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.