Category: Marital Property Division

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Tags celebrity divorce, Divorce, legal separation, Mariah Carey, Nick Cannon

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A Cheap Wedding Might Save Your Marriage

Post author By Scott
Post date January 20, 2015

Keep a Journal in Your Personal Injury Case

A recent study done by two economics professors at Emory University, found a correlation between couples who went cheap on their wedding and the length of marriage. Turns out, cutting down on the big day splurges might actually indicate your marriage will last longer.

The professors also found similar link between less-expensive engagement rings and lower divorce rates.

The Study

The surveys were completed by 3,151 adults in the United States who are married, or have been married. The authors believe this is the first time the correlation between wedding expenses and the length of marriages has been examined.

The research also shows that women that spent more than $20,000 on their weddings were divorced at a rate roughly 1.6 times higher than women who spent between $5,000 and $10,000 on the big day. It also showed that couples who spent $1,000 or less on their nuptial ceremony had a lower than average rate of divorce.

Theories

Though the authors of the study, Professor Hugo M. Mialon and Andrew M. Francis, didn’t examine why this might be, they do have a few theories.

“It could be that the type of couples who have a … (cheap wedding) are the type that are a perfect match for each other,” said Mialon. “Or it could be that having an inexpensive wedding relieves young couples of financial burdens that may strain their marriage.”

Average Wedding Cost

According to a survey of 13,000 brides and grooms done performed by the wedding website, TheKnot.com, couples in the U.S. spent an average of $29,858 for their 2013 weddings.

“The wedding industry has long associated lavish weddings with longer-lasting marriages. Industry advertising has fueled norms that create the impression that spending large amounts on the wedding is a signal of commitment or is necessary for a marriage to be successful,” said Francis. “Overall, our findings provide little evidence to support the validity of the wedding industry’s general message that connects expensive weddings with positive marital outcomes,” he said.

The More the Merrier?

But maybe it’s not just cheaper = happier. It could also be that more people actually equals merrier. The study additionally found that the more people that attend the wedding, the lower the divorce rate.

“This could be evidence of a community effect, i.e., having more support from friends and family may help the couple to get through the challenges of marriage,” Francis said. “Or this could be that the type of couples who have a lot of friends and family are also the type that tend not to divorce as much.”

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

Source: CNN.com, Want a happy marriage? Have a big, cheap wedding, October 13, 2014

33 S. Catalina Ave. Ste. 202

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Tags Divorce, divorce rate, marriage, wedding

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Gary Oldman Divorce

Post author By Scott
Post date January 14, 2015

Actor Gary Oldman is heading for his fourth divorce. Making him a veteran of the screen, but also a veteran in the dissolution of marriages.

Divorce Petition

Oldman’s wife of six years, Alexandra Edenborough, 36, filed a divorce petition in Los Angeles County Superior Court. citing irreconcilable differences.

Edenborough is a jazz and electronica singer. The two were married New Year’s Eve of 2008.

Separated for a Year

Though the date of separation was listed as “TBD” on the file paperwork, according to Oldman’s spokesman Douglas Urbanski the two separated more than a year ago. They “have agreed to an amicable divorce” and “remain on warm, friendly terms,” he said. He also added that Oldman, 56, had yet to file a response to Edenborough’s petition.

“Alex and I had several great years together, and we shared a great love during that time; but there is big difference in our ages and ultimately that gap inevitably revealed different lifestyle interests,” the actor said. “While I have been sad about this for over a year, I am grateful for the good times we did have, and we remain friends. Of course I wish Alex the best happiness in the future.”

Marital Property Division

According to court documents, separate property and community property has not been worked out yet. The petition will be amended once the assets had been “ascertained.” She is seeking payment from Oldman for attorney fees and spousal support.

Oldman has been married three times previously: to English actress Leslie Manville, they share one child; Uma Thurman; and Donya Fiorentino, they share two sons.

Source: Los Angeles Times, Gary Oldman’s fourth wife files for divorce after yearlong separation, January 12, 2014

33 S. Catalina Ave. Ste. 202

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Tags community property, Divorce, marital property division, separate property, Spousal Support

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Arnall Speaks Out About Hamm Divorce

Post author By Scott
Post date January 13, 2015

When You Might Consider a Lawyer for Personal Injury Claims

Sue Ann Arnall, an Oklahoma oilman’s ex is speaking out about why she decided to cash the $974.8 million check she received as part of their divorce settlement after having previously denying it.

