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Riverside Family Law Blog

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.

Inheritance may be protected during property division

Getting a divorce can be tricky when two individuals are fighting over which assets are community property and which are considered separate property. While marital property has to be split during property division, separate property doesn't. A couple of tips can help people to safeguard an inheritance given to them when they get divorced in California.

One helpful way to protect one's inheritance is to keep paperwork showing that the inheritance indeed was intended just for oneself. If a person receives a certain gift during the marriage, there must be proof that the gift was a present to him or her alone. Otherwise, the property will legally have to be split between the two spouses.

Divorce may cause financial turmoil in California

One of the biggest concerns on the minds of people in California during a divorce is how financially desolate they will be once the divorce has been completed. Divorce unfortunately can often be a financially painful experience. However, a few tips can help people to keep their divorce proceedings from being more expensive than necessary.

First, it is wise to create a new budget that reflects one's new level of household income -- one based on one paycheck rather than two. In addition, during the divorce, it is wise to carefully assess which belongings and assets one wishes to keep following the divorce. Keeping the family house may not be in people's best interest if maintaining the house will be too costly for each to do on is or her own. However, it may be a good idea if there's a chance the house is valued high enough that one could profitably sell it in the future.

Steps can help one to prepare adequately for divorce

It may be heartbreaking to have to say goodbye to a spouse through a divorce, but at times, not much can be done to stop a divorce from happening. Over 50 percent of marital unions end up in divorce, so dissolving a marriage is not uncommon these days. A few tips can help people to determine whether they are truly ready to untie the knot in California.

First, it's best to analyze whether all avenues have been exhausted in an effort to keep a marriage together. This may include seeing a counselor, talking to a pastor or reading marriage books. It's important to note that it's best not to go through with a divorce until one can leave the marriage without feeling hurt, frustrated, resentful and angry. Divorced individuals decrease their chances of having regrets if they act with a clear conscience rather than acting on emotion.

Preparation can help with divorce in California

People usually don't enter a marriage expecting to end it a few years later. Unfortunately, sometimes divorce is the only solution for a marriage where both people cannot see eye-to-eye. A few tips can help people going through divorce to be prepared from the start and make the best of it in California.

First, it's natural to feel bitter and angry while going through a divorce. This is particularly true if the two parties are fighting over money and other valuable assets, and especially if they are fighting over the kids. However, it's important to view the divorce through as objective of a lens as possible, which may increase one's chances of achieving a mutually satisfactory settlement with the other party.

More people over 50 seeking divorce

According to researchers, education appears to be a huge protector against the dissolution of marriage in California and other states. Couples who have only completed high school are about two times more likely to get divorced as college-educated individuals are. However, it appears that people who are above 50 years old are increasingly seeking divorce, whether they are college-educated or not.

A quarter of individuals who are getting divorced in the United States these days are older than 50. Those in this age group today have double the chance of getting divorced as those in the same age group did back in 1990. Part of the reason for this is that older individuals are usually on second and third marriages, and many of these later marriages are thought to be less stable than first marriages are. Still, over half of divorces that occur later in life occur between people who've been married over 20 years.

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