After years of marriage, couples in California often do not realize the extent that their lives have been intertwined. Because of the love at the start of a relationship, many couples do not anticipate the need for a prenuptial agreement to assist in property division in the event of an unexpected divorce. When any amount of wealth or properties are shared, separating assets can be complicated and painful. Arnold Schwarzenegger and Maria Shriver are familiar with the painful process. Six years after filing for a divorce, they remain married.
Many people understandably become attached to their possessions. This attachment may form due to sentimental value or due to the symbol of success that the assets represent to a person. No matter what the reason, California residents will likely want to protect those assets, especially in the event of divorce and property division proceedings.
The specific details that individuals include in their legal documents can play a significant role in how useful those documents are. For instance, when marrying California couples choose to create prenuptial agreements, they may simply think that stating that each party keeps his or her own assets will simplify the property division process. However, because there can often be blurred lines when it comes to which assets belong to whom, being detailed may prove beneficial.
Many California residents may have considered getting a prenuptial agreement before they tied the knot. However, for whatever reason, they may have foregone this option and entered into their marriage without any preparation for possible property division outcomes. Rather than feeling as if they missed an opportunity, though, individuals could consider creating a post-nuptial agreement.
During divorce, determining what to do with assets is often a main concern. California residents may have understandable worries about what will happen with their homes during property division. One option divorcing parties could go with is agreeing to sell the home and split the proceeds. However, this option may not work for everyone.
According to "The Orange County Register," the California divorce rate is about 60 percent. This is 10 percent higher than the national average of 50 percent. Many more couples think about divorce before ever taking such steps as talking to an attorney or hiding property to keep it out of the divorce settlement. In California, community property is defined as "assets acquired or income earned by a married person while living with the spouse." It also includes debt acquired during the marriage. All these items should be distributed equally in the dissolution of the marriage, but sometimes, a person might attempt to get around this law.
Many individuals may feel as if they have been placed in unfair situations at some point in their lives. Some of those instances could be serious, and individuals could be negatively affected. As a result, they may find themselves wanting to work toward not being taken advantage of no matter what the circumstances. The most common case in which people may find themselves feeling more adamant to reach their goals is during property division and other divorce proceedings.
Many people getting ready to walk down the aisle may hope that their relationships stand the test of time. Unfortunately, many who get married find themselves in an unexpected divorce. Therefore, it may be considered prudent for California residents to take certain precautions before tying the knot in order to prepare for potential property division and other proceedings should the relationship end. As such, prenuptial agreements could be useful to consider.
When individuals divorce, they may wonder how their assets will be divided. Because property division laws can vary from state to state, California residents may wish to understand proceedings for their specific area. This state is known as a community property state, and marital assets are often split as equally as possible between the two parties going through the divorce. Other property is known as separate property.
As an experienced family law attorney can tell you, many people faced with the prospect of dividing their assets in a California divorce will resort to underhanded means to try to hide assets.