Divorce Settlement

In November, a judge awarded Arnall a divorce settlement of almost a billion dollars to be paid by her ex-spouse, Harold Hamm, the founder and CEO of oil driller Continental Resource. While Hamm’s attorneys found the settlement to be “fair and equitable,” Arnall’s attorney countered, saying the award equalled less than 6% of what the couple’s wealth was.

Initial reports said Arnall was not accepting the check. She clarified that those reports “are not accurate,” and that she was waiting to hear results from a court hearing before putting the money into her bank account. The check, offered by Hamm on Jan. 6 was meant to avoid interest building on the balance while her appeal progressed. When she deposited the check, Hamm’s legal team immediately surmised she was not going to appeal the decision.

Still Appealing

“I will not dismiss my appeal and do not feel that my right to appeal should be denied because I have accepted, in the interim, a small portion of the estate that we built over more than two decades,” Sue Ann Arnall said.

“I believe it is unfair that any woman’s property be controlled by a former husband,” she says. “During our 26-year marriage, and during the nearly three years this case has been pending, Hamm has had complete control and full use of the assets we built together, while I have patiently waited for access. I was simply not willing to wait several more years while the appeal is pending.”

Divorce Settlement “not fair and equitable.”

She adds: “I still believe that the trial court’s award was not fair and equitable.” Her decision to cash the check, she says, followed “much consideration and discussion with my adult daughters,” and was made “in the interest of my family, my privacy and my future as a business owner and philanthropist.”

Source: People, Billion-Dollar Oklahoma Divorce Case Not Over Yet, Says Oilman’s Ex-Wife, January 13, 2014

33 S. Catalina Ave. Ste. 202

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Tags Divorce, divorce settlement, Hamm Divorce, Sue Ann Arnall

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Lessons from Chris Rock’s Divorce and Prenuptial Agreement

Post author By Scott
Post date January 12, 2015

A lesson to be taken from Chris Rock’s divorce: review your prenuptial agreement.

The Divorce

The comedian just recently his announced his divorce from wife Malaak Compton-Rock. Rock is seeking shared custody of the couples two daughters.

Prenuptial Agreement Expired

According to court documents, it seems the prenuptial agreement the couple entered into when they married in 1996 has expired because the couple has been together for so long.

But how?

Sunset Provision

Two words: sunset provisions, also known as expirations in prenuptial agreements. While sunset provisions aren’t too common, they are a planning tool that can be an essential part of a client’s financial picture. This is especially the case when one of the spouses is significantly wealthier than the other. What a sunset provision does is entitle one spouse to receive a set amount of assets should the marriage remain intact for a certain length of time.

“Many times, it’s assumed that these agreements never expire, but that’s not necessarily the case,” says Avani Ramnani of Francis Financial Inc. “We encourage clients to revisit them every four or five years. Refresh your memory and make sure you’re following the stipulations that are in the prenup.”

Revisiting Prenuptial Agreement

Because of these sunset provisions, it’s important that you (and your spouse) revisit your prenuptial agreement to ensure that provisions still apply. Bringing in an attorney can help you to assess the agreement’s validity.

“It’s good to do a quick review, but you should seek legal help to evaluate that prenup and make sure that it’s valid, followed and taken into account while planning,” says Ramnani.

Source: Investment News, Chris Rock’s divorce offers lessons in divorce planning, December 30, 2014

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

Tags Child Custody, Divorce, Prenuptial Agreement

Divorce Family Law Marital Property Division

How to Divide Marital Property

Post author By Scott
Post date January 6, 2015

Divorce is not an easy experience, emotionally. But it can be even more difficult when you and your soon-to-be ex-spouse need to divide marital property.

Talk to A Marital Property Lawyer

If you have significant property or assets or significant debt, you should consider calling a marital property division lawyer prior to even filing for divorce. If the amount of property, assets, or debt are really significant you might want to son cider hiring a lawyer just for that aspect of your divorce, and another lawyer to handle the actual divorce.

Here’s some basic information to help you understand what happens when you have to divide marital property.

Prenuptial Agreement

The first thing a lawyer and a court will need to know is “was there a prenuptial agreement made prior to the wedding?” Typically prenuptial agreements outline what will happen to property gained during a marriage, while also outlining each spouse’s separate property prior to the marriage.

What Counts as Property?

