Author: Scott

Child Support and Changes Coming in 2019

Post author By Scott
Post date January 28, 2019

Couples divorcing in 2019 or after should keep in mind that children and child support won’t be the tax deduction they used to be. Because of that, you’ll want to work with a divorce attorney if you are seeking a divorce in 2019 and you share children with your soon to be ex spouse. Before we talk about taxes and children, we’ll take an overall look at child support.

An Overall Look at Child Support

It’s a term that gets thrown around a lot, especially in divorce cases where children are involved, but it’s not always necessarily defined. Child support is a monthly payment that parents pay to help cover the costs associated with raising a child, such as education, health care, and after-school activity costs. Just as every child is different, the amount that needs to be paid is different and will be based on the child’s needs, in addition to the ability of the parent to pay, in addition to some set legal guidelines.

Typically, the custodial parent – the parent who cares for the child most of the time – receives the child support payments. And the non-custodial parent – the parent that spends less parenting time – typically makes the payments. It is assumed that because the custodial parent is in legal charge most of the time, that they are already directly spending money on the child. A court is also able to order both parents to pay child support.

Usually, child support is paid until the child turns 18, though there are some exceptions. Exceptions include: the child marries, joins the military, or becomes self-supporting. Other times, the support may continue until the child turns 19 if the child is still in high school and lives with a parent. Support can also be extended past the age of 19 if parents agree, or if the child is unable to become self-supporting due to a disability.

Child Support Guidelines in California

While each case will be considered separately and individually, the payment amount a parent must pay is based on California’s child support guidelines and new laws that are coming into play in 2019.

There are so many additional factors that can weigh into a child support decision. Because of this, it’s advised that you work with a family law attorney that can help you get a fair amount.

In cases with special circumstances, where parents have different time-sharing arrangements than the typical, child support decisions can be difficult to determine. Examples of these special circumstances include: when the parents have equal time-sharing, but one parent has a much lower or higher percentage of income; where the child has special medical needs. In cases like these, a court will need to weigh all these special factors.

Parents are also able to pay more, if it is agreed, and also agree for one spouse to pay less. Regardless of the decision, a court will need to approve the final amount. It’s important to note that a court will always take the child’s best interest into account. This factor will always play into the decision regarding the amount of support payments, so if a couple decides to pay less, then the parents will also need to be able to prove the child’s needs will be met. Paying less support is not an option for parents who have applied for or receive public assistance. Instead, a parent who receives public assistance may agree to support payments that are at or above the amount provided by the guidelines. Additionally, the local child support services agency must also agree to the lesser amount.

How is Child Support Determined

Child support periodic installments and amounts are determined by trial courts and the amount varies between each case. Factors that contribute to the determination of child support amount and payment frequency include a child’s age, the specific health needs of a child, specific and often special educational needs and the overall standard of living that the child would have enjoyed had the family stayed together. The court will make specific decisions for child support amounts based on both the custodial and non-custodial parent’s net monthly income that they bring in as well as requiring a parent to pay a certain percentage of their annual salary. In some situations, the court may also require that a certain percentage of any annual bonuses received be submitted as child support.

The Uniform Marriage and Divorce Act

Without regard to marital misconduct, the Uniform Marriage and Divorce Act requires a parent to pay the reasonable amount necessary for a child’s ongoing support. Factors that contribute to this determination are a child’s financial resources that they have at their disposal, a primary caregiver’s available financial resources and the overall standard of living for the child had the marriage continued. The emotional, physical and psychological condition of the child is also carefully considered, as are specific education and/or health needs.

Other Forms of Child Support

Besides basic living expenses required for the ongoing well being of a child, additional payments to cover expenses such as future medical or dental expenses, vacations expenses, camp or extracurricular expenses and private school expenses.

Calculating Child Support Payments

To calculate what a court will want you to pay in child support, you’ll first need both parents’ net disposable income. You can work with a family law attorney to determine what can be deducted.

You’ll also need to know the following information:

number of children who need support
custody (time-share) arrangement
both parents’ tax liabilities
whether a parent is already supporting children from another relationship
child’s health insurance expenses
both parents’ mandatory retirement contributions and other job-related expenses, and
all other relevant costs (health care, day care, travel, etc)

Remember that a court will require either one or both parents to contribute to the child’s health care and child care. A court also has the discretion to require additional payment for the child’s education or special needs, as well as for a parent’s travel expenses for visiting the child.

Remember that after you have calculated your child support payment, that this is just an estimate until a court reviews it and approves it. A family law attorney is a great way to ease this process, as it can be overwhelming to calculate.

You Must Pay Child Support

Every parent that is ordered to pay child support, must do so. A parent that avoids paying by refusing to work or working less very rarely gets away with it. A court can “impute” income. This means that the court will look at factors like employment history, education, and training and come up with an amount of income that a parent should be earning.

Modifications to the Amount of Child Support

Even if a child support payment has been agreed to, it can be modified. This is usually only granted if there has been a significant change in financial or time-share circumstances.

Such circumstances include: job loss, increase in income, or a shift in how much parents are spending with the child. Other reasons include: when a parent has another child with a different partner or when a parent has an extended illness or goes to jail.

When a modification request is made, the court will consider both parents’ current financial situations and time-share. Sometimes when parent’s income has decreased, that parent’s child support payment goes up due to the time-share factor. Child support payments tend to increase when a parent’s percentage of time-share decreases. A court will need to recalculate time-share amounts in addition to the changes in income.

A Family Law Attorney

But when it comes to the actual legal process of a divorce and determining child support and payment, you’ll want to work with a skilled family law attorney. There are a number of things that a family law attorney will be able to advise you on, including: child support, spousal support, marital property division, and other things. Working with a skilled attorney can help ensure you get a fair case. For advice on divorce, child custody determinations, setting up a co-parenting agreement, dividing marital property, and spousal support you need the expert law firm of Divorce Law LA. Schedule a consultation today.

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags Child Support, tax law

Divorce Family Law

Divorce and Social Media

Post author By Scott
Post date January 21, 2019

Ten years ago we might not have needed to have this conversation, but with the rise of social media, it’s important to know that there are things that can be held against you in divorce court if you choose to post your divorce on social media outlets.

Divorce and Social Media

While it seems that exes have no problems posting their frustrations with each other online, there are potential consequences for people that want to vent their unhappiness online. Whether updating a Facebook status to call out an ex-wife, or tweeting raves about a judge’s decision, people use social media platforms to tell the world about their lives… and their divorces.

But before you decide to post to Facebook, Twitter, Instagram, or any other social media, there are some things you need to know – namely how it could potentially affect your divorce and the judge’s decisions.

