If you and your spouse in California have made the tough choice to end your marriage, you will need to get a good understanding of your assets and debts. Identifying these things will be an important step in determining how you will divide your marital estate. California is a community property state so a divorce division is required to be equal for both parties although there are many ways that may be accomplished.
Marriage is understandably a complex thing given that it touches every aspect of a person's life. This means that your marriage could experience challenges from a variety of sources. For many couples in California, it is money that becomes a big hurdle to their ability to successfully manage their relationship. In fact, many a divorce has been precipitated in large part due to financial problems.
If you are getting divorced and you and your spouse own a home together in California, you will need to decide whether to sell your home or to have one partner keep it. Family homes are commonly sold when people get divorced and there are many good reasons for this. One of the reasons it may be best to sell your home is to protect you from future financial challenges brought on by your former spouse.
Residents in California who are getting divorced often struggle with how to split their marital estate. Losing any amount of their shared assets can be hard but some research is now showing that the impact may be quite severe for some people, especially for couples who get divorced in their 50s, 60s or beyond.
Those entering into property division proceedings in Manhattan Beach may be surprised to discover that their 401k's will inevitably end up on the table. That fact should not come as a dramatic shock, however; 401k contributions come from one's income, and as any income earned during a marriage is considered marital property, so too would any contributions made from it. 401k account holders should realize, however, that the total value of their accounts may not be subject to division; rather, only those contributions made during their marriages are divided.