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Offering divorce and family law options to fit
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Posts tagged "High Asset Divorce"

In some divorces, beloved art is worth more than its price tag

California is home to many wealthy couples who have gone through high-asset divorces. When a large amount of money is involved, any asset could be the subject of a million-dollar legal battle. One of the issues that may arise during property division is who gets to keep an art collection that took decades to curate. In many cases, an art collection is even more sentimentally valuable to a spouse that its price tag indicates.

Divorce in the age of bitcoin

California residents know that a divorce can be complicated, both emotionally and financially. While it means the end of a relationship that just did not work, starting over and letting go of previous life plans can be very difficult. Additionally, the division of a couple's assets can bring even more conflict into the situation. When the couple also owns bitcoins, this division can become even messier.

Social security payments after a divorce

California residents may take steps to forget about their divorce and move on with their lives. However, it may be possible to collect Social Security benefits based on the work record that a person has with a former spouse. Collecting such benefits may make it easier to live comfortably in retirement or at least make it easier to make ends meet as a person ages.

How to handle joint debt in a divorce

One issue that California residents could face after a divorce involves building or rebuilding credit histories. To do this, an individual should make sure that debts held with a former spouse are paid on time. In some cases, this may require an individual to pay them in full even if their spouse was technically responsible for the debt. This is because creditors are not held by any agreement made between a divorcing couple.

Managing finances during a divorce

When couples in California divorce, the personal finances of each spouse are often thrown into turmoil. Asset division and commitments to spousal or child support are typical aspects of the divorce settlement process. However, it is also essential for each spouse to take responsibility for their financial health during the separation process.

Avoiding taxes and penalties when dividing retirement accounts

California couples who are getting a divorce may want to keep things as simple as possible, but if they are splitting a retirement account, they might need professional assistance to avoid having to pay taxes and penalties. For example, to split a 401(k), the couple will need a document known as a qualified domestic relations order to avoid these costs.

Property division and hiding assets in a divorce

California is a community property state, which means that marital assets are divided in half for divorces. This has lead to many concerns for separating couples, including one woman who is divorcing her husband of 25 years. Her husband has insisted that he is going to get both the home and half of her 401(k). The woman, who has been the main breadwinner for a decade, feels that this is unfair. She also believes that her husband is concealing assets.

What to do if a spouse transfers assets

Many California residents may be unsure what to do if assets are transferred from a joint account into an account in one spouse's name. One man opted to give his wife one month to replace $130,000 that was transferred into a CD in her name only from a joint account. In this case, the wife countered by saying that the money couldn't come out for six months.

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Miller & Associates, Attorneys LLP

Miller & Associates, Attorneys LLP
6542 Lonetree Boulevard
Rocklin, CA 95765

Phone: 916-780-0848 
Fax: 916-780-0787

Miller & Associates, Attorneys LLP
850 Iron Point Road, Suite 113A
Folsom, CA 95630

Phone: 916-365-4941 
Fax: 916-780-0787


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