If you are a physician in a private medical practice, you are likely concerned about how your divorce will affect your practice and your income. Working with a divorce financial professional can help you understand the process and allay some of your fears. Medical doctors, especially sole practitioners, reasonably raise the issue that, “Without me, there is no value to the company.” They … [Read more...] about The Potential Impact of Divorce on a Medical Practice
Going through a divorce is stressful in many ways. One of the most common stressors in a divorce is financial fear. Both spouses have worries or fears about what the financial future holds for them. Common financial questions each divorcing spouse asks themselves, their attorneys, and financial professionals are: What am I going to walk away with?What am I going to have after the … [Read more...] about Common Financial Fears in Divorce
California is a community property state. This means that all assets accumulated by a married couple during their marriage belongs equally to them both. When they divorce, those assets are legally to be divided equally between the spouses. A problem occurs when one or both fail to list assets. When it comes to digital assets, this failure could be accidental or intentional. You need to know … [Read more...] about Digital Assets in Divorce – Identifying Spouse’s Crypto Assets
If during your marriage, you inherited any asset, whether it be actual cash, a family heirloom, real estate, or anything of value, it is your separate property. If you keep the asset as your own separate property, it remains your separate property and will not be divided with your spouse when you divorce. A problem often arises when the inheritance asset has been commingled with the community … [Read more...] about Inherited Assets and Division in Divorce
A relatively new issue that is coming up in a divorce is how to divide digital assets. These are non-fungible tokens (NFTs) like bitcoins. If the spouse who has been buying these digital assets reveals the assets as he or she is required to do according to the law, they can be identified and divided equally between the spouses if they were purchased with community property assets. In too many … [Read more...] about Dividing Cryptocurrency and NFTs in a Divorce
In a community property state, like California, the law provides that all assets a married couple accumulated during their marriage belongs equally to them both. When they divorce, those assets are to be divided 50/50. At least that is how it should be done in theory. In reality, the 50/50 division is almost a myth. There are factors that affect how this division is done. Often, couples who do … [Read more...] about Divorce Myths: Assets are Divided 50/50
One contentious issue that arises during a divorce is when there is a business asset and how to divide it. This is true whether the business is a professional business owned by one spouse, or a family business owned and operated by both spouses. Except in rare cases, the first step is to have the business's worth evaluated. How Valuation of a Business Works in a Collaborative Divorce In a … [Read more...] about Do We Need a Business Evaluation for Our Divorce?
Knowing when to divide stocks during a divorce can be a challenge, especially when the market is unpredictable. It is particularly important when talking about retirement accounts that need to be divided appropriately so the division does not create a tax burden. What to Consider When Dividing Stocks The financial advisor needs to make sure that the split is done in such a way that the … [Read more...] about When Is The Right Time To Divide Stocks During Divorce?
When a couple gets divorced, their tax situation changes with the Internal Revenue Service (IRS). Often, this creates a difficult situation for one of the spouses. It seems there is always one spouse more familiar with filing the tax returns than the other. If you were a spouse who did not know much about your financial situation, you seriously need to find a tax preparer who can … [Read more...] about Preparing Taxes Post Divorce
Unfortunately, when a couple goes through the divorce process, emotions run high and are often the driving force for running up the costs. Traditional litigation is notorious for taking a long time and being quite expensive. A Collaborative Divorce is less stressful and less costly. Costs of Traditional Litigation In traditional litigation, each spouse has their own private attorney. … [Read more...] about Why Does Divorce Cost So Much?