When couples in California file for divorce, there is likely a multitude of thoughts running through their mind. Besides the emotional impacts this event is causing them, divorcing is likely to spark some concerns regarding what each spouse is going to leave the marriage with. Property division and finances are frequently at the center of disputes in the divorce process; however, there are ways to avoid some of these common pitfalls, helping divorcing spouses resolve these issues as well.
When filing for divorce, it is important for spouses to become fully aware of the assets involved in their marriage. This means taking stock of the known separate and marital property. Once this is determined, it is important that these assets are not moved. This could be considered hiding assets, generating some major divorce conflicts. Next, it is also important for both spouses to consider their income and whether their current career provides them with an income that could be self-sufficient. Career changes might be necessary if a divorce settlement doesn’t provide a spouse with enough funds, property or support.
Although it is difficult to accept changes and see familiar things go, it is important to not get emotionally attached to the home or other property involved in a marriage. Sometimes it is best to give up the family home or household items, as it can help with moving on from this difficult process.
Finally, it is imperative to think about tax implications when it comes to maintain an asset or property following divorce. Additionally, any legal obstacles that could arise in this situation should also be considered. Whether it’s the family home or a financial account, it is important to think about how ownership will impact a spouse immediately and in the future.
Divorce comes with many decisions. Some of these can be simple and straightforward; however, others can be complex and emotional. With regards to property distribution, it is important that divorcing spouses have a realistic perspective on this matter, which can help them move forward and avoid potential pitfalls and disputes.
Source: Money.usnews.com, “10 Ways to Prevent a Divorce From Ruining Your Finances,” Maryalene LaPonsie, Sept. 29, 2016