Property Division Archives

Property division involving inherited IRAs may cause confusion

Dissolving a marriage is never easy emotionally or financially. However, one area of divorce that has proved to be especially difficult recently is the distribution of an inherited Individual Retirement Account (IRA). Here is a glimpse at why property division involving inherited IRAs can be tricky to understand in California and elsewhere.

Property division involving debts can be dicey

The distribution of assets during divorce is oftentimes a source of major conflict between soon-to-be exes. However, property division involves more than simply the division of assets -- it also involves the splitting of debts. Here is a look at how personal debt is handled during a divorce proceeding in California.

Property division during divorce can affect finances long term

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.

Property division: Are dogs included?

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. 

Musician's daughter loses guitar in divorce property division

A treasured heirloom is no longer in the family. Frances Bean Cobain, daughter of late Nirvana front man Kurt Cobain, recently divorced from her husband of two years. In the ensuing property division, a judge ruled that the ex-husband will be allowed to keep a prized guitar formerly belonging to the musician. California fans of Nirvana may be interested to learn more details about the incident. 

Debts will be divided during property division

Debt collectors will go to long lengths to collect what they are owed. If two individuals are on an account, the debt collector may go after both parties until the balance is paid in full. During a divorce in California, the debts of the two parties can be divided along with other financial matters in the property division process. Unless the proper steps are taken, joint creditors can still go after both names on the account. 

Property division during divorce starts with information

A divorce can take an emotional and a financial toll on the individuals involved. For many, the process of separating the family assets, known as property division, can be overwhelming. Luckily, there are steps that one can take in California to make the ordeal less stressful and more predictable. 

Worried about California property division issues?

No two divorces are exactly the same. When it comes to property division in divorce, however, California shares similarities to eight other states that govern the process under community property laws. This essentially means that all marital property (which includes assets and debt) is split 50/50 between spouses in divorce.

Can retirement impact your child support obligations?

Divorce used to be the realm of younger couples. For decades, it was typically those who had been married for less than twenty years who sought to put an end to their marriages. These days, however, so-called gray divorces are more common than ever. Couples at or near the age of retirement are deciding to call it quits. Divorcing later in life can have a lot of potential consequences for spouses and their children.

The prenup, its contents, and the importance of this document

In our last post, we talked about how prenuptial agreements can greatly affect any divorce, let alone one that involves a massive amount of assets and property. Today, we want to talk about this a little bit more by outlining what you can and can't include in your prenuptial agreements.

In Solana Beach and throughout the greater San Diego area, Ratzer Family Law is your best choice for experienced representation with personalized service. Contact us online or call 858-925-8099 today.

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