Social Media as Evidence in Divorce Court

Social media can be a valuable source of evidence in family law cases involving divorce, child custody, and child support and visitation. It’s not uncommon for people to assume that their Facebook posts, tweets, Instagram photos, and other social media activities are more private than they really are. Though people are becoming increasingly more aware of the fact that social media is not as private as they thought, people still continue to post information they otherwise would have never volunteered. This information includes: financial affairs, adultery, improper parenting, and even dangerous or illegal activities such as drug use. It’s all been seen on the internet, and it all still continues to be seen on the internet.

“Privacy” and Divorce

Many users of social media believe their pages are “private” and thus should not be able to be used in a family law battle. In previous cases, people have claimed that their Facebook profiles should be excluded from judgement or as evidence because they are only shared among a small group of Facebook “friends.” Yet courts continue to reject this argument, determining that there is little to no reasonable expectation of privacy with regards to actions taken on a social media platform. Even creator of Facebook, Mark Zuckerberg, has stated “privacy is no longer a social norm.”

It’s important to remember that while you can control your privacy settings, the information can still be easily shared. Sometimes parties going through domestic law cases “un-friend” the opposing party. Even then, information can still be shared through mutual friends and family members who are still able to see whatever you post. The information can also still be requested by an attorney. In previous cases such as Offenback v. Bowman, Barnes v. CUS Nashville, LLC, and Largent v. Reed judges have privately reviewed information to determine if information should be disclosed in a case.

Deleting Information

You or your ex-spouse might try to hide evidence by deleting it. But this can be dangerous too. Intentionally deleting information can be legally seen as the destruction of evidence. This can cause even more legal trouble in court. In the case of Lester v. Allied Concrete Co, the court fined both the defendant and his attorney for removing harmful posts and pictures on a Facebook page.

But how did they find out?

In our current social media age, it’s not uncommon for lawyers to take to social media to gather evidence when they are first hired for the case. Often times this means an attorney has social media information long before a person has time to delete or conceal the information. When this evidence “goes missing” and that fact becomes evident in a court of law, the deletion can have larger consequences than the original evidence.

How to Deal with an Ex

If your ex is continually bashing you online, try to focus on other things. Maybe it now the chance to prove you’re the bigger person by ignoring them.

Here’s some advice from those who have been through it before:

“Here’s my advice: Ignore it and consider the source. Giving him any satisfaction that he’s affecting you will only empower and embolden him to continue his childish tirades. Rise above it all, and show your daughter how a real adult behaves.”

– Diane D.

“The best revenge is to live a happy life. Remember when he bashes you, he is suffering. Smile and enjoy your freedom from this unkind man.”

– Maggie Z.

“I unfriended everyone we had in common, not in life, but on Facebook. I also blocked my ex and his now-wife and people that I knew to be an issue. It didn’t work all at once. It was a gradual change as I never responded to anything they said and I never said anything about them, but over time it seemed to work. And I really don’t care now. His reputation was very important to him, so he went to great lengths to make sure everyone that knows him thinks I am horrible. I just avoid those people and focus on my own life.”

– Heather P.

“I copied everything and printed it. I did block him after that. Judge was NOT happy about it. Of course we are civil now and different than we were over two years ago. But it is unacceptable behavior and it just makes him look horrible to the judge and mostly himself. Someone that bashes an ex like that on social media is a terrible friend to have. People start seeing the terrible side of him and his immature ways. Ignore it, copy EVERYTHING, then block him. Worked well for me.”

– Nichole S.

To Remember

It’s important to remember that just like in a criminal investigation, anything that you say can– and likely will – be used against you. This is especially true when a court is deciding how to award custody of children. If your Facebook wall is filled with images of you partying, chances are the court might take this into consideration. The same goes for if you use your Facebook wall as a way to voice concerns and your irritation about your ex-spouse’s short-comings. A court wants to know that you are capable of taking care of your children and being able to raise them in, ideally, a co-parenting situation.

Consulting a Therapist

If you really feel the need to vent your emotions, you might consider working with a therapist. They can help you work through feelings of sadness, anger, guilt, while also providing an un-judging ear. Best of all, everything is guarded under a patient-therapist agreement which means that they cannot share your feelings. This can be a great way to talk through your emotions without involving anyone else, while also receiving the emotional support that you might be searching for when you vent online.

Consult a Lawyer

As with anything regarding your divorce: child support, spousal support, marital property division, child visitation, etc… you should consult a family law attorney. A lawyer from the expert law firm of Divorce Law LA will be able to guide you through the divorce process. The Divorce & Family Law Offices of Divorce Law LA will provide you with the highest level of expertise and professionalism from our skilled attorneys. Our Divorce and Family Law Practice spans a wide spectrum of areas that include: divorce, high net-worth divorce, marital property division, child custody and visitation, and child support.

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags Facebook, facebook status, social media, Twitter

Child Custody Child Support Child Visitation Collaborative Law Divorce Family Law High Net-Worth Divorce Marital Property Division Mediation Spousal Support

Finding the Silver Lining of Divorce

Post author By Scott
Post date January 14, 2019

When we’re little kids we imagine finding our prince or princess and riding off into the sunset that is “happily ever after.” We never think that “happily ever after” will end in divorce. Yet, for a lot of people, that’s exactly where their story ends up.

Finding the Silver Lining of Divorce

It goes without saying that divorce is a difficult process. Whether or not there are kids involved, a number of thing need to be worked out: child custody arrangements, child support, spousal support, marital property division. A family law attorney will be able to help you with these aspects of ending a marriage. But you’ll also need help working through the tougher parts of ending a marriage: emotionally tiring and stressful aspects of ending a mrriage. It not only changes your entire lifestyle, it changes you. If you can step back, you might just realize how it changes you in a good way. Here are some positive aspects of a divorce that you may want to consider. In the end, you might just be grateful for the little things that you learned from going through one of the hardest processes you could go through.

You, After Divorce

Maturity
Sure, you have to legally be an adult before you can get married, but that doesn’t make you mature. If you had to take a maturity test before tying the knot, chances are marriage wouldn’t even exist. In truth, we often enter marriage still in a childlike state due to the faith we’ve put into the idea of “soul mates” and the fairy-tale romances we’ve been told that end in happily ever after. We might have been blind to the fact that marriage requires a whole ton of effort, and on your part, not the part of a fairy godmother. There’s also a good chance we never set down the wounds of our childhood. Those patterns that we picked up as children (yeah, those ones we never dealt with) all get taken along with us, becoming patterns that impact our marriages and adulthood.

Divorce is like the evil step-queen, yelling in your tear-streamed face. She’s not going to let you go on being the prince or princess that you thought you were. You’re going to have to create some magic of your own, on your own, perhaps for the very first time in your life.

