Because California is a community property state, you might automatically assume that all debts and all assets a couple has are to be split equally. However, it is important to note that there can still be some assets and debts that are considered the separate property of each spouse. These items may well be outside of the scope of the typical community property provisions. In considering that, you might then automatically assume that debt from student loans are the sole property and responsibility of the person in whose name the loans were taken out.
How can you keep the full value of your 401k?
You have likely worked very hard to accumulate assets in Oceanside. Some might be earned with the help of a spouse, while others come solely through your own individual efforts. Divorce, however, can call your claim of sole ownership of your individual assets into question. Consider the 401k you have earned through your employer in Oceanside. The funds that go into it are a result of the work that you do. Why, then, would it be considered a marital asset?
Portability, new tax code and estate plan updates
As California is one of the states in the nation with a state income tax, residents logically want to understand how the new Tax Cuts and Jobs Act may impact their bottom lines. When reviewing their situations to determine this, it is wise to also evaluate one's estate plan.
Estate plan changes before your divorce
Whether you have informed your spouse of your intention to file for divorce or are waiting for the right moment, you likely have a list of things you must take care of before you begin divorce proceedings. You may need to secure a new place to live, cancel credit cards and start a separate bank account. You probably have packing to do, and you may even need to obtain a realtor to sell your home.
Going about a will without the drama
No matter the age, siblings can carry out a feud long after an incident has come and gone. Many of these disagreements involve serious topics such as a parent's will. California parents who are at the stages of drafting a will may be hesitant to explain the details to younger family members. Is there a correct way of going about estate planning, and how does one explain decisions made in such an important document?
Plan wisely for a good summer with kids
Parents in California who do not live with their children's other parent know just how stressful planning the summer vacation time from school can be. Whether freshly divorced or maybe having never been married or living together at all, once spring break is over and attention turns to the end of the school year, it is time to develop a strategy that will make the experience positive for everyone.
