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Taking care to avoid property division mistakes

Californians who are getting divorced might want to make certain to avoid certain mistakes that can leave them with less from their divorces than they might otherwise receive. Taking into account income differences and potential tax consequences when dividing assets may help people to ensure that they get what they should be entitled to.

When people are negotiating property settlement agreements, many initially think dividing their assets equally makes sense. However, if one spouse makes less than the other spouse, it may make more sense to instead give the lower earning spouse a greater percentage of the assets than the higher-earning one . This may be especially true for retirement accounts since the higher-earning spouse may more easily replenish the account than the other may be able to save towards retirement.

People should also pay attention to the tax treatment of different property division scenarios. Not all assets are created equally for tax purposes, and some division types might lead to substantial tax costs later on. People might also need to determine if they need qualified domestic relations orders for retirement accounts that are being divided. These are used to make certain that the recipients receive the portion allocated to them in their divorces. They also help to avoid the account owner's incurring an early withdrawal penalty for the amount that is paid.

People who are divorcing after long marriages may have very complex property division issues. Over time, couples may have amassed substantial assets that will need to be divided. A family law attorney might use the help of financial experts in order to propose divisions that are tax-advantaged and fair to the client.

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