The cost of living in California is approximately 39% higher than the national average. When a two-parent household splits, there can be significant financial implications for both parents. It is understandable, then, that a concerned parent who is preparing for a divorce will want to achieve a settlement that provides for his or her family.
Both spouses must fully disclose their assets and liabilities in a divorce. If a spouse tries to hide assets or negate liability, it can stall proceedings or, if a scheme is not discovered, may result in an unfair settlement. This is why it is important to speak up and investigate a suspected hidden asset scheme. There are numerous other financial issues to keep in mind when navigating divorce proceedings in California.
What constitutes marital assets in a California divorce?
In addition to cash, there are many other assets that may be relevant in a California divorce:
- Stocks and bonds
- Mutual funds
- Life insurance
- Retirement benefits
- Business assets
- Bank accounts
- Real estate
- Vehicles and other property, such as artwork, jewelry, etc.
If a set of parents is unable to agree about property division, a family court judge will make the decisions for them, based on the evidence presented in court. Beyond assets, there are additional financial issues to resolve in a divorce.
Child support, alimony, etc.
Whether parents share custody or one has custody while the other has visitation privileges, both are responsible for providing for children’s financial needs following a divorce. Once parents sign an agreement, both must fully adhere to its terms. If a parent has questions or concerns about a pending divorce settlement or problems arise after the court issues a final decree, an experienced family law attorney can help resolve the issue in a fair and timely manner.