It once was the case that a jointly-owned house was a divorcing couple’s largest asset. However, in this poor economy, many divorcing couples find themselves with homes that are “upside-down,” worth less than amount owed on the mortgage. Upside-down property can be one of the most difficult assets to handle in a divorce.
When a divorcing couple owns a house worth MORE than the mortgage, one of two things usually happen: Continue Reading
When a couple owns a business together, the dissolution of their marriage or registered domestic partnership has the potential to seriously harm their business. Because the business is likely to be one of the most valuable assets the couple has, protecting the business during the dissolution should be a joint priority.
Both parties need to remember that unless there was a written agreement that the business would be the separate property of one of the parties, the community property will include the amount by which the business has appreciated during the marriage, and each of them will own half of that amount. Continue Reading
In most California divorces, the family home is one of the biggest assets at stake in the divorce. No matter what you do, remember that how your property is divided can affect you long after the divorce is final.
Option 1: The Buyout
If one of you does keep the home, then you’ll have to buy the other spouse out. To buy out your spouse’s share, you might even things out by making trade-offs. Often, the spouse keeping the house will give up a share in other community property with equal value. As with your other assets, getting an accurate appraisal of the property’s value is critical. Continue Reading
I constantly get asked, “how do I file my taxes during a divorce?” This is one aspect of divorce that is often overlooked as there is no easy answer to this question.
How you (and your former spouse) will file your tax returns during or after your marital dissolution depends on a multitude of factors. The decisions you make on this can have far-reaching financial consequences, so be sure to talk to your family law attorney and accountant so that you understand what lies ahead. Here are answers to some of the most common divorce tax questions we hear from clients.
Going through a divorce is one of the most stressful life events that can happen to an individual. Through the pain, confusion, anger, and frustration of the emotional turmoil, not to mention legal headaches, it is important to find ways to save your sanity during divorce so you can come out the other side stable and ready to start this new chapter of your life.
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