March 15, 2013 (Press-News.org) Coming to a decision to obtain a divorce is often fraught with anxiety, uncertainty and emotional upheaval. Upon making the decision, many couples are in such a hurry to get the actual divorce process behind them that they make poor decisions that can haunt them for years to come.
Experienced divorce attorneys in California, and around the nation, agree that there are tips divorcing couples should consider as they prepare to go their separate ways.
Do not rush
Try to set your emotions aside and step cautiously as you step into the fray. It pays to be careful so take your time as you negotiate a divorce settlement.
Choosing when to file for divorce can have a huge impact on your financial outcome. Once you file, your assets are frozen and the valuation date of your business, or one in which you have an ownership interest, is set. Separate whatever assets you can prior to filing or risk having them split 50/50 between the two of you upon settlement.
Estate planning issues
Do not change your will. California is a community property state which means there is a presumption that marital property and debts will be split equally upon divorce. Assets contained in the provisions of your will may be considered community property and you may not be allowed to change your will during or following the divorce proceedings. If you want to change your will, do so prior to filing for divorce.
Check with a legal professional about the timing for changing beneficiary names on your retirement savings accounts and insurance policies.
Business ownership issues
As mentioned previously, the date of filing establishes the valuation date of your business. If a business you own is heading for a huge windfall (or loss), the date of filing is the date that a court will use when it comes time to settle your assets, regardless of its value at the time of settlement. For example, if a business is really starting to take off, filing right away establishes its value at the low end. Conversely, waiting to file may be prudent for those whose business is heading into a slump.
Do not cut corners: Spend the money and consult with a business valuation expert if a business is included as a marital asset. Do not take your soon-to-be ex's word on its true value.
Seek legal counsel
These are only a few issues that can arise during the process of a divorce. Decisions must also be made regarding such issues as:
- Alimony
- Child support
- Child custody and visitation
- Distribution of assets
- Division of debts
To ensure that your rights are protected, seek the counsel of a knowledgeable divorce attorney who can help you negotiate a fair settlement in your divorce.
Article provided by Law Office of Stettner & Morris
Visit us at www.semlaw.com
Tips for avoiding poor decisions while seeking a divorce in California
People can make poor choices in their haste to end bad marriages. Divorce attorneys offer tips to help you file for divorce at the right time, properly value your business and tend to other issues.
2013-03-15
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[Press-News.org] Tips for avoiding poor decisions while seeking a divorce in CaliforniaPeople can make poor choices in their haste to end bad marriages. Divorce attorneys offer tips to help you file for divorce at the right time, properly value your business and tend to other issues.