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Divorce High Net-Worth Divorce Marital Property Division

High Net Worth Divorce? Some Mistakes to Avoid

Divorce is difficult for everyone. Coming to the conclusion that you and your spouse are better off apart than together is emotional. This doesn’t change whether you are wealthy, or not. The difference that wealth makes comes when it comes to dividing assets and settling financial agreements. Because of these additional complications, it’s best to get some advice for your high net-worth divorce.

Missteps in High Net-Worth Divorces

Here are some damaging missteps you don’t want to take if you are facing a high net-worth divorce:

Day in Court Assumption

Don’t assume your “Day in Court” will turn out the way you expected. According to divorce financial analyst and CEO of Source Financial Advisors, Michelle M. Smith, “There are options besides court that have a higher probability of getting you what you want and getting you what you want privately. Having your net-worth statement and personal dramas splashed across ‘Page Six’ is not what most clients set forth as goal number one in their divorce.”

“Advice” from Friends and Family

Friends and family always want what’s best for you. So while they’re giving advice, know that it might not always be the best. According to managing partner at Flynn Family Office, Richard J. Flynn, “In our experience working with wealthy divorcees, there are many times they are not inclined to share a lot of information with friends and family, who usually don’t understand the legal and financial implications involved. The goal of the wealthy going through one of the largest personal financial transactions in their lives is not only to surround themselves with emotional support from well meaning family and friends but to also obtain solid and specific divorce-related advice from the best available talent in the field.”

Look at the Whole Financial Picture

Working with a divorce financial specialist can be really helpful. “While financial divorce specialists complement and can never replace divorce lawyers, their role is to – from the start of the process to after the divorce is finalized – ensure the financial well-being of their clients,” says Smith. “For example, they’re often extremely effective in providing the supporting evidence for settlements.”

Source: Forbes, Three Of The Biggest Mistakes The Wealthy Make When Divorcing, June 9, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

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Child Custody Child Visitation Divorce Family Law

Child Visitation During the Holidays

With Thanksgiving tomorrow, and the rest of the holidays just peeking ’round the corner, you might be facing the dilemma that comes with coordinating child visitation during this time of year.

Eliminate the Stress of Holiday Child Visitation Schedules

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.

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.

Source: Our Family Wizard, Coordinating child custody during holidays, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

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Child Custody Child Support Child Visitation Divorce

Parental Rights Initiation: The Question of Equal Child Custody

In North Dakota’s recent 2014 election, there was an interesting voter initiative on the ballot – the “Parental Rights Initiative.” If it had passed (it was defeated 62% to 38%) it would have required courts to award “equal parenting time” to both parents either in the separation process, or divorce. Though the law didn’t pass, it does shine a light on the on-going debate about how child custody cases are decided.

History of Child Custody

The issue of deciding child custody has a long history in the nation. Colonial Americans, following English rule, maintained that a father should retain the custody of his children upon divorce.  This was standard practice until the early 20th century, when motherhood and women as “caregivers” became the norm. As divorce became more common during the 1960’s, there was a large shift towards gender equality and the importance of both parents in a child’s upbringing.

Custody Indivisible

Despite the shifts between one parent being favored over the other, one thing remained true: custody was indivisible. One parent would raise the child, while the other parent would have visiting rights.  But shared custody has become more socially and legally accepted as parents have started shouldering more equal parenting responsibilities. And rather than relying on judges to determine “in the best interest of the child,” separating and divorcing parents have started to take on the task of creating their own enforcable “parenting plans” for their children.

Parenting Plans

Parenting plans are custody agreements, often put together with the help of a mediator. They are meant to be flexible, but also detailed, outlining each parent’s responsibility in the raising of the child. This idea of coming to an agreement fits more in line with healthy child development. An agreed to plan means the child does not get stuck between warring parents duking it out in damaging litigation. It can create a more harmonious living situation for all involved, and most importantly, for the child who is caught in the middle.

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

Source: The Washington Post, There’s a great way to figure out child custody. Most divorce courts don’t use it., November 14, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

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Divorce Family Law

Do You Qualify for a Summary Dissolution?

If you’re considering divorce, and meet certain qualifications, you might want to consider filing for a summary dissolution.

What is a Summary Dissolution?

Summary dissolution is another way to dissolve your marriage. It is not a legal separation, it is a divorce. It’s quicker and easier than a standard divorce because you are not required to talk to a judge, and you may not need to hire a lawyer (though it might be in your best interest to do so). There are necessary requirements you will need to meet in order to qualify for a summary dissolution.

