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
Divorce
Common Financial Fears in Divorce
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
Inherited Assets and Division in Divorce
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
Dividing Cryptocurrency and NFTs in a 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
Divorce Myths: Assets are Divided 50/50
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
Do We Need a Business Evaluation for Our Divorce?
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?
When Is The Right Time To Divide Stocks During 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?
Tax Issues to Look Out for in a California Divorce
Married couples going through a divorce that is not yet final on the last day of the year are often confused about how to file their tax returns. The major thing to realize is that they are still married in the eyes of the IRS for their federal taxes and in the eyes of the California Franchise Tax Board for filing California taxes. This means they cannot file under single status because they … [Read more...] about Tax Issues to Look Out for in a California Divorce
What to Do About Your 401k In a Divorce Process
One major issue that comes up in a divorce when dividing assets is what to do with the 401k plan. One party often questions why the account should even be divided when the account has been maintained by that person’s employer. California is a community property state, which means all income during the marriage is presumed to be community property. So, income that both parties deferred … [Read more...] about What to Do About Your 401k In a Divorce Process
How to Divorce When You Have a Family Business
Dividing a business during the divorce process often wreaks havoc on the family business. It can be either a crippling experience or one that brings the couple together when it comes to reaching their divorce goals. The Collaborative Divorce Process Helps You Identify Your Goals In traditional divorce litigation, spouses often fight over the value of the business, each wanting to remain an … [Read more...] about How to Divorce When You Have a Family Business