A divorce financial specialist can be a helpful addition to the professional team of some California couples who are ending their marriage. In particular, people who have complex financial situations or who are not well-informed about their marital finances might benefit from working with a divorce financial specialist.
A divorce can have a significant effect on a person's finances, and it is important to take steps during the process to understand and protect assets. A San Jose resident who has not been involved much in the family finances should be sure to get a full accounting of what their assets are as a couple and as individuals. The person should also know how to access those assets.
When California couples get a divorce, they usually have to separate all of their assets. This process may get a little complicated when it comes to separating financial assets, especially when couples have investment accounts. When people divide their investment accounts, there are a few things they should keep in mind.
If you and your high-asset California spouse will soon head to divorce court, you should consider the possibility that (s)he may have one or more offshore accounts of which you are unaware. An article in the Washington Post describes how vindictive or greedy spouses often use an offshore bank account as one means by which to hide assets from their spouse during a divorce.
While Silicon Valley is the heart of the technology industry, there are numerous people in California who hold art in high regard. Many of these people pay large sums of money to acquire and display prominent pieces of art in their homes or their businesses. Some may even support artistic endeavors and have their names associated with displays or art institutions. If a couple who is deeply entrenched in the world of art gets divorced, it can leave spouses wondering what will happen to their art.
Divorce is not generally an experience that people in California try to rush through, especially when they have to come to agreements on how to separate their joint assets and liabilities. This process can take some time and requires concessions and negotiations along the way. However, an imminent change to the federal tax laws may well be changing all of this, at least for the rest of the 2018 calendar year.
As someone navigating your way through a California divorce, you may find that some steps in the process prove far easier than others. While dividing, say, home equity and debt between you and your soon-to-be-former partner can, in some cases, prove seamless, you may find that things become more complicated when you or your spouse have considerable assets or especially complex financial portfolios. In such situations, you may find it beneficial to enlist the aid of a forensic accountant who can delve deeper into your financial affairs in an effort to help you get your fair share.
In a community property state like California, you may feel a sense of relief during your divorce, knowing that assets will be divided equally between you and your spouse. However, what if your soon-to-be-ex is concealing assets from the court during the divorce process? This could result in your ex keeping significant assets from you, which could be particularly devastating if you will have difficulty making ends meet on a single income.
Filing for divorce in California can be an emotional ordeal. In addition to dealing with issues involving child custody, alimony and child support payments, you’ll have to separate the community property that was accumulated during the time you were married. Also referred to as marital property, community property, consists of a myriad of different items and assets. Some you may not have thought about when it comes time to negotiate the terms of the divorce settlement. By understanding what constitutes community property, you can ensure you receive everything you are entitled to in the settlement.
Although you may feel alone getting a divorce in your 50s or 60s, your experience is far from uncommon. “Gray divorce,” the popular term for divorce among the older crowd, happens more today than you might expect. You and other Californians who are divorcing at the same time you would be preparing for retirement should understand the unique challenges that come from ending a marriage later in life, especially for women.