Confidence After Divorce

Divorce can knock your confidence level down to zilch. You’re probably feeling pretty defeated because you weren’t able to hold your marriage together. And if infidelity played a part, then you’re also wondering where you fell short and why your ex-spouse decided to look elsewhere. All that, plus the idea that the whole dating scene has completely changed and now you have to get back out into, can lower your confidence level to below zilch. It’s terrible. But that’s only the first half of the story. Here’s when you re-write the second half.

When you successfully complete something that in your mind you just knew you could not do, you gain confidence. Having to re-frame your assumptions about your weaknesses and limitations, forces you to find a way to believe in yourself. Facing your fears and surviving gives you strength. And after battling through opposition you can emerge, sure, bruised and battered, but knowing that you didn’t give up.

Perspective
Yup, it’s true, hindsight is 20/20. You have to walk through something, get a far way ahead of it, and only then can you look back and see just how important that process was. At that point you can see the beginning, the middle, and the end, and how that end is so clear and empty of emotional and clutter. Take this new clarity and run with it. That perspective can give you amazing information you need to change your own behaviors and to improve your future relationships.

Gratitude After Divorce

After you lose everything, you take nothing for granted. Divorce can be like losing everything: past memories, your present marriage, and future dreams. Let that be your determination to survive. But this is also a time to lean on friends and family that stepped up and stood by. They will lift you up, even when you can’t lift yourself. Be grateful for them, and try to show them that you are. If not now, then try to later.

Empathy
When you have felt pain, you honor and respect that pain in others. Divorce can make you more empathetic towards people facing any form of loss. You will move towards acceptance and forgiveness of your situation and your ex. And with this movement will come the ability to see things from other people’s viewpoints, making you a better friend, and a better person to be in a relationship with (down the line, when you are ready for one).

Divorce wipes away the ego that believes it’s shameful to ask for help. After you admonish this, you will be able to accept help for yourself, and then be able to offer help to others who are in need.

Responsibility
It’s easy to blame your ex, to place the responsibility for the divorce in his or her hands. We also might realize that all too often we have looked to them to provide happiness, or support for making decisions. This interdependency ends with divorce. It’s good to be interdependent, but divorce requires that you learn to be independent. You’re going to be steering this ship on your own. You’re going to have to be responsible for your own things now: happiness, support, etc. Let this empower you though, rather than make you feel lost or scared. You’re completely in control now. You can change. It’s your life now.

Humility

Divorce teaches us that no matter how much we want something to be true, we can’t force it into being. All those choice you made have consequences. And maybe now you are being forced to see them. Sure, you might have said “divorce will never happen to me,” but now it has. You’re going to have to admit that it can happen to anyone. Let this “slap” of reality force you to embrace acceptance while also redefining expectations. You’re not immune to anything.

Fortitude
Divorce can be a longer process with more setbacks than you had ever imagined before you took that first step. Just when you think that the worst is behind you, BAM! It hits you again. Two steps forward, one step back has never been more true. It takes grit to survive.

Awareness
Divorce can be a wake-up call. Often times people realize they were living in a kind of “auto-pilot” mode when they said their “I dos.” The clarity and awareness you have after saying your “I Un-dos” might provide you with a sense of awareness that wasn’t there before. A lot of people turn to meditation and yoga during divorce because it settles the mind to allow for awareness. This mindfulness and consciousness will be helpful moving forward in your new life.

Ingenuity
Divorce is also a way to test your abilities… all of them. Your negotiating skills, your financial skills, your balanced budgeting skills, co-parenting abilities. You are the only problem solver now. You will need to work out how to afford your rent on a portion of the budget you once had. You will also need to learn how to co-parent, potentially with an ex you hate (for now). But the more you are placed in these new positions, the better you will become at those tasks.

Wisdom from Divorce
Divorce can be an opportunity for reflection and analysis. You are now raw and ready to learn new ways of doing things, in addition to just learning new ways to move on and cope.

Working with Professionals During and After Divorce

Therapist

There are so many emotional things that you will need to work through when you decide to end your marriage. You might want to consider reaching out to a therapist or life-coach to help you through the emotional aspects. They can coach you on coping techniques and skills that will help you come to terms with your divorce.

A Family Law Attorney

But when it comes to the actual legal process of a divorce, you’ll want to work with a skilled family law attorney There are a number of things that need to be considered during a divorce: child support, spousal support, marital property division, and other things. Working with a skilled attorney can help ensure you get a fair case. For advice on divorce, child custody determinations, setting up a co-parenting agreement, dividing marital property, and spousal support you need the expert law firm of Divorce Law LA. Schedule a consultation today.

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags Alimony, Child Support, Divorce, divorce agreement, divorce lessons, Spousal Support

Divorce Family Law

Figuring Out Divorce Finances in 2019

Post author By Scott
Post date January 7, 2019

It’s a change we’ve been talking about over the past year – the change to tax law that will impact your divorce. We’ll discuss the changes and what you need to have in place to make sure that your financial picture is still sound after your divorce.

Figuring Out Divorce Finances in 2019

Tax law is coming and if you are divorcing in 2019, you’ll want to know what those changes are. Here are the ways tax law is changing:

1. Alimony paid will no longer be tax-deductible and alimony received will no longer be taxable income.

2. Children won’t be the tax deduction they used to be.

3. Pre- and post-nuptial agreements may be affected by the tax changes.

Financial Tips for Your Divorce

Build a Team

“Don’t go it alone,” says Mike Lynch, vice president of strategic markets at Hartford Funds. “Build a team today – a qualified team of legal, tax and investment professionals. Maybe it’s your current investment professional, or you may seek a new one that understands your situation better.”

But not just a team of legal and financial professionals – you’ll also want to build a team of “emotional professionals,” such as friends or a therapist that can help you deal with any emotional pain that you are experiencing.

There are some additional things you can do to help your emotional well-being, including:

Waking up and getting out of bed each morning
Get yourself in the “moving forward” zone
Eat well
Get inspired
Get perspective
Do something that will propel you forward instead of just dwelling

These can feel very hard to do following divorce, but if you can place one foot in front of the other, and just try to keep moving forward, it can help a great deal in not feeling overwhelmed by the experience.

Be Civil When Dealing with Your Ex

When it comes to working out aspects of a divorce, including marital property division, alimony, and child custody and visitation, you’re going to want to at least try to be civil with your ex. This might mean working with a relationship therapist that will advise the both of you on how to find common ground. At the very least, you need to find a way to communicate with each other without having it end in a shouting match. Sometimes email is the best – where people can state the facts. Texts can also work. If you feel comfortable talking with your ex, just remember to record your interactions and what was discussed. Senior vice president of David A. Noyes & Co., Linda M. Conti knows divorce first-hand. “My parents went through a bitter divorce,” she says. “They separated when I was 3 and the divorce was final when I was 6. I grew up living through ‘what not to do to your kids during a divorce.’ I wish someone could have counseled my parents better through all aspects of the divorce.” You have to remember that staying calm is the best way to resolve the financial aspects of a divorce.

