Divorcing couples often choose to follow mediation as a conflict-free path. They understand that many negotiations must be resolved through the process, but the third-part facilitator is specifically trained to foster positive, productive conversations from start to finish. That said, there are numerous elements such as child support, child custody and property division that can quickly become complicated throughout the divorce process.
Whether it is traditional divorce, negotiation or mediation, couples will typically focus first on physical assets. Ascribing a value and then dividing the family home, the family business, shared vehicles and prized collections can be a difficult prospect, but there are two elements of property division that can derail the divorce process:
- Dividing debt: A marriage might last years or even decades. In that time, the couple will likely amass numerous debts. Certain debts are directly tied to physical assets such as a home mortgage or a car loan. Other debts are more nebulous and might be difficult to accurately divide. From credit card debt to medical bills, the divorcing couple might find it challenging to work through a compromise regarding future debt responsibility. When divorce becomes a reality, it is wise to examine the debt and clear as much of it is possible. The couple might pay off loans and cancel joint accounts in advance of the property division process.
- Dividing digital assets: In the last decade, individuals and couples alike have placed more significance on their online assets. When it is time to divide these assets, however, it can become a complex prospect. Digital assets can include entertainment collections, online storefronts, shared social media sites, blogs and cryptocurrencies. Unfortunately, these assets can be difficult to separate.
While California is a community property state, complex financial matters can complicate how the division of assets proceeds. It is wise to have a skilled legal professional on your side who can answer your questions and provide the guidance you need.