Qualifying for a Summary Dissolution

To be eligible to file for a summary dissolution you and your spouse must meet ALL of the following requirements:

  • Marriage (from date married to date separated) has been less than 5 years.
  • You have no children together (with born, adopted during the marriage, or expecting).
  • You do not own land or buildings.
  • You do not rent any land or buildings. The exception to this is where you live now – as long as you do not have a 1-year lease or an option to buy.
  • You do not owe more than $6,000 in debt acquired since the date of marriage. These are called “community obligations.” Exceptions are car loans.
  • You must have less than $40,000 worth of property that has been acquired during the marriage. This is called “community property.” Exceptions are cars.
  • You both do not have separate property that is worth more than $40,000. Again, exceptions are cars.
  • You both agree neither spouse will ever get spousal support.
  • You have signed an agreement dividing property (cars and debts).
  • Residency: either you or your spouse will have to have lived in California for the last 6 months. Additionally, you must have lived in the county where you’re filing for summary dissolution for the last 3 months.

Working with a Lawyer

Though a summary dissolution is less complicated than a standard divorce, it still must be done according to family law. Any legal matter can be confusing, therefore it’s important to work with a family law attorney who can ensure all the necessary steps have been taken.

 

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

Source: California Courts, For Married Couples, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

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Child Custody Child Support Child Visitation Divorce Family Law

A Victory for Shared Parenting

Shared parenting has fought its battles in family law court where the awarding of a child’s custody to one parent has often been a family law tradition. Such rulings have often left the non-custodial parent with far less time that the custodial parent.

Shared Parenting

Supporters of shared parenting argue that for cases that do not involve allegations of physical abuse, substance abuse, or other issues, both parents should equal time with their children. Convincing state lawmakers of this idea has proven difficult, until now. The National Parents Organization has just released the results of a study that evaluated state custody laws.  And when it comes to shared parenting, most of them received D’s.

History of Shared Parenting

According to Dr. Ned Holstein, founder of the National Parents Organization, judges have long relied on decades-old research that dictated what was best for children, rather than more recent studies that have since discredited the theory that children should only be with their mothers.

Linda Nielsen, professor of adolescent and educational psychology at Wake Forest University, has reviewed dozens of studies of child parenting situations. Shared parenting situations often showed lower levels of depression, anxiety, substance abuse, truancy, and other negative behaviors when compared to children who spent most of their time with a custodial parent. Nielsen agrees that judges, lawyers, psychologists, mediators, and others working in family law are often unaware of the current research that’s in support of shared parenting.

Making the Case for “Case-by-Case”

While the case can be made for shared parenting, Linda Scher, a family mediator, feels judges need to have flexibility when determining custody issues in order to make their decisions based on the terms of the case. While shared parenting works well in some situations, Scher feels it might “not necessarily [work] for children who are very young, or for those who need consistency.” And because of this, each case must be determined on a case-by-case basis.

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

Source: USA Today, Report: States fail on shared parenting laws, November 13, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

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Divorce Family Law High Net-Worth Divorce

$1 Billion in Divorce Settlement

In one of the largest divorce judgments ever, Continental Resources Chief Executive Officer Harold Hamm will pay nearly $1 billion to his ex-wife.

$999.5 million Divorce Settlement

Following the nine-week divorce trial, Oklahoma Special Judge Howard Haralson ruled oil magnate Hamm, 68, should pay Sue Ann Hamm, 58, a total of $995.5 million, thus making her one of the 100 wealthiest women in the United States. The two were wed in 1988 and had no prenuptial agreement. Sue Ann Hamm was also an executive at Continental at one point.

Continental

The amount, though large, is smaller than what her lawyers sought. The ruling also will not require Harold to sell any of his shares of Continental. He currently holds 68 percent of Continental’s shares. His stake is currently worth close to $13.9 billion, which has dropped from before the trial began, when his stake was more than $18 billion.

Divorce Settlement

While Judge Haralson’s ruling is subject to appeal, the judge placed a lien on 20 million shares of the company’s stock to secure the judgement. The judge also ordered Hamm to pay his ex-wife about one-third of the funds, which equates to $322.7 million, by the end of the year. The remaining payments, $650 million, in installments of at least $7 million per month. Much of the trial centered on how much of Continental’s growth could be attributed to Harold Hamm’s management decisions, in order to thus provide lawyers with a better understanding of his net worth.

Among the assets that were awarded to Sue Ann Hamm, was the couple’s $17.5 million ranch in Carmel, California, and a home estimated to be worth $4.7 million in Oklahoma City.

 

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

Source: Reuters, Continental Resources CEO ordered to pay $995 million in divorce, November 10, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

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Child Custody Child Support Child Visitation Divorce Family Law Marital Property Division Spousal Support

Collins’ Divorce

While Stephen Collins’ divorce is scheduled for court on Wednesday, there’s a chance it might not make it to trial.

Ugly Divorce

The actor and his divorce became top news a few months ago when his estranged wife, Faye Grant, taped his confession of molesting young girls decades ago. The two are scheduled to divide their assets after 25 years of marriage.

