By Pat Burgess
In our last meeting there was a great deal of discussion around “Rights”, particularly if the primary bread-winner has the right to tell the other spouse they have “no rights” to certain marital property because they are the primary bread winners. NOT SO!!! California is a “Community Property” state. The Lawyer in our group went into a great deal of detail about “rights”, but suffice it to say, that both spouses have “contributed” to the marriage over time and therefore both have equal rights to the property that was accumulated during the marriage. This is a particularly sensitive discussion when it comes to the home. And this is something that all parties need to carefully consider. No one wants to be displaced out of their home because of divorce. But as our Financial Planner continually reinforces with the group, the decisions that you make in separating property have many tax implications. So prior to agreeing to any division of property, speak with your accountant and/or your financial planner. And don’t forget, when you are thinking of keeping your home and buying your spouse out of it, get a home inspection first and find out the cost of any and all repairs that might be needed to the house before you go forward with that decision! There are many hidden costs that you need to pay attention to.
But please remember, YOU HAVE RIGHTS!
Join us at our next meeting:
Tuesday, August 4, 2015
5:30 PM to 7:00 PM
Danville Chamber of Commerce Conference Room
117 Town & Country Drive, Suite #E, Danville, CA
Click here to see more on meetup.com