When a married couple is facing divorce and a division of complex assets is required, it can be a significant challenge. Such matters can be fraught with emotion for a California couple and that can make for tensions, unless an environment of calm and reason can be created. With the help of an experienced attorney, it can be possible to keep things focused on plans for the future.
While this is important for married couples divorcing, it can be equally true for couples who cohabit and now are breaking up. In some ways, the challenges can be more complicated because community property provisions don't necessarily apply. That doesn't mean there are no property division solutions. Read on to see some further thoughts.
One suggestion offered up by a legal expert for a report in publication The Street centers on what is essentially a prenuptial agreement. In cases for unmarried partners, such a document would focus on how major purchases made during the relationship will be divided in the event of a breakup. Items covered could be a home, cars, or cherished pets. If the couple is involved in a joint business venture, division of those assets could be covered as well.
Experts suggest that unmarried couples maintain separate finances to the extent they can. But that isn't always easy over the course of many years. If joint assets exist, a house say, and a dispute arises over who should get it, the answer may be as simple as deciding who is best equipped to keep it up.
In any event, the experts urge emotional detachment and a businesslike attitude as key to resolving issues.
Source: MainStreet, "Splitting Up Your Finances After You Split," Nicholas Pell, Dec. 18, 2013