Divorce attorney Lisa Bloom, has handled some pretty divorce cases herself, but according to her, “This is probably the ugliest case to hit the media.” This is mostly due to the fact that Grant has provided a tape of the couples’ therapy session during which Collins admitted to molesting underage girls.While the audio recording is not admissible as evidence in divorce case, it does turn the spotlight on the case that has been going on for two years.

Determining Division of Assets

While the court will not assign a fault for the divorce, as California is a “no fault” state, the court will look at the martial assets that will need to be divided. “The court wants to find out the pool of assets they’re working with — real property, bank accounts, money coming in from royalties — and generally it’s divided roughly 50-50,” Bloom says. “The court does not want to get into reasons for the divorce; everyone has their reasons, everyone is angry, upset and emotional in divorces.” According to Bloom, “While the tape is not relevant in a California no-fault divorce trial, it may be relevant if the case leads to a settlement, which often happens.”

End of Collins’ Career

Collins has not been charged, but the damage to his career has already been done. He was dropped by his agent and has lost numerous up-coming roles. Grant has said in a recent statement she was not responsible for leaking the audio, and also that the tape has not played a part in the divorce proceedings that have occurred over the past two years. Grant is seeking $13,000 per month in spousal support, as well as half of the couple’s millions in assets which include properties in Brentwood. Collins is hoping to eliminate the spousal support due to the effect the recording has had on his income.

 

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

Source: USA Today, ‘Ugly’ Stephen Collins divorce trial set to begin, November 11, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Categories
Divorce Family Law

Summary Dissolution

A summary dissolution is a quicker and easier way to obtain a divorce without having to go before a judge. You also might not even need a lawyer, thought it is in your best interest to consult one since divorce can be a tricky process.

Requirements for Summary Dissolution

Though a summary dissolution is an easier way to end your marriage, there are some requirements that you must meet. Here they are:

Both you and your spouse:

  • Have been married for less than five years. The five years is counted from the date you were married t the due you separated.
  • Do not share children – either born or adopted before or during the marriage. You are also not expecting a child.
  • Do not own any land or buildings.
  • Do not rent any land or buildings. This excludes where you currently live as long as you have not entered into a 1-year lease with an option to buy.
  • Do not owe more than $6,000 in debts acquired since the date of marriage. This excludes car loans.
  • Have less than $40,000 worth of property that was acquired during the marriage. This does not include cars.
  • Do not have separate property that is worth more than $40,000. This does not include cars.
  • Agree neither spouse will ever receive spousal support.
  • Have signed a written agreement dividing your property. This should include cars and debts.

Residency Requirements for Summary Dissolution

Additionally, there are some residency requirements to qualify for a summary dissolution. Either you or your spouse must have lived within the state of California for the last 6 months and in the county where you are filing your summary dissolution for the last 3 months. If you and your spouse do not meet this residency requirement, you are still able to file for a legal separation, but you will need to go through the regular legal separation process. You can also wait until you meet the residency requirements.

 

Source: California Courts, For Married Couples, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Categories
Divorce Family Law

How to Proceed with Divorce

You’ve done the hard part: made the decision to file for divorce. But what next? There are various ways you can file for divorce, also known as a “dissolution of marriage. Below we outline several ways to approach a divorce. How you proceed will be specific to you and your spouse’s situation.

Several Approaches to Filing Your Divorce

Depending on your situation you will file one of these forms of divorce:

UNCONTESTED DISSOLUTION – Both you and your spouse agree on all issues of property, debts, custody, and support. You are both enter into an agreement to all issues.

CONTESTED DISSOLUTION – Either you or your spouse, or both of you do not agree to issues regarding property, debts, custody, and support. You will be required to go before a judge so that he or she can make judgments regarding these issues as well as ensure all documents of agreement are appropriately prepared and signed off on.

SUMMARY DISSOLUTION – You and your spouse have been married for less than 5 years, have no children, no assets, no debts, and both parties are in agreement about signing the divorce petition.

PUBLICATION OF SUMMONS – When the filing party does not know the whereabouts for the other spouse, and has no way to contact them, it is necessary for the spouse to publish a divorce declaration in a local newspaper for 4 consecutive weeks to be able to proceed with the divorce filing.

Working with A Divorce Attorney

While some of the options are fairly easy to proceed with, chances are you’ll want to work with an attorney, regardless of how “simple” your divorce may seem. There are various forms that will need to be filed out and filed by both you and your spouse. Also, depending on your situation – if you have children, large amounts of assets or debts, or property to divide – divorce can get sticky. In some cases, especially if spouses are having a hard time coming to agreement, you might need a lawyer to defend your case in a court of law.

 

Source: Womansdivorce.com, About Women’s Divorce, 2014

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co