8 April 2014 0 Comments

Community Property s. Separate Property

ShareWhat’s ours? What’s mine? While a couple is married and accumulating property, little thought is given to whether their property belongs to one spouse or the other, or to both of them. But once a couple is considering divorce or has already filed one, the question of who gets what becomes a priority. One of […]

13 March 2014 0 Comments

Am I Entitled to my Husband’s Retirement Account?

ShareWhen choosing a beneficiary for a retirement plan, it is important to understand how your spouse will be treated under the plan. Surviving spouses are treated differently under 401(k)’s and individual retirement accounts (IRAs). While a 401(k) provides protection for a surviving spouse, and IRA does not. Most people name their spouses to inherit the […]

6 February 2013 0 Comments

Community property versus separate property

Share In any divorce proceeding, the issue of how to divide marital property, assets and debts must be resolved.  In California, at the termination of a marriage, there must be an equitable distribution of the couple’s marital property, assets and debts.  Generally, community property is divided equally and fairly between the spouses. As with assets, […]

28 September 2012 0 Comments

Property settlement during a divorce

Share Marriage is supposed to be all about love and a lifetime together.  Did you know that marriage is also a business contract?  Because of this, it is important to protect your business prior to saying, “I do.”  While saying, “I do”, few people are thinking about the possibility of divorce. Statistics show that roughly […]

8 June 2012 0 Comments

Personal bank account and divorce

Share I have been asked if a bank account that was kept separate from the couple’s joint account is considered community property. Community property includes all earnings during the marriage and anything acquired with those earnings.  Separate property includes any gifts or inheritances acquired prior to a marriage and maintained as separate property. Property purchased […]

14 March 2012 0 Comments

Kris Humphries asking is for $7 million

ShareIt looks like it might turn ugly at the Kardashian household.  It has been reported that Kris Humphries is asking for $7 million from Kim so they can quietly and official end their long marriage of 72 days. According to sources, the NBA player has given his former wife an ultimatum – “either hand over […]

20 February 2012 0 Comments

Divorce and business assets division

ShareAs though going through a divorce is not stressful enough, what happens when you own a business with your spouse and the business assets need to be divided among you?  When a business is part of the divorce process, it is necessary to determine which assets are considered community property.  This can become a complex […]

23 November 2011 0 Comments

Division of property

ShareDivorce, for some, can be a traumatic experience.  Dividing property and assets that you have accumulated over the years can be very stressful and emotional. California is considered to be a community property state where property is split 50/50 after it is evaluated to determine a dollar amount.  Community property includes the family house, motor […]

5 August 2011 0 Comments

Divorce and retirement benefits

ShareWhile you prepare to divide your assets in your divorce, the question of retirement benefits will come into light.  Retirement benefits represent an important part of property division when a married couple is undergoing a divorce. In California, accrued or vested retirement benefits are considered to be marital or community property – based on the […]

10 June 2011 0 Comments

Divorce and taxes

ShareWith divorce come significant tax consequences.  In California, a community property state, all assets are divided up – without any federal income or gift tax consequences. However, when an asset falls under the tax-free transfer rule, the individual who has that particular asset also takes over its existing tax basis for gain or loss purposes […]