The Division of Community Property
There are several factors that enter into play when couples divide their property. They will determine how much one party receives and can be highly subjective with each case.
Divorce settlements are never an easy process but with the right experienced legal advice, separated couples can work towards the best outcome that benefits both sides. Always be mindful though, that a finalized division of community property is an irreversible process, so careful planning is advised before committing to any of the stipulated clauses.
By being clear and concise about social & employment statuses, property value, and child custody, legal professionals can make better plans for a fair settlement.
The Custody of Children
Bringing up children takes a higher toll on finances as compared to individuals without the heavy responsibility. Hence, a court may review custody matters between former spouses. Shared custody will entail in a fairer division of community assets.
Whereas sole custody will likely see a greater distribution of the property to the parent in charge. With ample documentation and declaration of custody, each parent will be granted entitlement of property accordingly.
The law usually arrives at the best possible arrangement that will benefit the child or children involved in the settlement procedure.
Earning Ability
While being a essential factor in determining the custody of children, earning ability also greatly affects the settlement process of community property.
If a party has been out of the work force for an extended period due to a legitimate reason such as sickness, disability or old age, the court may award the person with a greater entitlement of the property to set back losses.
The court may identify the working parties as self-sustaining and hence, award them with a smaller share of the settlement. However, cases differ and on a subjective basis according to the finalized decisions of the court.
Valuation Matters
The price of a property goes a long way in the settlement process. As a highly valued property can be easily evened out to ensure financial stability to both parties upon divorce proceedings, a lower evaluation may lead to an insufficient sum for both sides to benefit from the process.
Thus, it is important to acquire the greatest evaluation of a property for the best outcome.
Age Matters
Lastly, the age difference between the parties may also be taken into consideration. A person who is closer to the age of retirement may be more entitled to benefit from retirement schemes and other age-related policies while couples with closer age gaps may receive even distribution of the property.