Tag: marital property division

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

What About the Wedding Ring?

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

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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.

Often Overlooked During Division of Marital Property

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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

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

33 S. Catalina Ave. Ste. 202

Pasadena, Ca. 91106

(626) 478-3550

https://bestdivorcelawyer.co

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

Reasons for Divorce

Infidelity, falling out of love, financial reasons. These are all reasons for getting a divorce. But they aren’t the only ones.

Common Reasons for Divorce

Chances are you have a friend or family member that has gone through divorce. It’s not easy and there are many factors that contribute to the dissolution of a marriage. It can be any number of combinations of reasons that cause two people to say that’s it. Here are some common reasons:

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.

When You Might Consider a Lawyer for Personal Injury Claims

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 not 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.

Uncommon Reasons for Divorce

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There are common reasons for divorce, and then there are the uncommon ones like these:

Didn’t Like the Movie “Frozen.” After finding out that her husband “didn’t care for” the film “Frozen,” according to the U.K.’s Metro News, a Japanese woman divorced him, saying, “If you can’t understand what makes this movie great, there’s something wrong with you as a human being.”

Possessed by a Genie. After his wife refused to sleep with him, one Dubai man divorced his wife. Her family told him she was possessed by a “dijn,” a type of genie from Arabic mythology, according to Gulf News. Apparently, several religious experts had already attempted to exorcise the genie but were unsuccessful.

Broken Penis Extension. According to the U.K.’s Metro News, a Russian man got a penis prosthetic after finding out that his wife was unsatisfied in bed. When it fell off and he didn’t get a new one, his wife said she was fed up and wanted a divorce.

“Excessive and insatiable desire for sex.” An Indian man divorced his wife because she had an insatiable sex drive. In divorce course he said she had been “aggressive, stubborn and autocratic,” and had forced him to take medication to boost his sexual stamina. She also threatened to sleep with other men if he failed to satisfy her.

“Guantanamo.” A Saudi woman filed for divorce after she found out her husband had nicknamed her “Guantanamo” in his cellphone. According to Al Arabiya news, she discovered the unflattering nickname when she called his cellphone and realized he had left it at home. The man defended himself, saying the nickname was to protect the couple’s privacy. “I don’t want people sitting around me to know that this is my wife calling,” he said.

Parrot Spills the Beans. According to ABC News, a Chinese woman learned of her  husband’s infidelity from the couple’s pet parrot when he started  saying the words “divorce,” “I love you,” and “be patient.” She took the parrot with her to the divorce lawyer.

Too Many Cats. When people hate cats, they really hate cats. And when they love them, they really love them. Apparently, enough to give up their marriage.  According to the Times of Israel, a man divorced his wife after she brought home 550 cats. In court he said he was unable to sleep on the bed and unable to eat meals because the cats were always in the way or stealing his food. The woman refused to give up the cats so the husband decided to give up the marriage.

Cleaned Too Much. A German woman divorced her husband after 15 years of marriage. The reason? According to Reuters, it was because she couldn’t stand his constant cleaning. He constantly tidied and rearranged furniture. Sounds pretty tame… except for the time he tore down a wall in their home because he thought it was too dirty.

Kissed a horse. A man divorced his wife after eh found a photo of her on one of her social networks in which she was kissing a horse. He thought it was cheating. She thought it was crazy that he did. According to Emirates 24/7, the woman said she didn’t want to be with a man who thinks kissing a horse constitutes cheating.

Affair – 70 Years Earlier. An Italian couple ended their marriage in 2011 after the 99-year-old husband found love letters from the 1940s that had been written between his 96-year-old wife and her former flame.

Working with a Family Law Attorney

Whatever your reason is for divorce, whether it’s a common one, or a bizarre and uncommon one, you should 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

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

Facebook and Divorce

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In our current social media age it’s not uncommon for people to vent their unhappiness online. Whether updating a Facebook status to call out an ex-wife for her inability to appear in court on time, or tweeting raves about a judge’s decision, people use social media platforms to tell the world about their lives. And often times that means their lives and their divorces.  Before you take 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.

Rants Land Man in Prison

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The Supreme Court recently overturned the conviction of Anthony Elonis, a Pennsylvania man whose social media rants landed him in prison.

Elonis, often using rapper Eminem’s lyrics, used Facebook to make a series of violent rants against his wife and others. He claimed the rants were not “true threats,” and that the jokes and comments were free speech, and thus protected under the First Amendment.

The court sided with Elonis, 7-2, ruling that the status updates were inadequate for conviction and that prosecutors would need to show that the writer in question actually meant the rants to be threatening.

