California is a community property state which means all assets that a married couple have accumulated during their marriage belong equally to both spouses and must be divided between them 50/50 as much as possible. This is often difficult in high-asset divorces. Why a High Asset Divorce is Different? Generally, in a divorce, the couple has a house, a car or two, and maybe a few other … [Read more...] about A High Asset Divorce – How Is It Different?
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
Negotiating a divorce settlement can be complicated when a reverse mortgage is involved. A financial expert, such as a certified public accountant (CPA) may work with you to come to a settlement that is fair for you both, or help you use a reverse mortgage to pay for your divorce. What is a Reverse Mortgage? A reverse mortgage is a type of loan that allows homeowners to withdraw equity from … [Read more...] about How Does a Reverse Mortgage Factor in Divorce?
Divorcing couples need to be informed about the potential tax consequences of any financial decision they make. The wrong decision can cost you thousands of dollars. The surest way of avoiding these mistakes is to have the help of a financial professional like a certified public accountant (CPA) participating in the divorce process. Not all assets are equal, even if they seem to be. For … [Read more...] about Tips for Avoiding Tax Implications When You 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
Divorce and a business can make an already complicated process even more complex. When there is a business involved there must be a value placed on that business. If the business was owned by one party prior to the marriage the value of that separate property interest must also be considered. Even in the best of times, this is a contentious issue, and a divorcing couple may have different … [Read more...] about Business Valuation and Divorce in these Uncertain Times
The divorce process is always stressful even for couples who agree a divorce is in their best interest. The stress is compounded when there are a lot of assets involved. The one who generates most of the income fears losing a lot of money. The one who generates less fears not getting enough. In an ordinary divorce, couples may own a home, one or two vehicles, and maybe a family business. In a … [Read more...] about What Makes a High Asset Divorce Different?
A couple’s financial situation is a primary focus of the divorce process. Sometimes a potential bankruptcy of the couple or a business owned by one of the spouses throws an additional wrench into the mix. How to make all this work is often the source of conflict and animosity. One of the advantages of the Collaborative Divorce process is the neutral financial professional, who helps couples … [Read more...] about Divorce and Bankruptcy
When a couple files for divorce, they both have some immediate financial needs they must work out. Their income has been supporting one household and they must figure out how that income will support two households. Even if one of those households becomes a small apartment that one spouse moves into, it still increases the couple’s expenses. California Temporary Restraining Orders When a … [Read more...] about Financial Needs as You Begin the Divorce Process