What is a Post-Nuptial Agreement?
Many couples choose to enter into prenuptial agreements, prior to marriage. Prenuptial agreements, also called prenups, can help protect the assets you had going into the marriage from becoming community assets. They also put on paper all of the assets and debts you and your spouse are going into the marriage with so, if in the case of divorce, your property division will be simplified. Many people find prenups unromantic…
Read MoreHow Can a Divorce Affect My Credit?
During a divorce, your resources of time, money and patience will deplete. Because of this, it is easy to overlook a few late payments here and there. Similarly, if your spouse has been ordered to pay for certain bills during and/or after the divorce, you could be subject to the consequences of them not following that order. For example, if your spouse is ordered to pay temporary spousal support during…
Read MoreWhat Happens to Student Loans in a Divorce?
When you are getting a divorce, you are forced to take stock of your life and all your debts and assets. Having an education is an undeniable asset in this economy but one that comes at a price. While a degree certainly adds to your earning power and potential, more often than not it will come with a burden of student loan debt that you cannot get away from. You…
Read MoreWill a Bonus be Considered Income?
Much of what needs to happen in a divorce involves dividing finances and property. Many financial aspects of your divorce will be determined based off of your income information. Spousal support, child support and property division will all rely, in full or in part, on income information to be resolved. For child support, California has a standardized, statewide formula that takes into consideration a wide range of income sources. Aside…
Read MoreWhat is Imputed Income?
Income comes into play in many aspects of a divorce. Child support and spousal support, along with the division of assets, require information about both spouses’ income to be calculated according to California family law statute. This income information includes how much a spouse makes as well as how much they can make. If one spouse is not employed, yet is deemed to be employable, their income may be imputed…
Read MoreWill My Divorce Take Longer if I Have a High Net-Worth?
A divorce in California can take as little as six months to well over a year. California residents must wait six months, starting from the date of service upon your spouse, before the divorce can be finalized. There are many reasons why a divorce would take more than the six-month minimum waiting period. A lot needs to be agreed upon before the courts can finalize your divorce. You have to…
Read MoreCan I Deduct Any of My Divorce Costs?
Divorces can be expensive and often bring about significant changes to your finances. If you are going through a divorce, you may be wondering if any of the costs associated with it, such as court and attorney fees, are tax deductible. In general, the IRS does not allow costs associated with a divorce to be deducted from your income. Legal advise, legal counseling and the like are not considered qualifying…
Read MoreWhat Can be Deducted from My Income for Child Support Purposes?
Child support is calculated based off of the state of California’s standardized child support guideline calculator. The calculator determines child support using several pieces of information but it mainly takes into consideration the income of the two parents and the residential time division between them. Since child support relies so heavily on parental income, there are a lot of details to consider when determining what your income is for child…
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