Property Division

Marital property division can be one of the most contentious aspects to be decided during a divorce. State laws govern how the marital property will be divided. You will need to check with an attorney to see if you live in an equitable distribution state or a community property state.

There are four other steps that need to be considered when diving marital property:

Identify the assets owned by you and your spouse
Categorize all assets as marital or non-marital property
A value will need to be assigned to the assets
Devise a plan for the division of assets that is in accordance with state laws

Consider Selling Shared Property

It’s always advised that you sell the primary home instead of having one spouse keep it. Retaining ownership of a home – or the question of who will retain ownership – can often lead to issues. Questions such as: who will take care of maintenance and who will take the utility bills need to be answered. It’s often advised that a couple sells their home and split the proceed of the sale. That way, both sides receive an equal amount.

Work with a Divorce Financial Analyst

You might consider working with a divorce financial analyst that can help with your settlement by:

Locating assets. This also includes hidden assets.
Ensuring information about family finances is accurate and complete.
Developing a long-term forecast of how your divorce will affect your finances when it comes to retirement needs, tax liabilities, and benefits.
Developing a realistic household budget so that you know where you stand in terms of life insurance, health insurance, and cost-of-living increases.
Appraising and/or valuing assets.
Preparing financial affidavits that describe your financial and tax implications when it comes to various divorce settlement options.
Mediating a financial agreement between you and your soon-to-be ex-spouse.

Update Your Beneficiaries and Your Will
Emily McBurney, attorney and qualified domestic relations orders (QDRO) expert, advises you update your beneficiary that is listed on your life insurance and retirement accounts. It might not make sense now if your primary beneficiary is your ex-spouse.

“Review all of your accounts and insurance policies and change the beneficiaries. A divorce does not automatically terminate your former spouse’s rights to be the beneficiary on your retirement plans, bank accounts, and life insurance policies –- even though your divorce decree might say that your former spouse has waived all rights to the benefits,” says McBurney. “You will need to formally submit a change of beneficiary form to each financial institution. Otherwise, the benefit will be paid to whoever is listed on their forms at the time of your death — regardless of your divorce.”

You’ll also want to do this for your will.

According to certified divorce financial analyst Donna Cheswick, “Meet with an estate planning attorney to discuss your state’s laws regarding possible updates to your will, power of attorney and advanced directives. You want to be sure that your former spouse is no longer entitled to any distribution in the event of your death. And if your settlement agreement requires one party to maintain life insurance on the other, then there needs to be a method in place to be sure this is actually occurring. Just because the former spouse says they will do something, doesn’t mean that they are following through.”

Have a “Single” Financial Plan

When you were married, chances are you had a second income coming in to help with things like child care, the mortgage, and other utilities. You might now be receiving or paying spousal support or child support. You also may not be receiving any kind of support. Whatever your new financial picture is, you’ll need to know how to budget according to your new income amount. Putting this together before entering the divorce process will help you understand your needs following the divorce so you can come to a settlement that works.

Make sure you plan for college tuition, child care, children’s lessons, sports and activities, and your own retirement, taxes, transportation and housing. It’s hard to plan for the unknown future, but try to get an idea of what your 1 year, 5 year, and 10 year financial needs will be.

Financial Future

Considering your financial situation after your divorce can feel daunting and overwhelming, but if you take the right steps, you can be sure to set yourself up for financial freedom. It might take some tweaks, but consider the fact that you are now completely in charge and able to make your own decisions regarding how your money will be spent. Embrace it, and embrace the freedom you now have.

A Family Law Attorney

When it comes to the actual legal process of a divorce, you’ll want to work with a skilled family law attorney There are a number of things that need to be considered during a divorce: child support, spousal support, marital property division, and other things. Working with a skilled attorney can help ensure you get a fair case. For advice on divorce, child custody determinations, setting up a co-parenting agreement, dividing marital property, and spousal support you need the expert law firm of Divorce Law LA. Schedule a consultation today.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags 2019 divorces, 2019 tax law, changes to tax law

Divorce Family Law

Is 2019 Your Divorce Year?

Post author By Scott
Post date December 31, 2018

For some couples the holidays can be even more stressful – they can also mean a divorce in the new year. As we round out 2018 and look towards 2019, you might be considering a divorce for your new year. Below we discuss why January has been nick-named “Divorce Month,” as well as what to do if your new year means “new divorce.”

Is 2019 Your Divorce Year?

According to James McLaren, president of the American Academy of Matrimonial Lawyers, divorce attorneys “see a significant increase in people seeking out divorce advice and, ultimately, filing. The number of filings is one-third more than normal. That begins in January and probably goes into early March.”

What is it about the new year that drives people to divorce? A lot of times, that divorce has been a long time coming, and not just the result of stressful holidays.

If you are considering divorce, you know it’s not a consideration taken lightly. Chances are you’ve been dealing with these emotions for a while now. Know that you are not alone. There are many reasons that people divorce. Here are a few of them:

Lack of communication. When you are unable to communicate with your partner, you create distance. This can be from lack of sharing feelings, or not keeping your partner in the loop about what’s happening with you emotionally. A successful relationship is one that has open lines of communication. Otherwise, it can feel like nothing is ever resolved, and as if you aren’t even talking about why things can’t be resolved. Additionally, chances are you both feel as if something is being left unsaid. These feelings can multiply over time and become much larger than they were at the beginning. You might consider working with a relationship therapist to learn how to communicate effectively.

Financial Issues. Money, and lack of it can lead to a lot of problems in relationships. Often times two people have very different mindsets when it comes to saving and spending. If you and your spouse are not in agreement when it comes to how to manage your money, it can cause a lot of problems. Sit down and have an open conversation about how you relate to money and what your goals are. You might find one spouse wants to save to buy a house or to go on a big vacation, while the other spouse would rather go out to dinner every night of the week and have a closet filled with amazing clothes. You might have different goals, and neither one is wrong. Try to find a middle ground. You might also want to speak with a financial adviser that can take a look at your financial situation and advise you on how to move forward based on your joint goals.

Feeling Held Back. When you first started dating your spouse you may have felt as if the sky was the limit, or maybe you felt like you needed to change yourself a little for him or her. Over the course of a marriage, things can change. You might feel now as if your spouse and marriage are holding you back from achieving goals and taking opportunities. If you don’t feel supported by your spouse you can begin to feel as if you are being held back from really accomplishing what you want to during your lifetime. Try to get a clear-headed assessment. Are you really being held back? Or maybe it’s just how you are perceiving the situation. An open conversation might be the best place to start.

