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Supporting Women Through Difficult Divorces
It is important for women to know that they have financial rights in a divorce.
August 12, 2009 /Marriage - Relationships PR News/ -- Supporting Women Through Difficult Divorces
Article provided by Stolar & Associates, A Professional Law Corporation
Visit us at www.stolar-law.com
Some women may have concerns about their ability to support themselves following a divorce. Whether they are stay-at-home mothers who left the workforce years ago or wives who took care of the home and supported their husbands while they finished their education, women may feel they must choose between staying in an unhappy marriage and an unknown financial future. Particularly in this tough economy, women may feel that divorce is not an option.
It is important for women to know that they have financial rights in a divorce. With an experienced legal representative on their side, women can protect their interests and make sure they receive their fair share in even the most difficult of divorces.
Community Property vs. Separate Property
California is a community property state. This means that wives are entitled to half of the property accumulated during the marriage. This property includes any assets acquired during the marriage and any income earned by either spouse during the marriage. Certain types of property acquired during marriage are not included as community property, including any inheritances or gifts made only to the wife or the husband.
Generally, any property acquired before the marriage is considered separate property. In some situations, however, separate property can become community property. For example, if the husband owned a vacation home before the marriage but used money earned during the marriage to fix up the house, then a percentage of the vacation home will become part of the joint marital assets.
In order to divide the community assets equally between the wife and husband, the value of all of the community assets must be determined. The spouses can either agree on the value or the court can use experts to determine the fair market value. Once the value has been determined and the debts from the marriage are subtracted, each spouse then receives an equal share. For example, if the community property is valued at $3,000,000, then each spouse is entitled to $1.5 million.
Unless the wife and husband come to a separate agreement, the court may award certain assets to one spouse over the other to equally distribute the property. For example, if there are minor children and the wife is granted custody, the court generally will award the family home to the wife. The husband, then, will be awarded other property, like a rental home or share in a business.
Types of Community Property
Some of the types of property that may be included as community property are:
-The family home, cars, household items
-Employment benefits -- pensions, 401ks, retirement savings, profit-sharing plans, stocks
-Income earned by businesses (sole proprietorships, partnerships or closely-held corporations) or professional practices created during the marriage
-Rental or investment properties
-Second homes or vacation properties
-Costs of an education degree or professional license if earned during the marriage
-Prepaid insurance
-Tax refunds
Community property also may include items many would not consider, such as frequent flyer miles, season tickets to sporting events, club memberships, valuable coin or card collections and time-shares.
Handling Hidden Assets
Unfortunately, it is not uncommon for spouses to hide assets from one another, particularly if one suspects the other may want to separate. Property can be hidden in a number of ways. For example, property may have been titled in someone else's name. Money may have been "given away" to a friend or family member or placed in an account the wife knows nothing about. Overpayments may have been made to certain creditors. Stocks, bonds or other investments may have been cashed in or invested elsewhere.
Without experienced help, hidden assets may remain hidden, depriving wives of their fair share of all of the community property. In order to discover the true extent of the community property, it is important to hire an experienced divorce attorney who knows where to search for hidden assets. For example, the attorney can run searches in county record offices, motor vehicle registers and with credit card companies to check for title transfers and overpayments. The attorney also can review bank, retirement account and investment account statements to check for fund transfers or other unusual changes in account balances.
Premarital Agreements
Women who have signed premarital agreements should not believe this agreement alone will prevent them from receiving their fair share of community property. An experienced divorce attorney can review the agreement and determine whether it is enforceable and what you are entitled to receive under its terms. Women also should keep in mind that certain rights cannot be waived under premarital agreements, like the right to child support.
Providing Emotional Support
While every divorce is different, one thing remains the same: they are never easy for anyone. Even if you and your husband have remained civil with one another, a divorce marks the end of a relationship and a life you had planned to spend with the person you thought you loved. During this difficult time, you deserve an advocate who understands that this isn't just about the law for you, but about moving forward in a positive direction with your life.
Article provided by Stolar & Associates, A Professional Law Corporation
Visit us at www.stolar-law.com
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