Legal Protections for Growing Population of Cohabitating Couples
The American Dream is changing. Years ago, the American Dream looked something like this: go to school, get a job, fall in love, get married, buy a home, have children, retire. It was a common path and defined the lives of many Americans. Today, however, fewer Americans are sticking to this traditional life trajectory. Fewer young Americans are buying homes, more young Americans are putting off serious romantic relationships until…
Read MoreI Have Season Tickets; Are These Subject to Division?
California’s community property rule governs the division of debts and property in divorce. All property acquired during the course of the marriage is subject to 50/50 division upon divorce. Property is defined broadly; anything that holds value is property. Given the value of a set of season tickets, be it for a sports team or the opera, they are considered valuable property. How season tickets could be divided will depend…
Read MoreCan We Divide our Assets However We Want?
During a divorce, much of what happens and decided upon is up to you, as long as you follow standard California family laws and your spouse is in agreement with you. For example, you can divide up your debts and assets according to your needs, as long as your spouse agrees to the division and the total net value of your marriage is equally distributed. Keep in mind, however, that…
Read MoreWhat is a Post-Nuptial Agreement?
Many couples choose to enter into prenuptial agreements, prior to marriage. Prenuptial agreements, also called prenups, can help protect the assets you had going into the marriage from becoming community assets. They also put on paper all of the assets and debts you and your spouse are going into the marriage with so, if in the case of divorce, your property division will be simplified. Many people find prenups unromantic…
Read MoreWill a Bonus be Considered Income?
Much of what needs to happen in a divorce involves dividing finances and property. Many financial aspects of your divorce will be determined based off of your income information. Spousal support, child support and property division will all rely, in full or in part, on income information to be resolved. For child support, California has a standardized, statewide formula that takes into consideration a wide range of income sources. Aside…
Read MoreWho Gets the Vehicles in a Divorce?
While you are dividing your community property in the divorce, you may have some questions when it comes to dividing the vehicles. Cars are a little different than other forms of property. They have value, like a house or a piece of jewelry. Part of what makes them unique is that they are often partly or fully financed. They also can be utilitarian, meaning they have a practical and necessary…
Read MoreWhat Does Transmutation Mean in Property Division?
When a couple divorces, they must go about dividing the assets and debts accumulated over the course of the marriage. This can be one of the most difficult, time-consuming tasks in a divorce. California is a community property state meaning all marital property is equally owned by both spouses. However, this doesn’t mean everything has to be divided down the middle. Many assets and debts, like houses and student loans,…
Read MoreWill My Divorce Take Longer if I Have a High Net-Worth?
A divorce in California can take as little as six months to well over a year. California residents must wait six months, starting from the date of service upon your spouse, before the divorce can be finalized. There are many reasons why a divorce would take more than the six-month minimum waiting period. A lot needs to be agreed upon before the courts can finalize your divorce. You have to…
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