Trust. Trust is one of the leading factors in having a successful relationship and marriage. It can be impossible to achieve anything if you do not trust each other. Ask yourself if there’s a reason for the lack of trust. Was there an infidelity or past infidelities? Or are you just reading into things? Try to get a clear head about why there is no trust in your relationship. Maybe working with a relationship therapist can help you both deal with any trust issues.

Expectations. If you expected one thing at the beginning of the relationship and you aren’t getting it now, or your expectations have changed, you might find that you aren’t as happy in your relationship as you could be.

Your spouse doesn’t understand or fulfill your needs and desires. We all have different needs and wants that need to be met by the significant other in our lives. If you have a partner that doesn’t acknowledge your interests and desires then they won’t do what they can to fulfill your needs and wants.

Sudden Life Change. New changes happen at every moment in our lives. This can be the birth of a child, death of a parent, sudden job loss, a new opportunity for a job across the country. You will both need to be adaptable and know how to be supportive of each other. Life is unplanned, but you should be able to plan that your spouse will be there to support you whether its a good change or a difficult one.

Domestic Violence If you’ve been in a situation, or are currently in a situation, where your partner has been abusive or controlling in any manner, you should consider seeking help. If need be, contact a trusted family, friend, or an attorney about this matter.

So, why January?

While there are numerous reasons for divorce, that still doesn’t explain why January is such a peak month.

What does explain it are the holidays, and what the holiday season can mean. Often couples just want to “get through the holidays.”

According to McLaren, “It doesn’t look very good to sue your spouse for divorce on Christmas Eve.” Additionally, courts are not necessarily open during the holiday season like they are during the rest of the year. “You do not want to file a divorce case and be faced with the inability to get into court.”

Other couples decide to wait till January so that kids are able to spend one more holiday season altogether. In some ways, couples view it as “the last Christmas.”

And according to Abby Rodman, a psychotherapist based in Boston, there really is no perfect time to get divorced. “Most marriages aren’t all bad, all the time,” she says.

Legal Separation

While divorce might seem like the only option, remember that legal separation is also available. Legal separation allows couples to live apart and take a “break” from each other, while also ensuring that each spouse’s legal rights are protected via a legal separation agreement. Legal separations can also be called: “judicial separation”, “separate maintenance”, “divorce a mensa et thoro“, or “divorce from bed-and-board.” All these terms refer to the legal process by which a married couple formalizes a de facto separation while remaining legally married.

Steps to Follow for Legal Separation

Here are the steps you will take to acquire a legal separation:

Consider working with a family law attorney that can advise you on all the necessary steps of your legal separation.
You and your spouse will need to decide on grounds for the separation
Fill out a Form FL-100 Petition. This form includes options for divorce (dissolution of marriage) or legal separation.
If you have children under 18, you will need to complete Form FL-105/GC-120 which provides information to the court regarding children.
File Form FL-100 at your local county court. Pay any necessary fees. If you receive public benefits or have low income, you might be eligible for a fee waiver.
Serve your spouse with a copy of the court papers if they were not filed together. There will need to be proof of the serving, which can be done through various means such as a process server. A family law attorney can advise you on how to obtain this proof.

Sign a Formal Legal Separation Agreement

It’s always advised that you sign a formal legal separation agreement. This agreement outlines child support and visitation, property division, and any other aspect of a marriage. An attorney will be able to prepare this legal and binding document. This will offer you legal protection should your spouse fail to live up to his or her obligations and will also also hold up in court.

The following should be included in the legal separation agreement:

Spousal Support

Benefits – With legal separation spouses are able to retain certain benefits that were available during the marriage, such as health insurance.

Home Residency – If a couple shares a home, it should be decided at this time what will happen to the residency during the separation. The agreement should include information regarding who is able to live in the home, who is responsible for maintaining the home, and who is financially handling the home.

Joint Accounts – A legal separation agreement outlines who has access to those joint accounts such as joint checking, savings, and credit accounts. It’s often advised to close or freeze these accounts during the separation. Each spouse will then need to obtain their own personal accounts.

Protection from Acquired Debt – A legal separation agreement will shield you from being responsible for debt acquired during the time of the legal separation.

Deciding on Divorce

If following your legal separation, or if you just decide after the holidays that you want to divorce, it’s always advised that you consider working with a family law attorney. They will be able to advise you on any number of issues, including: child support, spousal support, marital property division, child visitation, etc… A lawyer from the expert law firm of Divorce Law LA will be able to guide you through the divorce process. The Divorce & Family Law Offices of Divorce Law LA will provide you with the highest level of expertise and professionalism from our skilled attorneys. Our Divorce and Family Law Practice spans a wide spectrum of areas that include: divorce, high net-worth divorce, marital property division, child custody and visitation, and child support.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags divorce month, divorce year, reasons for divorce

Divorce Family Law High Net-Worth Divorce Spousal Support

New Tax Laws and Your Divorce

Post author By Scott
Post date December 24, 2018

If you’re planning to get divorced this year, you might want to act fast. New tax laws will be taking effect soon.

What New Tax Laws Mean for Your Divorce

The Tax Cuts and Jobs Act will effect divorces that happen after December 31, 2018. Under this new law, a taxpayer will no longer be able to deduct the alimony payments that are made to an ex-spouse. And the alimony recipient will no longer pay taxes on that income.

At the beginning of 2018, it was predicted that this new law would cause a big rush on divorces, due to the fact that people would try to get the divorce in before the tax law went into effect. Turns out, that big rush hasn’t quite happened.

According to divorce attorney Malcolm Taub, of Davidoff Hutcher & Citron in New York, “It is a drastic change, but it seems like people are living with it.”

Despite the fact that people aren’t in as big a rush, these new tax laws will mean big changes to how your financial picture after divorce will look. As always, it’s advised to work with a divorce attorney that knows the new laws.

Financial Tips for Your Divorce

Finances can be hard to manage in general, but if you are going through a divorce, they can feel almost impossible. There are a number of things to consider: will you be receiving alimony or paying it? Child support? What will your “single life budget” be? You’ll want to address these questions as soon as possible. Below we offer some financial tips for your divorce.

Build a Team

There are some additional things you can do to help your emotional well-being, including:

Waking up and getting out of bed each morning
Get yourself in the “moving forward” zone
Eat well
Get inspired
Get perspective
Do something that will propel you forward instead of just dwelling

Be Civil When Dealing with Your Ex

When it comes to working out aspects of a divorce, including marital property division, alimony, and child custody and visitation, you’re going to want to at least try to be civil with your ex. This might mean working with a relationship therapist that will advise the both of you on how to find a common ground. At the very least, you need to find a way to communicate with each other without having it end in a shouting match. Sometimes email is the best – where people can state the facts. Texts can also work. If you feel comfortable talking with your ex, just remember to record your interactions and what was discussed. Senior vice president of David A. Noyes & Co., Linda M. Conti knows divorce first-hand. “My parents went through a bitter divorce,” she says. “They separated when I was 3 and the divorce was final when I was 6. I grew up living through ‘what not to do to your kids during a divorce.’ I wish someone could have counseled my parents better through all aspects of the divorce.” You have to remember that staying calm is the best way to resolve the financial aspects of a divorce.