Property is anything that can be bought or sold, or anything that has a financial value. This includes: houses, cars, furniture, clothing, bank accounts, businesses, etc. Within that, there are two forms of property when it comes to a marriage: community property and separate property. Community property is anything earned or acquired during the course of the marriage. Separate property belongs to one spouse. States make their own determinations on what counts as separate property. A family law attorney would be able to help you determine what is “separate property” based on your state’s laws.

Court Decision

If you are not able to settle how the marital property will be divided through mediation or collaborative law, a court will decide how this property will be divided. A judge will sign off on the agreement once it has been determined. Until that point, any marital property will belong to both of you, regardless of who is living in it, using it, or has control of it.

Contact a family law attorney, such as the ones with Divorce Law LA, to help with marital property division.

Source: California Courts, Property and Debt in a Divorce or Legal Separation, 2014

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Tags community property, marital property, marital property division, property, property division, separate property

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Legal Separation Compared to Divorce

Post author By Scott
Post date December 26, 2014

The greatest difference between legal separation and divorce is that legal separation does not end a marriage or domestic partnership.

Understanding Legal Separation

Typically, spouses that seek a legal separation don’t want to get divorced, or aren’t get ready for divorce, but want to live apart. During this time of living apart, it’s important that certain legalities surrounding money, property, and parenting are agreed to, in order to avoid disputes. Often times legal separation is the first step towards divorce. And the formal judgment that is issued during legal separation can help address and resolve aspects of a marriage. Working out these various aspects of a marriage can help ease the tension of a divorce, should it go that direction. But spouses who are legally separated are not legally free to marry because a neither spouse’s legal status is returned to “single” in the separation process, unlike the divorce process.

During a legal separation your interests as a married couple are protected until a final decision to divorce is made. Often times, couples choose to just remain separated and never choose to pursue a legal divorce.

Issues Addressed in Legal Separation

Typically, during the separation process various things are dealt with, including: child custody, child visitation, child support, spousal support, marital property division, attorney fees, and personal conduct. The only thing that remains untouched is the actual marital status of the couple.

Why Pursue Legal Separation?

There are advantages with legal separation, including:

Spouses are able to maintain benefits such as a spouse’s health care plan or military benefits.
Staying legally married for 10 years allows couples certain social security benefits.
The separation period allows for a “cool off time,” during which parties can work to resolve their differences. Couples can then decide to either pursue a divorce or resume the marriage.
In some religions divorce is not allowed or recognized. Legal separation allows these religious couples to live separate lives while still remaining married and true their faith.
Legal separation can be used to solve immediate problems in couples who are uncertain about moving forward with divorce.

Source: Legal Match, What Is Legal Separation? 2014

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

Tags Child Custody, child visitation, Divorce, legal separation, marital property division, Spousal Support

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High Net Worth Divorce? Some Mistakes to Avoid

Post author By Scott
Post date December 2, 2014

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

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Tags Divorce, divorce advice, High Net-Worth Divorce

Marital Property Division

Marital Property Division in 2nd and 3rd Marriages

Post author By Scott
Post date November 13, 2014

For older couples on their second or third marriages, the idea of marital property division in case of another divorce can be a tricky negotiation. When there are children involved, from previous marriages, the idea of dividing an estate can cause conflicts.

Marital Property Division in 2nd and 3rd Marriages

In the U.S. two out of five first marriages end in divorce. About half of those divorcees go on to marry again. And according to the National Stepfamily Resource Center, for those who decide to marry for a second time, 65% have children from previous marriages. These new unions can mean a very complicated situation when it comes to transferring brokerage accounts, real estate, and relationships stepchildren and step-parents.

Be Upfront about Marital Property Division

One of the best ways to bridge the awkwardness that can happen if this marriage ends up in divorce (or death), is to be upfront about your estate plan and share it with your children. This can help to avoid later feuds and lawsuits between a surviving spouse and stepchildren. “It helps to say, ‘This is the plan I want followed’ and face whatever conflicts arise then,” says Amy Wilfert, partner at Day Pitney LLP. While the conversations might be uncomfortable, it is best to avoid any unhappy surprises down the road.

Tips on the Marital Property Division Conversation

Here are some key things to remember when discussing how marital property will be divided after a death or divorce:

Be fair
Consider trusts
Make sure all documents are up-to-date
Have specific health care, end-of-life, and burial wishes

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

Source: Bloomberg, Ways That Blended Families Can Avoid a Wealth of Bitterness, November 10, 2014

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550