If you inherited property, money, stocks or other assets either before your marriage or during it, the inheritance, whether cash, real estate, family heirloom, or anything at all, is your separate property. If you kept the asset separate, for example, put the inherited money in a separate bank account belonging only to you, it remains your separate property and is not divided with your spouse in … [Read more...] about Dividing Inherited Assets in a Divorce
How a Pre-Marital Agreement Protects Finances
Not every couple needs a prenup or pre-marital agreement. For example, two people getting married out of college who have not accumulated any real assets and never been married before, do not need a prenuptial agreement. On the other hand, couples getting married for the second or third time and who have children from previous relationships and assets that are owned as their separate property … [Read more...] about How a Pre-Marital Agreement Protects Finances
Tax Issues in a California Divorce
When divorcing couples are discussing spousal support in California, they need to be aware of the tax implications of their divorce. Federal laws enacted by congress and enforced by the Internal Revenue Service (IRS) are different than laws enforced by the California Franchise Tax Board (FTB). Spousal Support and Taxes IRS rules. Under federal law, a person paying spousal support may not … [Read more...] about Tax Issues in a California Divorce
Divorce and The Family Business
When a divorcing couple owns a family business, it complicates the parties’ financial settlement. Generally, the business will be awarded to one of the spouses and how it is valued and divided depends on the type of business that is involved. When One Spouse is a Licensed Professional and Owner of the Business When one of the spouses is a licensed professional, like a doctor, attorney, … [Read more...] about Divorce and The Family Business
Communicating as a Financial Divorce Professional with Your Clients
In a collaborative divorce, spouses who can communicate with a neutral financial professional is key to helping them understand their current financial situation. This helps them reach a settlement agreement that is in the best interest of both parties. There is often an imbalance in that one spouse has less financial knowledge than the other. The collaborative process works to bring them both … [Read more...] about Communicating as a Financial Divorce Professional with Your Clients
Cryptocurrency, Divorce and Fiduciary Duty
Many people hear the term “fiduciary duty” and think it only applies to business relationships. In fact, divorcing spouses owe a fiduciary duty to each other. This means they must deal with each other fairly in the division of their assets, even when the assets include cryptocurrency. The Meaning of “Fiduciary Duty” in a Divorce The law imposes a strict fiduciary responsibility upon … [Read more...] about Cryptocurrency, Divorce and Fiduciary Duty
Dealing with Hidden Assets in a Collaborative Divorce
People choose Collaborative Divorce over traditional litigation when they want the divorce to be more amicable. The hallmark of a Collaborative Divorce is honesty. Both spouses are expected to provide full disclosure about all assets, both those known to be community property and those that they claim are separate property. In rare cases during the collaborative process, one party discovers … [Read more...] about Dealing with Hidden Assets in a Collaborative Divorce