One of the hardest parts of a divorce is deciding who gets what. Spouses who have built their lives together must now face the challenging task of splitting those lives and their possessions. This daunting task can not only further raise stress levels, but cause irreversible bitterness and hurt.
Using family law in Orange County in the division of marital assets is one way to help make this incredibly difficult and emotional process a little easier to handle. California uses community property laws, meaning that in a divorce settlement, all property the couple acquired during marriage is divided in half. Almost everything spouses obtain during marriage is considered marital property: the home, vehicles, and non-tangible things such as retirement benefits and debt. Assets that existed prior to the marriage then usually remain with the respective spouse.
There are gray areas in the division of marital assets in Orange County though, such as what happens to marital property and prior property that was mixed during marriage. Confusion also arises with property that was acquired by the couple using both marital funds and separate funds. It is in these gray areas that the most work needs to be done by a spouse to prove which property is rightly theirs. Arguments often arise from the confusion of these mixed marital assets-who paid more for this and who deserves that can be a never ending battle without the help of a third party.
Another issue that arises in marital asset division is when a spouse attempts to hide assets. If some spouses are aware that Orange County upholds community property, they may hide assets or even increase debt because their spouse will be required to pay half of that debt in a divorce settlement. When this occurs, the victimized spouse will need help proving that this dishonesty has occurred.
A final issue that can occur is when spouses have residency in two states and one state is community property while the other is equitable distribution, meaning marital assets are not split in half but rather the financial status of each spouse is taken into account in the settlement. When this occurs, a family law professional can work as an adviser on which state to file for divorce to achieve the best outcome.
Family law professionals in Orange County can ease couples’ burdens in the exhausting task of marital assets division. They are legal professionals who mediate the division process and sort through these complex issues to work towards a fair settlement. The more spouses know about divorce laws in Orange County and the more support they receive from a family law professional, the better.
Divorce in Orange County is a depressing matter that brings unbelievably stressful times on families. When there is a large amount at stake in the division of marital assets, it is time to bring in a family law professional to help mediate and sort through the settlement process. These third parties relieve stress and allow spouses to begin their necessary individual healing processes after a divorce.