Divorce is usually a combination of complex matters that can become even more intricate when a business is involved. The question of whether a business is considered a marital asset is a pivotal one, and the answer isn't always straightforward. Whether a business is a marital asset hinges on several factors. First and foremost, the timing of when the business was established is crucial. If … [Read more...] about Is a Business a Marital Asset in a Divorce?
As complex as divorce is, it can be especially difficult when business assets are involved. Business valuation specialists play a pivotal role in determining the value of a business in divorce proceedings. There are crucial aspects in conducting a business valuation for divorce cases. Starting Point: Financial Statements and Tax Returns Business valuation specialists primarily rely on … [Read more...] about Navigating Business Valuation in Divorce Proceedings
Divorce can have far-reaching effects on many aspects of a person's life, including their financial well-being. One aspect that is often overlooked is the impact of divorce on credit scores. The way in which a divorce is handled can significantly influence whether a person's credit score takes a hit or remains relatively unscathed. In this blog, we'll explore how divorce can affect your credit … [Read more...] about How Divorce Can Impact Your Credit Score and The Power of The Collaborative Process
Is dividing the house in a divorce is a taxable event? Typically, transfers of property because of a divorce are non-taxable. This means that the transfer of the house from one spouse to another, where one keeps the house and the other receives a specific amount of money, would not incur immediate tax consequences. However, when it comes to accessing the equity in the house, things can become … [Read more...] about Divorce: Home Equity and Taxes
Divorce comes with financial concerns. One common question that arises is whether divorce will lead to the loss of retirement savings. While there is no one-size-fits-all answer, it's essential to understand how divorce can impact retirement accounts. The impact of divorce on retirement savings depends on various factors, such as age, the duration of the marriage, and the amount accumulated in the … [Read more...] about Will I Lose My Retirement in My Divorce?
Divorce is a challenging experience that can often come with unexpected costs. While many people are aware of the obvious expenses such as attorney’s fees and asset division, there are several hidden costs that are often overlooked. Hidden Cost: Taxes One significant hidden cost is taxes. When dividing assets such as a community property home or a retirement account, tax implications can … [Read more...] about The Hidden Costs of Divorce: What You Need To Know
Starting the divorce process is often full of fear. When couples are going into the unknown and not sure what their future will hold. The party who generates the most income, fears losing money and the one who generates less fears not having enough money to live comfortably and to make it on their own. In traditional litigation, parties are pitted against each other, each trying to be the … [Read more...] about Divorce Fears – Will I Be Able To Make It On My Own?
If you are in a divorce but have qualms about giving up your family home, there are some major things you need to consider before making the decision about whether to keep it or sell it. You may be emotionally attached to the home. Maybe you have lived there for a long time. It is a place that is home to your children, near their schools and friends. You may think it is important to keep … [Read more...] about Should You Keep the House in a Divorce?
When you or your spouse begins divorce proceedings, you both will likely have financial concerns. There are common mistakes divorcing couples make that you should avoid. If you can avoid them, your divorce will go smoother, and it will make it easier for the two of you to make the necessary compromises as you settle your divorce and divide your assets. Financial Don’ts in a Divorce Some … [Read more...] about Financial Dos and Don’ts in a Divorce
One of the main issues in divorce is the division of assets and liabilities. It seems both parties are always concerned that they won’t be treated fairly. The first step to making sure the community property is divided appropriately is to gather all financial records for review. You must provide all financial documents to the court if you are using traditional litigation, or to your … [Read more...] about Key Financial Records for Your Divorce