“Federal criminal liability generally does not turn solely on the results of an act without considering the defendant’s mental state. That understanding “took deep and early root in American soil” and Congress left it intact here,” wrote presiding Chief Justice John Roberts. Roberts noted that the law in question did not explain what mental state should be required for conviction.

While free speech advocates fear that criminalizing Facebook rants might lead to an overall restriction of free speech, others fear that lack of governing laws could lead to far worse situations.

Reason for Divorce

It’s no secret that social media can lead to divorce.

Countless studies have proven that the best way to keep your status as “in a relationship” or “married” you might want to log off Facebook.

A recent survey of 2,000 Brits found that one in seven people had considered divorce as a result of their spouse’s questionable activity on social media outlets such as Facebook, Skype, Snapchat, Twitter or What’sApp.

And almost a quarter of participants polled by the law firm Slater and Gordon said they had an argument at least once a week that was related to social media use. Of that group, 17 percent admitted they fought about social media every day. Fifty-eight percent of those polled said they knew their spouse or partner’s passwords even if their spouse or partner was unaware of it.

Meanwhile, divorce attorneys agree that social media increasingly plays a role in marriage breakdowns. In a 2010 survey done by American Academy of Matrimonial Lawyers, 81 percent of those surveyed said they’d seen an increase in the number of cases that cited social networking as a reason for divorce in the five years prior to the survey. According to the attorneys, Facebook was the number one source for spouses being able to find evidence of their spouse’s infidelity. Of those, 66 percent admitted they’d found evidence through combing through the site.

Social Media as Evidence in Divorce Court

Divorce

Social media can be a valuable source of evidence in 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.

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

Categories
Child Custody Child Support Child Visitation Collaborative Law Divorce Family Law High Net-Worth Divorce Marital Property Division Move Aways (Child Relocation) Spousal Support

Cannon-Carey: A Lesson in High Net-Worth Divorce

Nick Cannon took the twins he shares with estranged wife Mariah Carey out for breakfast in Los Angeles last Friday. Later, the doting dad, 34, posted an image of a Tic Tac Toe game to his Instagram, gushing: #Nothing like some breakfast and a morning game of Tic Tac Toe to get your day going in the right direction! XO’s #DemKids is nice with it! #Geniuses.

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Divorce

After living apart for several months, the host of America’s Got Talent filed for divorce on December 12. Around that time he took to Twitter to say: “I will never say anything negative about @MariahCarey We are forever a family rooted in love.

And indeed, it seems the two are making it work, at least in terms of co-parenting.

His breakfast outing was obviously a ‘farewell till the next time,’ as just a few hours he updated his Instagram with a photo of him on the way to the airport captioned: ‘Another Friday Another Flight.’ He’s currently in the middle of auditions for the upcoming season for AGT.

Co-Parenting

Co-parenting, and the act of co-parenting can be difficult for two parents to establish. The word implies that two parents are able to cooperate and communicate efficiently, but that’s not often the case. This becomes glaringly obvious when it’s realized that the main reason two people end a relationship is because of inability to communicate with each other.

But, unfortunately, when it comes to co-parenting, communicate is a must. If you cannot forge that relationship, the number one person, or people being hurt, are the children you share. Making this harder is the idea that even if your number one intention is to communicate effectively, you still have no control over the other person in the co-parenting relationship.

Being a Better Co-Parent

Regardless of how the other parent acts, there are some things that you can do to make the situation better. Realizing that you can improve the situation by improving yourself can help ease the stress. Here are some things that you can do:

Accept that you might not be able to control every situation. 
It might be easy to be aggravated by everything your co-parent does, but why spend your time and energy? You can’t change what you can’t change. Instead, channel that energy into creating quality time and moments with your kids. Learn and accept that you are not able to control everything. This can be hard, but it’s important. And that acceptance will free up emotional energy that can and should be spent elsewhere.

Be PRESENT with your kids.
When you are upset about something your mind is there, dwelling on that anger. If something that your co-parent does upsets you, place it to the side and don’t let it get in the way of the time you have with your children. Studies show that being present is the most important thing we can give our kids. Pay attention to them! And practice being mindful of the time you spend with them.

Make your home a calm and secure environment.
You can’t control anything your co-parent does. You can’t change them. But you can change you, and you can control you. So ensure that your home is a calm, grounded, and secure environment for your children. This will provide them with a calm and stable environment during a time that not feel that way. They should feel safe during this time – especially if the co-parenting schedule is new. Being able to give your kids stability will ensure they grow up feeling stable.

