How to Value Your Personal Property
In a divorce, all community property needs to be equitably divided between the two marital parties. This includes personal property or the items and belongings you have in your home or stored somewhere. Personal property, as opposed to real property, can be more easily divided than something like a house. Personal property may be termed ‘yours’ or ‘mine’ during a marriage but upon divorce or separation, they have to be…
Read MoreDividing Retirement Plans in a Divorce
Dividing property in a divorce can be tedious. Everything you acquired during the marriage is now subject to the community property rule and will need to be equally divided under California family code section 760. Depending on how long your marriage has lasted; you may have made significant contributions to a retirement plan while married to your spouse. Dividing a retirement plan isn’t entirely different from dividing any other community…
Read MoreWhen is a Business Community Property?
When starting the divorce process, you may be concerned about protecting the assets you’ve worked hard to acquire. In California, property acquired during the course of a marriage is considered community property. Property acquired prior to the marriage is considered separate property. Closely held businesses are considered a divisible property during a divorce. While some assets may be clearly defined as either community or separate property, often business ownership comes…
Read MoreWhat is Temporary Spousal Support?
Spousal support is intended to be temporary financial support paid to one spouse by another during or after a divorce. These funds are meant to help the receiving spouse become self-supporting. Spousal support can be ordered temporarily during a domestic violence case or during the divorce process, after the couple stops living together but prior to the finalization of the divorce. This spousal support, called temporary spousal support, may be…
Read MoreHow is Spousal Support Determined?
Do you and your soon-to-be ex-spouse have significantly different incomes? Did one of you work, while the other stayed home to take care of the family? Did you give up your education career to help your spouse pursue theirs? If so, spousal support will probably be a factor in your divorce. You and your spouse will have to agree on the terms of support before your divorce can be finalized….
Read MoreIs Child Support Taxed?
Child support is the basic financial responsibility of all parents of minor children. Parents, whether together, separated, or divorced all carry with them a responsibility to care and provide for their children. How much you will have to pay or will receive depends on how much residential time you spend with your child and the financial resources of both parents. Child Support is Not Taxable Child support is not income…
Read MoreWill Child Support Cover Private School Tuition?
Child support is ordered to ensure every parent fulfills their responsibility to care and provide for their children after separation or divorce. Basic child support is meant to cover the basic cost of caring for and raising a child. State guidelines require this amount to reflect: the incomes of the parents, and how much residential time each parent has because during that time they are responsible for covering basic day-to-day…
Read MoreWhy is Our Date of Separation Important?
When you first decide to get a divorce, you may be at the end of a long rope of a weakening relationship. Divorces can take some time while you are working out negotiations, but during this time you may be living separately and beginning your own new lives. Temporary child and spousal support may be ordered during this time and you may be restrained from taking any significant financial actions…
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