Category: Marital Property Division

Divorce Law LA blog posts about marital property division.

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

Collins’ Divorce

Negotiation versus Litigation in a Slip and Fall Case

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

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Child Support Divorce Marital Property Division

Mortgage After Divorce

Moving on after divorce can be difficult. The process can be made even more difficult if you have no place to live because you sold your house as part of the settlement.

House-hunting as a Single Person

Finding a new home can be rough for a lot of reasons both emotional and financial. Going from a two-person income to a single income can be tough, especially if you’re paying alimony. Here’s a few tips to help in your single-person house hunt.

Tips for Post Divorce House-hunting

  1. Don’t buy a house during the divorce proceedings.
  2. Wondering where to live during the divorce? Some couples grin and bear it, and remain in the house before it’s sold. If there are kids involved, parents often choose to “nest,” meaning one parent stays in the house one week and then lives in a place they have rented the next week. This way kids can remain in a familiar place, without parents having to duke it out with each other.
  3. Don’t rush into buying a new house.
  4. Consider professional help when weighing out if you can afford another house. A financial advisor will be able to look at your specific case and weigh in on if it’s a sound financial decision.

Divorce Attorney

Facing life after divorce can be difficult, especially if the divorce proceedings are litigious and draining. Working with a skilled attorney can help ease the process and get you back on solid footing. Consider hiring an attorney that is experienced in all aspects of divorce, including alimony, marital property division, and child support.

 

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

Source: US News, How to Get a Mortgage After a Divorce, October 29, 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 High Net-Worth Divorce Marital Property Division Mediation

Tips for Dividing Art During Divorce

During divorce, one of the biggest arguments that can be had is over the artwork. Because of this, if you’re an art lover on the verge of filing for divorce, you might want to take some time to acquaint yourself with some legal and tax basics.

As Rough as Child Custody

“I’d put it in the same category as child-custody battles,” says Suzanne Landers, a family law attorney. She says that emotional attachments to are can often outweigh any financial considerations. In a lot of divorces, the decisions made regarding who gets what painting or sculpture can take longer than divvying up houses, cars, or even money.

Create an Inventory

According to Raoul Felder, a divorce attorney in New York City, divorcing couples need to first create a developed list that details all of the art that was bough during the marriage, and also prior to the marriage. Additionally, a list of the art sold  price of the sale; and art that hasn’t been sold should be made. The art that has been obtained prior to the marriage, or (depending on jurisdiction) after the couple has legally separated or filed for divorce is not considered to be marital property, and is considered to belong to the spouse that purchased it. Another thing to remember is that if a spouse agreed to buy a piece prior to the marriage, and that piece arrives after the wedding, it is also excluded from the list of marital assets. It’s best disclose all relevant documents and pieces of art. As family and art law practitioner, Valerie L. Patten, warns, if fraud is determined, “half or even 100% of any undisclosed and unallocated assets may be awarded to the other spouse.”

Bring in an Appraiser

“The love of art grows exponentially after the appraiser’s report comes in,” especially when the items grow in value, says lawyer Ike Vanden Eykel. A couple can either decide on one appraiser, or can each hire their own. It’s important to remember that appraisers can determine different amounts, and those amounts can be far apart. The couple should either agree to split the difference if there are widely conflicting appraisals, or decide to take the differences into account when negations are made. You can then take other assets as parts of the bargaining process – such as the house, vacation home, or car. As Mr. Vanden Eykel says, “You don’t want to leave things up to a judge to decide, because the court will only order that everything be sold.”

 

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

Source: The Wall Street Journal, Tips for Dividing Art in a Divorce or Death, September 21, 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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Marital Property Division

Overlooked Items During Marital Property Division

Statistics indicate over 195k people die from malpractice

A spouse who has not been heavily involved in the family’s finances can often times find himself or herself at a disadvantage when it comes to dividing marital property.

Often Overlooked

Understanding your post-divorce financial needs and 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.

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

Source: Forbes, 6 Money Matters Divorcing Spouses Often Overlook, August 19, 2014

 

Divorce Law LA, Esq.

Divorce Law LA

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

Categories
Marital Property Division

Understanding the Division of 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:

  1. Identify the assets owned by you and your spouse
  2. Categorize all assets as marital or non-marital property
  3. A value will need to be assigned to the assets
  4. 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.

 

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

Source: Divorcesupport.com, Issues Surrounding the Division of Marital Property, 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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