If you face an impending California divorce, you may wish to familiarize yourself with the acceptance of benefits doctrine. Why? Because it could impact if and to what extent you may be able to modify your court-approved property settlement agreement after your divorce.
When you divorce in California, the pensions that you and your spouse own can be more valuable than all the other assets you acquired during your marriage. As Reuters reports, dividing up these retirement accounts is tricky at best. If you fail to do it properly, you and/or your spouse could face thousands of dollars in taxes and penalties.
A number of people in California and throughout the United States end their marriage by filing for divorce. During the process, they are forced to separate their marital items, or the property and finances they accumulated during the time they were married. When considering this marital or community property, most people think of the family vehicles, homes, furniture and the money in the savings account. There are, however, many other marital items that divorcing couples may not think of. Some of the property and assets that often get overlooked could total a considerable amount of money.
At the Law Office of Lily L. Huang in California, we sympathize with you if you strongly suspect that your spouse is attempting to hide marital assets from you so that (s)he will obtain a better property settlement than (s)he would if your family’s true financial situation were known. While suspicious spouses have struggled for years to discover and document hidden assets, today’s technology makes it even more difficult to do so. Are you aware of Bitcoin?
Whether young and in love or widowed and remarrying, most California couples with the starry-eyed gaze of fresh romance never dream of it ending. Sometimes they decide to take on another big risk, and the life partners become business partners, building their hopes on big dreams.
At the Law Office of Lily L. Huang in California, we know how difficult it is for you when your marriage breaks up. You and your spouse may have widely differing opinions regarding child custody and support issues, spousal support issues, and property settlement issues. Often our clients say they wish they had signed a prenuptial agreement before their marriage because it likely would have made their property division considerably easier and less contentious than it is today.
Dividing property may sound easy: "I'll take the house. He can keep the cars." When a family has shared life in and through that property, though, deciding who gets to keep what can be tricky. California families would do well to remember assets are often not simply property; instead, they include the meaning attached to that teapot or framed portrait.
When you and your spouse decide to divorce, one of the things you must agree on is how you will split up the property you have accumulated during your marriage. If the two of you cannot agree, a judge will determine who gets what.
While some California spouses conduct their divorces in a fair and amicable fashion, other divorces become rancorous and even spiteful affairs. In some cases, a spouse will try to keep from distributing assets to a separating spouse by dissipating the assets before the other spouse can claim it. Some people may not know what this term means and do not even realize they are victims of it.
When it comes to finances, most of us have assets and debts. In a divorce situation, you will need to divide all property, which includes all assets. However, you may be unclear on what happens with the debt you and your spouse share when you divorce in San Jose. This is where things can get a little complicated because it depends somewhat on the type of debt.