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.
Few divorces anywhere, including in California, are easy. When they involve complicated matters such as child support, spousal support and property division, they can be almost impossible to resolve amicably. This is especially true for high asset divorces such as that seen with oil billionaire Harold Hamm and ex-wife Sue Ann Arnall. Currently, theirs is the largest divorce settlement in U.S. history, but the story is not over and could drag on for months, if not years, with the final settlement amount likely to either increase or decrease.
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.
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.
When it comes to the property division aspect of divorce, California couples are often shocked at the complexity of dividing assets. While to many, property division may seem simple on the surface, when one is considering only dividing marital assets such as the house, the car and the summer home. Yet, it can actually be quite complicated, as there are sometimes an infinite number of items to potentially divide.
This blog is dedicated to sharing news and informing California residents on the intricacies, challenges and even benefits of divorce. One topic previously discussed is that of high asset divorces, which can be inherently more complicated than other divorces due to the large amount of assets to divide. Yet, one factor that should be discussed is the emotional toll such a complicated divorce can take on the separating couple.
Divorce can happen to any couple. Whether they've been together for five months or five years, a couple may encounter irreconcilable differences at any stage of their marriage and decide to split up. It doesn't matter how rich, famous or successful the couple may be, divorce is often times the best option for couples looking to move forward and begin a new stage in their lives.
As California residents are aware, the decision to get a divorce is a truly life-altering one. Yet, separating from one's spouse is not always nearly as difficult as many might imagine and the decision can improve quality of life in the long run. While the divorce rate in the nation generally has been declining as of late, the divorce rate for those 50 plus has actually risen. Obtaining a divorce in the later stages in life might feel intimidating, yet there are a number of resources available that can make the process surmountable.