Focus on what is GOOD.
It’s not uncommon for divorced co-parents to feel guilty about what the effects of the divorce will have on their kids. You can focus on all the wrong things, but isn’t it better to focus on what’s GOOD? Two parents that love them. The secure and stable home that you’ve created. All the good moments you share. That cannot be taken away by your ex. These good-feeling moments are a great influence on your kids. So remember all the good stuff!

Cannon – Carey Property Division

While it seems they have gotten a hold on co-parenting, one aspect of the Cannon-Carey divorce that still might need some ironing out is the marital property the two share.

Cannon is in the process of moving into a $3 million luxury six bedroom, eight bathroom estate on the east coast ‘to keep the twins out of the spotlight.’ Cannon’s net-worth is over $20 million. He is paying $11,000 a month for the house, with an option to purchase the secluded Saddle River estate in New Jersey.

Carey will be staying on the West Coast and kicks off her Las Vegas residency at Caesars Palace on May 6. She has been spending most of her time in Southern California in preparation for the Sin City run.

Despite having their separate living arrangements, the two seem to be locked in a legal dispute over the division of their assets. Cannon just filed a lawsuit that alleges Carey, along with the couple’s business manager, Michael Kane, sold the couple’s Bel Air Mansion for $4 million less than the asking price without involving him in the sale.

Marital Property Division

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California is a community property state, as opposed to an equitable distribution state.

In community property states, all property the couple acquires during the marriage is divided equally. During a divorce settlement, issues such as financial need, ability to earn income, or which spouse is at fault for the divorce are not taken into account when dividing property.

In equitable distribution states, which are the majority of states, marital property division takes into account the financial situation of each spouse. This is different than the 50/50 breakdown of community property states. Though equitable distribution is more flexible, it can be harder to forecast the outcome. This is due to the fact that many factors are taken into account during the settlement negotiations.

When it comes to dividing marital property, there are four concerns that need to be addressed:

  • Identification of marital assets that are owned by you and your spouse
  • Assets need to then be categorized as marital or non-marital property.
  • Value will be assigned to the assets
  • A plan will be constructed over how to divide these assets. This plan will be made in accordance with state laws.

Marital Property

Not all property is considered “marital property.” It should also be noted that marital property does not only consist of dividing furniture and household items, but also all other financial assets such as bank accounts. And the definition of marital property can vary from state to state. You should work with a divorce attorney that can advise you on your state specific laws regarding property division. Typically though, marital property includes any property that is acquired by either spouse during the course of the marriage. And property acquired by either spouse before the marriage is usually not considered marital property.

Non – Marital Property

That being said, in some states, property acquired during the marriage can be excluded from marital property. Such types of property include:

  • Gifts or inheritance granted to one spouse during the marriage.
  • Property purchased with separate funds acquired by one spouse before the marriage.
  • Property that was excluded in a prenuptial agreement.
  • The asset is the result of increased value of separate property that was acquired before the marriage.

Preparing Your Finances for Divorce

If you know there will be issues regarding the division of marital assets prior to filing for divorce, there are some things you should do. Namely, you should consider separating any joint financial obligations that are under both of your names. Joint credit accounts should also be considered during the division process. Because of this, it’s advised that you separate any joint accounts. Here are some tips to consider when facing marital property division:

  • Each spouse should have access to a complete set of all financial documents.
  • Each spouse should establish their own line of credit, in their own name.
  • Close all joint credit card accounts.
  • Create a formal written agreement that outlines the activity on any joint credit accounts until all accounts can be separated.
  • Open separate bank accounts.
  • If you must maintain a joint bank account, make sure you have a written agreement outlining the purpose of the account and what the funds will be used for. You might consider that each spouse sign any checks written from that account.
  • Freeze any investment assets to ensure that neither spouse may misuse funds.
  • Change the title to your home to “tenants in common.”

Working with a Divorce Attorney

Divorce can be a difficult process, not just for emotional reasons. There are many aspects of a divorce that will need to be legally decided upon, including: child custody and visitation, spousal support, and marital property division. A family law attorney will also be able to provide you with advice on how to create a successful co-parenting situation. This can include the creation of a co-parenting schedule that outlines weekly visits, but also holiday schedules, and other major events. These things can be even harder to work out in a high net-worth divorce. State laws will also play a large factor in how things are divided and settled. Because of this, it’s advised that you work with a local divorce attorney that will be able to advise you specifically in accordance with your state law.

 

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 Marital Property Division Spousal Support

Gary Oldman Divorce

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

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 Marital Property Division

How to Divide Marital Property

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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

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 Child Visitation Divorce Domestic Violence Family Law Marital Property Division Spousal Support

Legal Separation Compared to Divorce

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

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

Marital Property Division in 2nd and 3rd Marriages

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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

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

Overlooked Items During Marital Property Division

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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

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