Property Division

There are four other steps that need to be considered when diving marital property:

Identify the assets owned by you and your spouse
Categorize all assets as marital or non-marital property
A value will need to be assigned to the assets
Devise a plan for the division of assets that is in accordance with state laws

Consider Selling Shared Property

When it comes to a secondary home, “It’s much more effective to sell the house and distribute the proceeds to the children,” says Ric Edelman, chairman and CEO of Edelman Financial Services. “You get into the issue of fights amongst the kids – issues of maintenance, repairs and upkeep.”

Work with a Divorce Financial Analyst

You might consider working with a divorce financial analyst that can help with your settlement by:

Locating assets. This also includes hidden assets.
Ensuring information about family finances is accurate and complete.
Developing a long-term forecast of how your divorce will affect your finances when it comes to retirement needs, tax liabilities, and benefits.
Developing a realistic household budget so that you know where you stand in terms of life insurance, health insurance, and cost-of-living increases.
Appraising and/or valuing assets.
Preparing financial affidavits that describe your financial and tax implications when it comes to various divorce settlement options.
Mediating a financial agreement between you and your soon-to-be ex-spouse.

You’ll also want to do this for your will.

Have a “Single” Financial Plan

Financial Future

Considering your financial situation after your divorce can feel daunting and overwhelming, but if you take the right steps, you can be sure to set yourself up for financial freedom. It might take some tweaks but consider the fact that you are now completely in charge and able to make your own decisions regarding how your money will be spent. Embrace it, and embrace the freedom you now have.

A Family Law Attorney

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags Alimony, Divorce, tax laws

Child Custody Child Support Child Visitation Divorce Family Law

Eliminate the Stress of Holiday Child Visitation

Post author By Scott
Post date December 17, 2018

With Christmas just peeking ’round the corner, you might be facing the dilemma that comes with coordinating child visitation during this holiday season.

Eliminate the Stress of Holiday Child Visitation

There’s no reason why coordinating your child visitation schedule should add stress to the holiday season. There are some critical steps that need to be taken to ensure a stress-free custody situation. Before the season kicks off, reflect on which holiday is most important – whether it be Kwanza, Christmas, or Thanksgiving, 4th of July, or Easter. There will have to be some form of give-and-take, but if you can prioritize the holidays for yourself you might find you’re willing to negotiate a little easier. If both you and your co-parent value the same holiday the same amount, you should consider trading off the years. If you live close enough, and it’s not going to cause any drama, you might even want to split the day.

Get the Child Visitation Schedule in Writing Ahead of Time

Like most things with the holidays, managing a child visitation schedule closer to the actual holiday can add to the stress. Your child will also want to know where they are spending which holiday. Putting a plan in place far ahead of time, and putting it in writing will ensure that you aren’t deciding, or negotiating, on child visitation right up until the day before. Keep a record of the schedule, especially if you are trading off years for holidays. Having a plan in writing makes it impossible to forget how the holidays were split up the year prior. That way you can put your energy into actually celebrating the holiday, rather than stressing about who will be where.

Child Visitation

Often times, as part of a child custody ruling, a court will rule one parent has “supervised child visitation” rights. Here’s a little more information on what it means for visitation to be “supervised.”

Why “Supervised Child Visitation”?

California’s public policy on child custody is to protect the best interest of a child. And sometimes, based on what has been presented in court, a judge will rule the child only have contact with a parent when a neutral third party is present. Thus, the visitation rights are “supervised.” Reasons Behind Ruling

A judge may rule for supervised visitation for many reasons, such as:

To allow the visiting parent an opportunity to address specific issues;
In the case of reintroducing a parent and child after a long absence;
In the case of introducing a parent to a child;
A parent has a history of domestic violence, child abuse and neglect, or substance abuse;
When there are concerns of mental illness; or
If there is a parental threat of abduction.

A court will order specific times and durations for the visits. The court might also specify who will provide the supervision during these visits.

Supervised Child Visitation Providers

A supervised visitation provider’s main responsibility is to keep the child or children safe during the visit. The provider might be a family member, a friend, or a paid professional. A provider must be present at all times during the visit. Additionally, they are required to listen to what is being said, while paying close attention to the childs ‘s or children’s behavior. If the provider deems it necessary, they may interrupt or end a visit. And legally, all providers must report suspected child abuse.

Types of providers

According to law, there are 2 types of supervised visitation providers:

Nonprofessional providers – usually family or friend who is not paid to provide their supervision
Professional providers – trained and experienced with providing supervision. They charge a fee for the service, and are also required to follow a uniform standards of practice.

The court order will declare which type of provider you will be required to have during these visits.

Reasons for Ruling for Supervision

A judge may decide on supervised visitation for many reasons. These can include, but are not limited to the following:

A visiting parent might need an opportunity to address a specific issue.
When a parent and child are reintroduced after a long period of absence.
When a parent is first being introduced to a child
When a parent has a history of domestic violence, child abuse and neglect, or substance abuse.
When concerns about mental illness have been expressed
When there is a potential abduction threat.

In addition to a “supervised” ruling, the court will also order specific times and durations for the meetings. The court will also specify what type of supervision will be required during the visits: either professional or non-professional.

Professional and Non-Professional Supervision

There are two types of supervision: professional and non-professional. Non-professional providers are usually family members or friends. A professional provider is trained and experienced in child visitation visits. For a fee or service, they attend the visits. They also follow a standard uniform of practice.

A provider’s main purpose for attendance is to keep the child or children safe during the visit. They must not only be present the entire time, but are also required to listen to what is being said, while also closely monitoring the child’s or children’s behavior. If the supervisor deems it necessary, they are able to interrupt or end a visit. They are required by law to report suspected child abuse.

Co-Parenting

Though co-parenting can be difficult, it’s always advised that parents try to work out a co-parenting relationship. Co-parenting is a crucial part of your child’s life. You will not be able to raise a child successfully if you do not get a handle on this. No child wants to see their parents fighting, or feel as if they are being tugged between two sides of a war.

You might need to consult a therapist or lawyer to get some groundwork laid for this new relationship. Bottom line: just try to be adults. You might have to dig deep to find that “adult” in there, and you might not want to, but you have to, for your child’s sake. Find an approach that will work for you (for the both of you) and then start from that point.

