When you're distributing property in California, you have two options. The state laws require that people who turn to a judge for assistance use community property rules to divide their property. That means that they have to divide property equally in the eyes of the judge.
High-asset divorces tend to be complex. Dividing property is complex as well, and it is in these divorces that people are most likely to end up in a conflict.
The main thing to know about marital property division in California is that it falls under the laws of community property. Community property essentially means that any assets gained during your marriage are shared equally between you and your spouse regardless of the person who first received them.
Anytime you're in a wealthy marriage, you're going to have many assets, retirement funds, stocks and other factors to consider if you want to get a divorce. People in your situation are said to be in complex divorces.
You don't have to be considering a divorce to wonder about whether your prenuptial agreement needs an overhaul. In fact, it's better to ask those kinds of questions long before divorce is on the horizon.
If you're contemplating a divorce -- or suspect that your spouse may be contemplating one -- it's time to take the steps necessary to protect your financial future.
Property division gets complex when you have to take future assets into account. For instance, perhaps your spouse has a pension plan that is going to pay out for their retirement, but, at the time of your divorce, that retirement is still 10 years away. Do you still have a right to those retirement benefits when they start paying out a decade from now?
Property division during divorce is not always as easy as selling the house, splitting up the money and moving on with your lives. In some cases, it gets very complex. This can happen when you start factoring your children and your family life into the equation.
When it comes to matters of property division, don't be surprised if you run into a variety of challenges.
There is a lot to think about during the divorce process, with property division placed high on your priority list.