Once a California divorce is finalized, it is usually safe to assume that both ex-spouses can finally forget all the heartache and pain of separation, and move forward with their lives. However, at times, that is easier said than done. Sometimes, there are family law concerns that may re-emerge and complicate the divorce. This most often happens in high-asset divorce cases.
Whether parents have an amicable divorce or not, California family law views children as the innocent ones who can be negatively affected by their parents' separation. The law also sets a standard for parents when it comes to responsibility and obligation towards their child, particularly in the financial aspect. This is where child support comes in. Child support is a financial obligation that remains regardless of the marital status of the child's parents.
The recent Harold and Sue Ann Hamm divorce settlement, worth nearly $1 billion, is about a lot more than money. Californians can take away one hard lesson from the saga of this high-profile couple, plan ahead. A newly married couple may feel that only bliss awaits them in marriage and that financial matters will sort themselves out, but a prenuptial agreement is a simple way to acknowledge a stark reality, 50 percent of marriages now fail.
Many Californians know that divorce can have a big financial impact on people's lives. For this reason, some people consider or enter into prenuptial agreements before marriage that identify and establish specific assets as separate property belonging to just one or the other person. Separate property is excluded from property division but marital properties - that is, jointly owned properties - are subject to distribution. California law also addresses another category of asset known as quasi-community property.
Many California couples are open to the topic of cohabitation before marriage. Some of them put off marriage and prefer to live with their significant other so that they can prioritize their career first. This is one of the reasons why many children are born to unmarried parents, resulting in more paternity cases. Basically, when a child is born out of wedlock, the mother's relationship with the child is the only one established, while the father's relationship with the child can only be legally recognized after establishing paternity or parentage.
For many children in California, financial support from a parent who lives apart from them plays an important role in their lives. In many cases, child support provided by a noncustodial parent becomes the main source of income for the children's households and something the custodial parent depends on each month. Child support buys food for the child and pays for school expenses and extracurricular activities.
California couples are familiar with the concept of a family-owned business. Often, couples who own a business together work together to operate the business or perhaps one spouse does the work while the other provides investment funds. Often, couples who work together have long marriages and business partnerships.
Following a parent's divorce, each party may have different plans on how they can rebuild their life after the marriage. That plan also includes how they can maintain a good relationship with their child, in spite of the divorce. A stable parent-child relationship, visitation time and time sharing are among the issues included in a parenting plan.
Ending a marriage includes the process of property division. Upon property division, the marital properties, assets and debt would be subject to division. This would likely impact one spouse's financial stability during and after divorce. The income flow would be altered as well. However, family law solutions in California may permit a spouse to seek financial assistance from the other spouse.