Kids Interests First

Putting your child’s best interests above your own are the only way to build a successful co-parenting situation while creating an amicable relationship with your ex. You two don’t need to be best friends that talk a million times a day. You just need to find a way to make this work, kind of like being assigned to a lab partner in high school that you just couldn’t stand. You had to work together to get through the assignment and to get the A+ grade that you wanted. If you could make that work in high school, you can make this relationship work as an adult.

This can be done in a number of ways:

Work out a method of communication. This can be done through email or text. Being able to write it down helps to create a “paper trail” should there be disputes. But this is also a great way to just remove the emotions and stick to the fact.
Remove the emotion during interaction – either in person or via communication
Schedule it out. This means weekly routines as well as vacation and other important events.
Be flexible
Commit to being cooperative. This might be a stretch, but you will need to cooperate.

This is not always an easy process, but once you have these basic things under your belt, it will be easier.

Working with a Family Law Attorney

If you’re having trouble working with your co-parent on putting together a child visitation schedule, you might want to consider working with a family law attorney that works with child custody issues. Having a go-between can help ease any tension surrounding negotiations, especially when the negotiations revolve around important family moments like the holiday season.

For advice on child visitation, you need the expert law firm of Divorce Law LA. Schedule a consultation today.

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags child visitation, co-parenting, holiday visitation schedule, visitation schedule

Divorce Family Law Marital Property Division

Facing Your New Financial Picture After Divorce

Post author By Scott
Post date December 10, 2018

Divorce is difficult. You are both figuring out what your new lives will be once the divorce agreement is signed. One of the hardest aspects to resolve during divorce is just how to face your new financial picture.

Facing Your New Financial Picture After Divorce

Mark Zandi, a chief economist at Moody’s Analytics, who has researched divorce and corresponding demographic trends has found, “Divorce generally results in a significant financial setback for all those involved.”

What used to feel like a joint effort between two people can turn into an all out war. Because of the potential to start World War III, there are things that you can do to prepare yourself for at least the financial aspect of the end of your marriage. Careful planning in advance can help you avoid getting to the battlegrounds unarmed.

Preparing Your Finances for Divorce

The first thing you want to do is create an inventory of all of your assets. This includes your debts too. You need to understand your families assets and liabilities. Have copies or at least access to tax returns, statements from all accounts, household bills and any other important records. Additionally, put together a list of valuable property that includes shared real estate, collectibles, furniture, and antiques or pieces of artwork.

You will want to put everything in writing, in a qualified domestic relations order, or QDRO. This is a legal document that spells out how you and your spouse have decided to divide certain retirement assets such as 401(k) accounts, says Page Harty, a financial planner at wealth-management firm SignatureFD.

It’s crucial that you do not overlook anything valuable. This could cost you significant amounts of money when it comes time to divide marital assets. There are often cases when a spouse will hide an asset from the other in an attempt to get more money or retain ownership of something they hold valuable. Sometimes this cannot be avoided, but sitting down, finding a clear head, and making a list of every asset you are aware of can help prevent this from happening to you (unless of course your spouse has never made you aware of the asset he or she is hiding).

Your shared debts are important too. Just because the marriage is ending, that does not mean that the debt will just go away. Try to pay these debts off before the divorce is finalized. If that’s not possible, make sure you have a clear agreement on which spouse will pay which debt.

The House

It’s tempting to want to keep the house. This is especially true for couples that have school-aged children. It can already feel as if you’re destroying their lives, let alone forcing them to move out of the house they used to feel so safe in. But remember that a house is a big expense and one that might not be worth fighting for. It’s often advised that splitting couples sell the house and split the proceeds. This way, both parties share in the risk and cost that is associated with a selling a home, says financial planner, Matt Mikula.

Mikula shares this example of a client of his. The mother of four had been awarded custody of the couple’s four children in addition to the family’s $1.5 million home and $500,000 in other assets. Not wanting to disrupt her children’s lifestyle, she wanted to keep the house.

But taxes, utilities, maintenance, and other expenses amounted to about $50,000 a year. The client had little other means, in terms of assets and income to cover those costs. As a result, according to Mikula, “she was going to run out of money.”

In the end, the client decided to sell the house. This was six years after the divorce, and due to economic reasons, she received 20% less than what it had been valued at during the time of the divorce.

Additional Expenses

Housing is a huge expense, but it’s not the only one. Other expenses will need to be taken care of, including how much your family spends on food, clothes, and other essentials, like health insurance, which according to financial planners, can be steep.

There are also the unknown expenses. Ms. Church, a financial adviser at Raymond James Financial shared this story. After her divorce, her daughter was invited to play on a volleyball team that traveled extensively. Suddenly she needed to come up with about $400 to $500 a month to cover the hotel rooms, meals and other expenses associated with her daughter playing on this team. Ms. Church says, “there will be unforeseen expenses.” Because of this, she advises her clients to be aggressive when they sit down and figure out their post-divorce cost of living. This is especially true if there are children involved. She also advises to include the impact of inflation.

Stop Seeking Revenge

It’s obvious from almost every tabloid story on divorce that divorce can get ugly when it comes to finances.

One key reminder to keep in mind: The less you spend, the more you keep.

What that translates to is: the more you argue about petty things, the more time you will spend, which automatically translates to the more money you will spend.

Regardless of how terrible the reason is for your divorce, try to remember that the more money that gets put towards divorce is less money that will be available for the settlement.

Financial planner Rose Swanger has this example to share: Her client was married for more than 20 years to a surgeon that earned a seven-figure income. He had cheated on her, and as a result, the two were divorcing. The woman was seeking $300,000 a year in alimony. According to Swanger, the amount she sought was unrealistic due to the fact that the couple owned two heavily mortgaged houses in affluent neighborhoods, and were also paying private-school tuition for their children.

The woman had already worked with two lawyers, running up tens of thousands of dollars in legal fees by the time she consulted Ms. Swanger, who ultimately dropped her as a client. As a result of the ever-increasing legal bills, the woman’s credit score suffered a large hit.

“I don’t blame her for trying to retaliate, but I warned her that a calm divorce is the best divorce,” Ms. Swanger says.

Every dollar spent during the divorce process is a dollar that cannot be split 50-50. It’s advised that you look at your divorce as a way to strike a favorable business deal rather than a chance to seek revenge.

Taxes and Divorce

Before the divorce paperwork is signed you need to make sure you review what your agreement will mean around tax time. There are different tax laws regarding alimony and child support, depending on what side of the agreement you are on. Be sure that your lawyer or financial adviser explains this before you finalize the financial aspects of your divorce. An agreement that looks equal on the surface might be completely unfair when it comes to tax time.

Financial planner Monica Garver, worked on a case where the husband proposed a division of assets that worked out to be roughly an even split at face value. He proposed keeping $2 million from after-tax investment account and giving his soon-to-be ex-wife $2 million in tax-deferred retirement accounts.

