In California, those who go to court over their divorce and haven't decided how to divide their property may be held to a 50-50 split of their community property. While that may seem fair on the surface, splitting your marital assets in half isn't always what is fair or just for the people involved.
You and your spouse have decided to get a divorce, and you're both aware of the community property laws of the state. The laws in California presume that you and your spouse will split your marital assets 50-50.
You're divorcing, and it's something you've known was going to happen for quite a while. Now, all you want to do is to make sure you get the most out of your divorce.
You and your spouse have been together for around 10 years. During that time, you focused on buying homes and turning them into rental properties. Today, you have seven homes in your real estate portfolio. You earn a few thousand dollars each month from the renters who live there.
Since 2019, the laws surrounding pets involved in divorce in California have changed. Today, pets are supposed to receive some rights, because unlike your sofa or TV, they have feelings and are living, breathing creatures.
Couples in California going through a divorce may struggle with issues of property division. One particular area of controversy comes when one party wants to sell the marital home. There is a question of whether the other spouse can prevent them from selling the home in the middle of a divorce.
In community property states like California, all assets acquired during marriage belong equally to both spouses, including property and debt. Thus, when a couple in California files for divorce, all community property must be split evenly between the parties. In other states, such as New York, property acquired during marriage is distributed "equitably," or fairly. In community property states, it may be difficult for couples to decide how to divide property in half, such as a house. In other states, it can be a challenge to determine how to split assets fairly.
Going through a divorce can be a messy process financially. The parties are forced to navigate through the state law labyrinth, choosing beneficiaries and divvying up their assets; it can be complicated and expensive to untangle the couple's finances. The average cost of a divorce in California is the highest in the country, according to a study conducted by Nolo Research, but there are some things a person can do to keep the costs down.
A California resident who has won the family home in a divorce settlement may be considering their options when it comes to handling the mortgage. Common options include both spouses continuing to pay on a joint mortgage, one spouse refinancing the mortgage in their name or one spouse assuming the loan. The first two options are pretty straightforward. However, when it comes to the third option, a lot of misconceptions need to cleared up prior to proceeding.
When homeowners in California get a divorce, they will need to figure out how they are going to divide the house. There are two common mistakes that people often make. One is not realizing that neither person can afford the home on a single income, and the other is not removing one person from the deed.