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Riverside Family Law Blog

Asset and property division often an area of conflict in divorce

Divorce isn't always easy for people in California, as people are forced to juggle the emotional weight of the divorce along with the financial stresses associated with it. Communication and trust are usually low, which only makes the situation worse. Taking steps to ensure that a future ex is not illegally hiding assets will help a person to protect himself or herself financially when dealing with asset and property division during divorce.

In California, which is considered a community property state, any marital assets have to be split 50-50. One way a person may try to hide an asset from a spouse if he or she is a business owner is to delay a business deal that may end up benefiting their marital asset amount if it were to be finalized prior to the divorce. In addition, those who are wage employees might ask their bosses to defer promotions or bonuses until after their divorce settlements have been finalized, as these might be considered marital assets.

Divorce involving child custody can have positive results

A divorce can emotionally be tough to accept for the two parties who have decided to split up, but it can also be hard for the children involved to embrace. This is particularly the case in a California divorce where both parents do not see eye-to-eye on how child custody should be addressed. A willingness on the part of both parents to focus on what is best for the children may make the scenario easier for the entire family to handle.

Some individuals with marital problems often believe staying together is best for the children. Other reasons people decide to stay unhappily married is because of the fear of beginning over again and handling finances alone. However, the decision to remain in an unfulfilling marriage may actually paint an unhealthy picture for the kids of what a relationship should look like.

Divorce in California can offer multiple benefits

Divorce is often viewed as an emotionally distressing experience due to the conflict that often arises between two future exes. It might also be financially challenging, particularly when one is fearful of losing certain valuable marital assets or property. Still, appropriate legal guidance in California may help a person to complete the divorce process in as smooth a way as possible and thus more easily experience the benefits of getting divorced.

One of the benefits of divorce is that it enables a person to reclaim priorities in his or her life. Divorcing individuals can rediscover the passions they had shelved during their marriages and finally pay more attention to talents their former spouses might not have supported. They might also be able to focus more on friends they had previously ignored.

Divorce can pose financial challenges in California

A divorce may give a person the freedom he or she desires to pursue other more fulfilling romantic relationships, but it can also lead to financial duress. This is because, when a family's wealth is divided in half between the two divorcing parties, each party may feel as though he or she has to start all over financially. A few tips may help those going through a divorce in California to protect themselves from a monetary point of view.

First, it may help to use a mediator to resolve divorce disputes. A mediator is a neutral third party who can help the two individuals to work amicably toward a settlement that meets both of their needs. Through mediation, the two parties can avoid litigation, which is more costly and can also cause more stress.

Divorce may pose challenges during the holidays

The end of the year has traditionally been viewed as a time to enjoy the company of loved ones during the holiday season. This time of the year, however, may be painful for those who are going through divorce, with children having parents who live in two separate homes. A couple of tips may help people who are getting divorced in California to make the most of the holiday season from an emotional standpoint, even as they tackle legal issues such as asset distribution and property division.

First, it can be helpful to spend time listening to Christmas songs and find quiet opportunities to engage in games or other enjoyable activities with friends and extended family. When a parent does have the chance to see the kids, it is wise to use this time to maintain a meaningful familiar tradition, even if it feels a little different in light of the divorce. Parents may even wish to create brand new traditions as well as let the kids contribute their own ideas.

Property division battle may arise when business partners divorce

When two married people in California decide to split up, the impact can have long-term financial repercussions. Especially complicated is when the two individuals own a business together. A couple of tips may help married individuals to address their shared business in a manner that is fair and mutually beneficial in the event that they get divorced and have to deal with property division.

First, it helps for a wife and husband team to sign what's known as a shareholders agreement, which will highlight guidelines of what should happen if one of the partners decides to sell in a divorce. Although unrelated business partners often sign this type of agreement, it is rare for married couples to do so, but it is wise to do this. A strong agreement explains how the two will split their business if one chooses to leave and puts the business' interests above the interests of each individual shareholder.

Keeping divorce private is possible

A divorce is often an emotionally challenging process to experience in California. What may make matters worse is for one's divorce-related affairs to quickly become public via the court system. This is particularly true when a divorcing couple's desire is to protect their kids from the turmoil of this type of family law proceeding as well as protect their reputations.

The best way to keep one's divorce private is to strive to reach a settlement instead of proceeding to trial. A settlement can be achieved by mediating a divorce or by negotiating on how to divide marital property and assets. When a person goes to trial, all information spoken in court remains on the record, so the public can easily access this information.

Life insurance an important asset during divorce proceeding

One of the biggest fears for people who get divorced is how they will fare financially after the smoke has cleared and they have moved on from their marriages. Marital dissolutions involving large amounts of money feature an extra level of drama and intensity. Some tips can help people facing divorce in California to make decisions that will enable them to protect their financial futures.

One area that is often overlooked when combing over assets in a divorce is life insurance. People often look at life insurance as simply another version of insurance, such as auto or homeowner's insurance, instead of viewing it as a valuable asset. Many wealthy individuals, in particular, have accumulated significant value in policies without their spouses even realizing this simply because their life insurance policies weren't on their radar.

Property division impacts those involved in later-in-life divorce

Getting divorced can be stressful for people at all stages of life. However, individuals over the age of 50 often have the most to lose in the event of a divorce, as they have had more years, or even decades, to accumulate wealth. Some tips can help individuals in California to protect themselves financially when dealing with property division and asset distribution during a marital split-up late in life.

First, it is wise to view a divorce from a business perspective rather than an emotional one. If two people can agree to divide their marital assets objectively, they can get through the divorce process more quickly. Using a financial adviser can be helpful for accurately valuing each item to be divided.

Peaceful divorce may be achieved in California

It's hard to think logically when going through a divorce. This is particularly true for a person who feels that he or she was wronged by his or her spouse during the marriage. A few tips may help an individual who is getting a divorce in California to see past the pain and strive to experience peace in the middle of the dissolution of the marriage.

First, it is natural to want to nitpick one's soon-to-be ex, as it is easy to see the person through a negative lens. However, this only creates more bad feelings, resentment and anger. This can ultimately steal a person's peace and happiness.

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