What Does a Forensic Accountant Do?
Dealing with the dividing of family finances is often one of the most contested areas of a divorce. Couples with significant assets, an overall high net-worth or with issues of self-employment or business ownership may face more difficulties when approaching divorce financials than others. Fortunately, there are professionals who can help you ensure the financials in play in your divorce are accurate in full. Experienced family law attorneys will frequently…
Read MoreWhat is Considered Income for Child Support Purposes?
California child support law views a parent’s financial responsibility to raise their child as non-negotiable. For this reason, child support is calculated based off a statewide, standard guideline calculator that seeks to determine child support in a way that reflects mainly two things; the income of the parents and their residential time with the child. The income of the parent is determined by taking the gross income and deducting certain…
Read MoreHow Will My Finances Change After a Divorce?
Everything changes after divorce, not least of which are your finances. Support orders, tax implications and a new living arrangement can mean you have to make a lot of changes in your spending habits. The biggest changes you can expect after divorce are either paying or receiving support and having a different asset profile. You will also have to set up a new household, which is especially important when minor…
Read MoreWho Gets Child Support if We Have Similar Incomes?
In California, child support is calculated based off of a state wide formula. This formula is mainly based off of the net income of the parents and the residential time distribution. Generally, whoever has more residential time with the child is the one who covers more costs, like food, clothing and incidentals. Because California views it as both parents responsibility to financially provide for their child, support is ordered to…
Read MoreHow to Make Calculated Financial Moves During Divorce
It can be difficult to keep a handle on your finances during a divorce. A divorce can last anywhere from 90 days to well over a year and, during this time, your finances are not always necessarily your own to work with. As a community property state, California mandates all marital property, also called community property, be divided equally in a divorce. So, during divorce proceedings, you cannot do whatever…
Read MoreHow to Account for the Value of Appreciating Assets
Community assets must be divided equally between the spouses of a marriage, as per California’s community property rule. This doesn’t mean everything needs to be sold to split the proceeds, but that the overall net value of the assets is equally divided. While many assets can be readily appraised for an accurate value at the time of divorce, like real estate and bank accounts, other assets can be hard to…
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