California Assets With Divorce

Category:
State:
California
Control #:
CA-P086-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this Organizing your Personal Assets Package, you will find the state specific forms that are necessary to organize your personal and financial affairs and achieve your financial goals. This package contains forms that are essential for analyzing your budget and planning for your spending and savings needs. Forms included also allow you to organize your important documents, ensure accurate record-keeping, and minimize time and expense involved in dealing with emergency situations. If purchased separately, these forms would be valued at $97.50. Save over 48%!


Included in your package are the following forms:


Cash Flow Statement


Retirement Cash Flow


Personal Monthly Budget Worksheet


Personal Property Inventory


Personal Planning Information and Document Inventory Worksheets - A Legal Life Document


General Durable Power of Attorney for Property and Finances Effective upon Disability


Sample Letter for Request for Credit Report


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How to fill out California Organizing Your Personal Assets Package?

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FAQ

In California, the state follows a 50/50 law, which means that any assets that were acquired during the marriage are split equally between both spouses. While this may seem like a fair approach to asset division, it can create problems for individuals who want to keep what's theirs.

Property you didn't earn, like a gift or inheritance one of you received while married, is not community property. Generally, a loan to pay for one spouse's education or training (student debt) is treated like that spouse's separate property.

In California, a wife is entitled to half of the marital assets and up to 40% of her spouse's income for child support, spousal support, and other terms of the divorce settlement.

How to Protect Assets from Divorce. In many states, including California, property owned by a spouse before he or she is married is considered separate property and is not divided between spouses when they divorce. Trusts, if established before the marriage, are also considered separate property.

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California Assets With Divorce