The breakup of the family unit is difficult for everyone, especially children. While you and the other parent may be hurt, angry or dazed over the divorce, the welfare of your kids is top priority.
If you and your spouse are a high-asset couple headed for a California divorce, your property settlement agreement may become one of your biggest bones of contention. At the very least, you will need to determine the value of your various marital assets before you can establish the value of each spouse’s 50 percent ownership interest as required by California’s community property laws.
At the Law Office of Lily L. Huang in California, we know that more and more of today’s couples prefer to end their marriages amicably rather than via a traditional litigated divorce. If you and your spouse fit that description, you should realize that you have two options: a mediated divorce and a collaborative divorce.
When you and your spouse go through a California divorce, your family home often represents one of your biggest issues. You may wish to stay there with the kids while (s)he wishes to sell it, or vice versa. Or there may be a good reason why one of you needs to stay there, at least for a few years, before selling it becomes more practical. As reported by the Orange County Register, you and your spouse have several options when it comes to what to do with your family home when you divorce.
As you probably know, California is a community property state. This means that if and when you and your spouse divorce, each of you is entitled to 50 percent of your marital assets. How you go about dividing up those assets, however, and the manner in which you do it, could have negative tax consequences for one or both of you.