“Each and every dollar [in the retirement accounts] had to pass through the hands of the taxman before the spouse could put it in her pocket,” says Ms. Garver. She encouraged that her client seek more of the couple’s assets to compensate for the money lost to the taxman.

Don’t Forget!

Before you can consider yourself free from your spouse there are some other financial matters that might not seem obvious.

Be sure to update your will, says Ms. Vasileff, a financial planner. Not doing this can put your intended heirs in a difficult situation, she says. She advises you will also need to update a health-care proxy or a power of attorney that names your former spouse.

Lastly, transfer any titles for any real estate, cars, investment accounts or other assets that were held jointly into your name, says Harty of SignatureFD. She also advises a big thing: change the passwords on your accounts, too.

Also, if there was something agreed to in your divorce, like a requirement that your former spouse purchase a life-insurance policy and name you as the beneficiary, you should make sure that the premiums are being paid and that you remain the beneficiary, Ms. Harty says. One option to ensure this is being done: Ask for periodic confirmation from the insurance company.

A Family Law Attorney

There are a number of things that need to be considered during a divorce. You and your spouse will need to come to an agreement that settles every aspect of your marriage. Child support, spousal support, marital property division can all be agreed to through the process of mediation. Working with a skilled mediation attorney can help ensure you get a fair case. For advice on divorce, child custody determinations, setting up a co-parenting agreement, dividing marital property, and spousal support you need the expert law firm of Divorce Law LA. Schedule a consultation today.

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags divorce finances, finances

Collaborative Law Divorce High Net-Worth Divorce Marital Property Division Mediation

What About the Wedding Ring?

Post author By Scott
Post date November 26, 2018

It’s a symbol of committing one’s life to another, a solid band of unity that declares that you are married. But what happens to the wedding ring when a couple gets divorced?

What About the Wedding Ring?

A wedding ring is one of the most identifiable pieces of a marriage. So when the marriage ends, it can be hard to know exactly what to do with the leftover and often expensive symbol of that marriage.

For some, it means putting the ring in a drawer or tossing into the ocean. Other choose to pass it down to their children. For others, depending on what state they are divorcing in, it becomes part of the marital property division process.

The first step you will need to do is have it appraised by a jeweler. Once you have a price for it, there are a number of options:

sell it online through either eBay, Craigslist, or your local buy-sell-trade.
donate it to a charity that both spouses agree on
depending on the state the couple is divorcing in if the couple purchased the ring with shared finances, the ring(s) may be considered marital property and therefore, eligible for distribution between the spouses during divorce.

Dividing Marital Property

When it comes to dividing assets during a divorce there are various concerns you will need to deal with when it comes to dividing the marital property.

What State do you Live in?

State laws govern how the marital property will be divided. You will need to check with an attorney to see if you live in an equitable distribution state or a community property state.

Other Considerations

There are four other steps that need to be considered when diving marital property:

Identify the assets owned by you and your spouse
Categorize all assets as marital or non-marital property
A value will need to be assigned to the assets
Devise a plan for the division of assets that is in accordance with state laws

No Fault Divorce Laws

Though most states separate the division of marital property from grounds for divorce due to no fault divorce laws, most states do consider any financial misconduct when it comes to dividing marital property. What this means is if you or your spouse has foolishly spent money then you or your spouse will most likely be penalized when it comes to dividing marital property.

Separate Join Financial Obligations

If you feel the division of marital assets might be a contentious point between you are your spouse, you might want to consider separating financial obligations prior to starting the divorce process. Marital property does not only mean furniture and household items, but also joint credit accounts. Each spouse should have access to a complete set of all financial documents. You’ll also want to close all joint credit card accounts. If you’re not able to fully separate the accounts, draft a formal written agreement outlining the activity on the remaining joint accounts. Freeze any investment assets – this will ensure neither spouse misuses funds until everything has been agreed upon. You might also want to consider changing the title on your home to read “tenants in common” until the final agreement regarding marital property has been decided upon.

Often Overlooked During Division of Marital Property

Understanding your post-divorce financial needs and your current financial situation is vital to the process. Here are some items that can be overlooked – you’ll want to be an expert in all of them, and hire an attorney that is an expert at advising you about these items.

Cash Flow

Understand what your cash flow situation will be – is your need immediate? Or is it not an issue at all? Will you need to sell some assets – bonds, stocks, mutual funds?

What are Your Joint Liabilities?

Do you have any joint liabilities such as outstanding tax liabilities on jointly-filed tax returns? Do you have any joint credit cards? Will a mortgage need to be refinanced? All of these things will need to be settled before the divorce is deemed final. That means you will need to either pay them off or transfer them completely to one spouse’s name. Running a credit report will also help you identify any outstanding debts.

Taxes on Assets

Review the tax impact of your investments. Though two assets might have the same dollar value, taxes can cause them to be vastly different. Are there any unrealized capital gains on taxable investments that might be due someday?

Previous Tax Returns

Review the last three to five years of tax returns that you have filed jointly. This will give you an idea of what needs to be considered in the negotiations. These can include capital loss carry-forwards, charitable contribution carry-forwards, or net-operating losses. “Tax assets” reduce future taxes. Because of that, they should be considered as an asset when the marital estate is split.

Dividing Retirement Assets

Retirement assets play a part and represent the couple’s net worth – or at least a portion of it. There are special rules that allow the transfer of them to be tax-free. You’ll need to work with a financial advisor that understands those special rules.

Digital Assets

Though digital assets, such as pictures and videos that exist on computers or phones might not have financial value, they do have large emotional value. Arrange for both spouses to be able to access these assets.

Pasadena Marital Property Division Lawyer Expertise

The value of aligning yourself with an expert in marital property division will be highly beneficial as you maneuver through this difficult process. With over fourteen years of experience in dealing with Divorce and Family Law, the skilled attorneys at the Southern California Law Offices of Divorce Law LA are here to support you in categorizing what is marital and non-marital property, assigning value to your diverse assets and creating a plan for proper division based on California specific state laws.

As clean as this process can potentially go, certain circumstances may arise that will render a marital property division more difficult and painful than usual. A skilled attorney will assist you through challenging matters that may include a spouse’s irresponsible spending or participation in an illegal affair, which may result in their being penalized during the process of property division. Freezing and the division of joint assets such as co-signed mortgages, loans or combined credit, checking and savings accounts can be confusing and convoluted. The attorneys at the Southern California Law Offices of Divorce Law LA can assist you through this part of the process so that you maintain peace of mind and move in the direction of a favorable outcome.

Working with a Family Law Attorney

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Tags joint liabilities, marital property division, tax returns, Wedding Ring