Most couples who are about to marry have trouble seeing any flaws in their relationships. Love and the dream of an ideal future together often keep them from discussing the possibility of separation or divorce. Unfortunately, given the reality that about half of all marriages now fail, avoiding the topic can mean a couple will struggle later with the financial issues that typically arise during divorce. As many Californians are discovering, however, considering a prenuptial or postnuptial agreement earlier than later merely recognizes that love does not always conquer all.
People in California who have gone through a divorce know about the different financial issues that are common to most divorces. Spousal support and property division, for example, are issues in many California divorces. With regard to spousal support, one party can request a temporary spousal support order, which can become final once the separation judgment is issued by the court.
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.
Visitors to this website might recall a previous post that discussed the lower costs of collaborative divorce compared with the more traditional contested divorce that must be litigated. The blog post also noted that the high costs of contested divorce keep many couples in unpleasant marriages. This phenomenon is true throughout California and many other states.
Any California resident who has gone through a contested divorce knows just how expensive and time consuming that type of divorce can be. A case can easily take more than a year to conclude, and former spouses often find themselves financially and emotionally exhausted, and sometimes embittered by the ordeal.
Most Californians understand that when it comes to divorce proceedings, the state uses the concept of community property. This means all property is split equally between the spouses. Division is fairly simple, but complications can arise if the divorcing spouses are partners in a family-owned business. This is not an insignificant problem given that approximately 3.7 million businesses nationwide are family owned, according to the U.S. Census Bureau.
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.
Very often couples in the United States, including those in California, do not want to go through the elaborate process of divorce litigation. Many have found divorce mediation a cheaper alternative to courtroom divorce. An amicable divorce not only reduces the costs associated with divorce but also helps minimize the emotional stress associated with courtroom divorce.