state such as California, it is important to establish where the divide lies.
When it comes to finances, people generally prefer to part with as little money as possible. Divorce proceedings can become particularly acrimonious, and may lead individuals with significant asset levels to employ cunning measures to protect their wealth. In California, each party is required to submit a separate property assessment, fully disclosing all details of his or her own assets and liabilities, to ensure an equitable settlement. Recent advances in technology may also create the potential for an increase in levels of hidden assets.
In a divorce proceeding, there is often heated dispute about the division of marital property. Assets such as money and real estate may provide a few challenges but can usually be divided appropriately. Less tangible assets, such as intellectual property, may pose a more complicated problem. Under California community property laws, they may even become a contentious issue many years after the divorce has been finalized.
In any divorce case, it can be difficult to settle on an agreement about what is fair. Trying to establish the value of community property is one thing, but what if one partner also has hidden assets during the period of property division that do not come to light until sometime later? A California businessman recently discovered, to his cost, the answer to this question.
When one is going through a divorce, there are many things on one's mind that one wishes to take care of as soon as possible. One important aspect of divorce that can often be overshadowed by more immediate matters such as child custody is property division, more specifically dividing one's retirement assets. Even though one typically wants one's divorce to be over as quickly as possible regardless if one lives in California or elsewhere, it is important to sort out all the details, even those that may not be an issue for several years.
When divorce is on the horizon, many California spouses feel a string need to prepare. This can take a number of forms, from preparing one's friends and family for the news to setting aside money to get through the divorce period. In some cases, one or both spouses will work to set up and fund a 'secret' or 'hidden' divorce account.