Divorced spouses in California may be aware that it is their responsibility to collect the money that they are entitled to from a divorce judgment. The family law court plays no role in the collection of assets or money that a spouse is due from property division proceedings. The recipient may seek collection as soon as the judgment has been entered by the court and if no injunction or stay order has been issued regarding the payment.
Some residents of Oakland, California, may be unaware that California divorce law designates it a community property state and in the event of a divorce, assets are distributed equitably between the couple. In a community property state, all assets acquired during the marriage are considered marital property and are equitably distributed.
Unfortunately, divorce is on the rise in the United States, including California. Many marriage break-ups are long-drawn out battles with couples fighting over many issues, such as child custody, spousal support and even property division. In celebrity break-ups, where with assets in question running up to several million dollars, the bitterness can be extreme. One such celebrity divorce that has been in the spotlight for various issues including property division, is that of oil tycoon, Harold Hamm and his ex-spouse.
Divorce is a reality for many Californian couples. Many divorces are actually long-drawn battles, where couples lock horns over several issues, including alimony, child custody and child support and property division. Sometimes, couples can navigate through asset division without much intervention. However, when it comes to high-asset divisions, bitterness and the war of words may be escalated. High-asset divorces are usually in the spotlight for all the wrong reasons.
Divorces involving significantly large properties are not rare in California. Ordinarily, separating couples can navigate their ways through a division of assets by themselves when both parties to a divorce can agree upon the same thing. However, until the issuance of a final order by a judge, a divorcing couple's community property and debts belong to both parties.
Divorce is a sad reality for many California families and many divorces involve bitter drawn-out court battles. The financial downside of a divorce may also be substantial for one or both parties involved. Financial conflicts in a divorce may include matters relating to spousal support, child support and property division.
Most divorces usually include property division. With the soaring divorce rates in California and the rest of the US, divorce related property divisions are becoming more complex than ever before. However, what remains important is an equitable division of property between the spouses.
The severing of marital ties through a legal process is not always easy, especially when it involves financial complications. Duringe divorce negotiations, couples need to identify what assets they have, how many of them have been acquired post-marriage, and what their respective values are. Once that has been done, they then divide these assets in an equitable manner.
There are few Californian married men or women who are comfortable with discussing the subject of pre-nuptial agreements with their spouses. Such discussions on their part mean that if their marriages come to an end, they have to go through the complex procedure of property division.
Property division during a divorce involves many concerns that may not be obvious. While many California residents may first think of the house or luxury car first and foremost, there are smaller assets to consider as well. Besides just the less obvious financial considerations -- retirement options, investments and the like -- there are also assets that may not hold monetary value, but are of great sentimental value to divorcees. Oftentimes, these assets need to be fought for just as vigorously as some of the larger assets.