Category: Divorce

Divorce Law LA blog posts about Divorce.

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Divorce Family Law High Net-Worth Divorce

Griffin Divorce and High Net Worth Divorces

According to some Chicago divorce attorneys, Citadel LLC’s founder and CEO Ken Griffin, and wife Anne Dias Griffin are planning their high-net-worth divorce.

High-Net-Worth Couple

Mr. Griffin’s personal net worth is estimated to be $5.2 billion. The company he founded, Citadel LLC is one of the U.S.’s largest hedge-fund managers of an estimated $20 billion in assets. Mrs. Griffin is a money manager and also a partner at Aragon Global Management, a company that invests in global media, technology, as well as telecommunications companies.

Next Steps

As a couple with high-net-worth prepares for divorce, the first step is often to scrutinize the prenup for any possible loopholes or hidden assets. This is often done quickly out of fear that the other spouse will be quick to conceal assets or make the information unavailable. “A sort of financial paranoia comes into play,” says Chicago divorce attorney Marshall Auerbach. “Generally speaking, the more money there is to fight over, the more contentious the case will be.” A divorce such as this one might be straightforward – simply because of how detailed the prenuptial agreement was. According to a source close to the couple, Ms. Griffin will receive a lump sum and Mr. Griffin will “take care of all the financials for their children. It’s very straightforward.”

Prenuptial Agreements in High-Net-Worth Marriages

Often when a couple comes together, and both parties already have established high net worth individually, it’s crucial that a prenuptial agreement is drafted. A licensed family law attorney can help you put together a prenuptial agreement if you and your spouse want to go down that route. It is also advised that you both seek your own personal attorneys for the drafting of this document, so that both parties are able to feel they’ve come to that agreement on their own terms. Though divorce is often a very emotionally draining situation, in high-net-worth divorces a prenuptial agreement can help it from becoming an even more bitter debacle.

 

For advice on family law and all it’s aspects including high net worth divorces, you need the expert law firm of Divorce Law LA. Schedule a consultation today.

Source: Chicago Business, What happens next in Ken Griffin divorce case,  July 28, 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 Spousal Support

Understanding Spousal Support

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“Spousal support” or “partner support” (in domestic partnerships), and “alimony” is when a couple separates or divorces, the court decides a spouse will need to pay the other spouse a certain amount of money as a form of support.

Contributing Factors to Determining Spousal Support

There are many contributing factors that determine the amount of spousal support, what the terms are, and how it can affect your taxes. A family law attorney will be able to walk you through the various steps of understanding spousal support, whether the courts decide you need to pay it, or if you need to receive it.

Changing a Spousal Support Decision

Often times a spouse or domestic partner might request that the amount of spousal or partner support be changed. For this change to be granted a “change in circumstances” will need to be proven. This means that a significant change, such as a job loss, has taken place. Occasionally the spouse or partner receiving support no longer needs it. A change in circumstances can also mean that the spouse/partner receiving support is not working towards becoming self-sufficient financially. When this occurs, the spouse/partner paying the support can request the court change the support order to reflect this inaction.

Report any Changes in Circumstances Immediately

It’s important to note that if you are paying the spousal/partner support you will still be required to pay the full amount of support the court ordered until the change of circumstances is proven, even if your financial situation has changed. So if you lose your job and do not change your spousal/partner support until three months after losing your job, you will still be required to pay three months worth of support, even if you are not able to. An interest rate of 10% is also adhered to that unpaid balance. Because of this, it is crucial that if you have a change of circumstances, you need to address it in court immediately.

 

For advice on family law and all it’s aspects including spousal support and alimony, you need the expert law firm of Divorce Law LA. Schedule a consultation today.

Source: California Courts, Spousal/Partner Support, 2014

 

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Categories
Child Custody Child Support Divorce Family Law

An Overview of Family Law

Because the title of “family law” covers a broad range of topics relating to marriage and children, it can be confusing as to what exactly falls under the definition of “family law.” Here’s a brief overview of what falls under the “family law” umbrella.

What’s Covered by Family Law?

Family law includes divorces, annulments, child custody and visitation rights, spousal support, alimony, and child support payments. But it also covers adoptions, matters of guardianship, state child protection, domestic violence, and restraining orders. A family law attorney will be able to advise you on any questions you might have surrounding these topics, but the following has a brief overview of specific topics

Divorce and Annulment

Both a “divorce” and an “annulment” will dissolve your marriage. An annulment specifically will, through the courts, be treated as if it never happened. Certain grounds must be met for dissolution of marriage to be ruled as an “annulment.” Because of this, most dissolutions are done as divorces.

Child Related Issues

The court deciding on child custody and visitation rights always decide on the bases of what’s in the best interest of the child. A family law attorney will be able to help you build your case and will help defend you. With this you might be asked to pay, or be paid child support. This is an amount of money, that has been decided by the courts, that a parent must pay to the spouse who is granted primary custody. This money is meant to go towards food and clothing, medical care, and education for the child.

Spousal Support and Alimony

Spousal support, often called “alimony,” are regular payments made from one spouse to another during separation or after a divorce is finalized. The goal is to eventually help the spouse achieve financial independence wherever possible.

If you feel you have a legal matter that falls under the definition of family law, you’ll want to contact a family law attorney that can help you figure out the exact next steps to take.

 

For advice on family law and all it’s aspects, you need the expert law firm of Divorce Law LA. Schedule a consultation today.

Source: Legal Match, What is Family Law? Typical Family Law Questions,  June 11, 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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