In California, a 401(k) is usually considered community property in case of a divorce. This means it will be split between the couple. There are a number of ways this can happen.
When parents in California divorce, they have more than their own emotional well-being to consider. They must guide their children through the transition, and birdnesting has emerged as a strategy that eases children into the reality that their parents will be caring for them separately. The concept involves keeping the children in the marital family home. The parents typically split their time between the children's home and an apartment shared with the ex-spouse. The parents essentially live separately as they trade spots on a rotating schedule.
Some unmarried fathers in California might struggle to get custody of their children or pay child support. Although fathers are supposed to have equal rights along with mothers, over 80 percent of custodial parents are mothers. Fathers who don't pay child support might go to jail. Fathers may also be prevented from seeing their children because of protection orders or may struggle to get time with them because of paternity issues.
Getting a divorce can have a negative impact on a person's finances in many ways. However, California couples who are ending their marriage can take certain steps to avoid having their financial future adversely affected.
You need an attorney prepared for several issues that could arise during your divorce proceedings. The lawyer should have sufficient knowledge on how to deal with custody, asset division, alimony or anything else that you and your spouse are having difficulties on settling.