Solana Beach Family Law Blog

The dissolution of a marriage can be tough to navigate both emotionally and financially. However, it can be especially challenging when a business is involved. Here is a look at what to expect during a high asset divorce involving a business venture in California.

Business partnership agreements cover a multitude of situations, but the dissolution of a marriage typically is not one of these. After all, when people form business partnerships, they typically do not contemplate getting divorced in the future -- that is, unless their partners are their spouses. The reality, though, is that their exes might have the right to receive shares of their businesses.

Getting divorced can be emotionally challenging in addition to requiring a person to make financial adjustments. Understandably, those dealing with divorce issues such as property division may feel anxious about whether they can maintain their pre-divorce lifestyles and achieve their financial goals long term. Here are a couple of tips for protecting oneself financially during divorce in California.

First, producing a budget worksheet may be helpful for outlining a divorced individual's new anticipated monthly expenses, including those related to transportation, utilities, food, insurance and housing. In addition, not overlooking debt is critical during divorce, as creditors can legally go after a divorced person for the debt on any joint accounts created while he or she was still married. Obtaining credit scores and reports from the main credit bureaus can help with uncovering any liabilities that a divorced party may not have known about.

Most individuals treat their pets as part of the family. During a divorce, however, in all except two states, pets are part of the property division process. This can be a painful realization for parties who can't agree on who gets the dog at the end of a marriage. Beliefs and attitudes about pets are changing, however, and in the future, perhaps California laws will accommodate for the best interests of a pet. 

Since pets are often beloved family members, whose cost and care is shared between the family, it can be difficult to identify a single owner at the end of a relationship. Because there are a few laws to guide these decisions, if a couple cannot agree, the decision will go to the judge. A judge may use a number of ways to determine who gets the pet. 

As a divorced spouse who is still paying spousal support, you might feel as though it is a financial burden that you are having to suffer unnecessarily. While you probably welcome the opportunity to pay child support and provide your kids with the financial support they need, you may have reason to believe that the spousal support you pay is no longer necessary for the well-being of your former spouse.

Spousal support orders are often quick to become outdated, and this is because life circumstances usually move quickly after a divorce. When circumstances change with your former spouse, for example, when he or she moves in with a new partner or gets a new job, you have the right to seek a spousal support modification. This is because with these changes has probably come a change in financial circumstances. He or she may no longer need spousal support in order to achieve a certain standard of life.