Under California law, marital property includes all property acquired during the marriage however titled, unless it is acquired by inheritance. Property division in a divorce is when the assets, property and items of value are divided. California law requires that property is divided 50/50. Factors that come into play when dividing assets include: · Income… Continue reading →
Archive for the ‘money & property’ Category
Property Division
California is a community property state. Community property includes all property and debt acquired by the couple from the date of their marriage until the marital cut-off date. This includes all real estate, household goods, automobiles, boats, jewelry, etc. Property division and marital debt issues are settled by a signed Final Judgment of Dissolution of… Continue reading →
Property division and tax consequences
When proceeding with divorce, it is very important for both parties to pay close attention to the relationship between divorce and taxes. The method in which assets are divided can have significant tax consequences to each of the spouses. Tax consequences pertaining to the division of assets in the marital estate plus payments of spousal… Continue reading →
What is spousal support?
Not all divorces require one spouse to pay spousal support to the other. If there is a significant income disparity between the couple and they have been married for a long time, the chances of one paying the other spousal support are great. The family court judge retains jurisdiction over the spousal support issue. If… Continue reading →
Dividing retirement accounts
California, being a community property state, calls for pension plans, 401k plans, IRAs, and other types of retirement accounts to be divided equally. Next to the family home, retirement plans are one of the biggest assets of the marriage. Retirement accounts are divided in one of two ways: 1. Qualified Domestic Relations Order 2. Divorce… Continue reading →
Can I collect alimony?
Alimony or spousal support is designed to provide the lower-income spouse with money for living expenses. This is in addition to any child support that is awarded. The judge looks into several factors when considering alimony. Examples include the spouse’s ability to work, age, health, length of the marriage and if he or she was… Continue reading →
Budgeting your money
Divorce is not an easy process to go through. With it not only comes changes in emotions and daily lifestyle, but divorce also brings changes in finances. You no longer have two salaries to depend. It is important to work out a budget and stick to it in order to take control of any situation… Continue reading →
Uncontested versus contested divorce
There are two types of divorces – uncontested and contested. An uncontested divorce is usually amicable because the parties agree on how to resolve specific issues beforehand. They do not need the court to divide assets or make determinations about spousal or child support. An uncontested divorce will go through the system more quickly while… Continue reading →
Divorce mediation
Going through a divorce can be a devastating experience and an emotional rollercoaster. Because disputes between the couple can turn bitter and ugly, the practice of mediation can be of great help. With the help of an experienced Orange County Divorce attorney, couples can discuss their thoughts regarding division of assets and custody. In order… Continue reading →
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