San Diego Marital Financial Issues and Bankruptcy Attorneys
Marital Financial Issues and Bankruptcy
Divorce is a harsh reality. And while the national divorce rate is nearly 50%, the rate in California is significantly higher at 60%. We all want to enter a marriage filled with optimism, but pretending that divorce is something that only happens to other people can lead to a great deal of pain down the road.
We recommend that San Diego couples protect themselves before they get married. By doing so, we’ve found that it can actually strengthen their relationship and help avoid divorce, knowing that their financial situation is already settled.
Prevent Marital Stress with Prenuptial Agreements
One of the most obvious ways a couple can plan for future misfortune is with a prenuptial agreement. California prenups are regulated by the Uniform Premarital Agreement Act. If a financial agreement is reached prior to marriage, as long as it meets basic requirements, it will be viewed favorably by the court should a divorce take place. However, such agreements only affect the spouses involved. Any children of the marriage will be fully entitled to financial support under California law.
Prior to marriage, couples can decide which assets will be joined and which will remain separate. This includes homes and other real estate, income, retirement accounts, business ownership, investments, inheritance, and any debts that one spouse has.
How to Handle a High-Asset Divorce
When divorces involve expensive assets like real estate, retirement accounts, business equity, complex trusts, and other high-value assets, even the friendliest couples can end up battling in court. With hard-to-dissolve holdings, it is difficult to determine what an equitable distribution of wealth is.
In such cases, it becomes necessary to work with financial experts to identify and value complex assets. Financial disagreements often arise over hidden assets as well, when one spouse tries to withhold property of significant value from the divorce proceedings, such as bank accounts, military pensions, or real estate.
At Huguenor Mattis, A.P.C., our San Diego divorce lawyers have expertise when it comes to valuing, negotiating, and litigating divorce cases that involve high-net worth.
Bankruptcy During Divorce
Filing for bankruptcy in the middle of divorce proceedings can significantly complicate the process. It’s not unusual for one or both spouses to be incapable of paying family debts. It’s also not unheard of for a spouse to leverage a bankruptcy to give him or her an advantage during the divorce.
No matter the circumstances, bankruptcy cannot remove some marital obligations. These include the payment of child support or alimony, the enforceability of property settlements, and the payment of joint credit card debt.
Bankruptcy complicates a high-stress situation. You need a legal team representing you that will ensure that your rights are protected every step of the way. Huguenor Mattis, A.P.C., has decades of experience handling complex family law matters and representing clients through the entire divorce process. Call us today at (858) 458-9500 to schedule a free consultation.