Posted by: Gerald A. Maggio, Esq.
Dividing a business during a divorce can be an extremely difficult and stressful process. Unless there is a prenuptial agreement that clearly divides the ownership interests or the two individuals still want to be business partners, expert legal counsel is needed to keep the business assets safe. Most individuals choose to buy out the portion of the ownership interest from the spouse that does not want to continue the business. It is rare for the two to stay together in business if they cannot keep the marriage intact.
A good approach is to have a divorce team with your divorce attorney and a financial advisor assessing the best route to get the other spouse out of the business. The buy out strategy can include:
• Using a marital asset such as real estate, stocks, retirement funds, or cash
• A property settlement note that allows for a longer buyout of the amount owed with interest
• An Employee Stock Ownership Plan (ESOP) to generate funds by selling ownership interest to employees
• Selling the business and dividing the proceeds
ESOPs can work well if a business is worth more than $5 million. ESOPs are complex but they are tax deductible, so it can become a better scenario for your business. And since employees receive a small interest in the business, they typically become more engaged employees because they want the business to succeed even more.
An ESOP is controlled with a trust fund and a trustee, and the employees are the financial beneficiaries of it. The business makes tax deductible cash contributions to the ESOP and then the trust funds buys ownership interests based upon current values. Each employee gets a small interest annually and can cash in their portion when they leave or retire from the business. Interestingly, ESOP businesses are shown to grow eight to 11 percent faster than normal businesses, according to the National Center for Employee Ownership. Quicker growth equals a bigger increase in value. Thus, ESOPs can be the best route if the business forecasts growth and profits and values its employees as an integral part of the operation.
What’s more common, though, is that the business must be sold outright as a large portion of the assets are tied up in the company. This can be an excruciating process as it will leave one or more spouse without work, and the court must approve the value of the business for sale. The court will analyze the opinion of value from appraisers and accountants.
No matter which route is best, both sides need proper legal representation. Most likely one spouse will have to pay child or spousal support, so adding in the division of a business can create a financial hardship. Both spouses can benefit from mediation or a collaborative divorce to mutually work through the issues with their attorneys and accountants.
The Maggio Law Firm has many years of experience in divorce and the division of assets. Orange County Divorce Attorney Gerald Maggio is known for his legal expertise and giving clients compassionate guidance through the maze of issues that are raised in a divorce. Maggio is active in the Orange County Bar Association, Los Angeles County Bar Association, the Riverside County Bar Association, the Orange County Barristers, and the Irvine Chamber of Commerce.
For more information:
The Maggio Law Firm, Inc.
www.maggiolawfirm.com
Orange County Office
8105 Irvine Center Drive, Suite 600
Irvine, CA 92618
(949) 553-0304
(949) 553-0346 Fax
Riverside Office
3750 University Avenue, Suite 670
Riverside, CA 92501
Gerald A. Maggio is an Orange
County divorce attorney, in Irvine, California. To learn more about Orange County divorce lawyer, Gerald A. Maggio, visit Maggiolawfirm.com.
Posted by: Gerald A. Maggio, Esq.
Irvine, Calif. – The recent child custody battle between NBA Star Dwayne Wade and his ex-wife shows fathers who are doing the right thing – standing up for their kids and their rights as a father – can end up with a positive outcome.
Dwayne Wade was granted with sole custody of his three-year-old and eight-year-old son. Most states recognize the value a father has in his child’s life and there are many resources to assist dads who are dealing with a difficult divorce.
Good legal counsel is recommended to protect a father’s rights in a child custody case. If a father and the soon-to-be ex-wife can create a custody agreement through mediation, the divorce proceedings will go much smoother. But if there is no ability to agree, an experienced child custody attorney is crucial.
When sole custody is granted, a dad will have the child most of the time and the mother will have a set number of visits. If joint custody is granted, the child will get equal time with each parent. Parenting agreements will go over the schedules to give each child ample time to be with their dad and mom.
Dads will want to show the strong bond the child has with them, and any evidence of the big role they play in a child’s development is helpful to the court. According to the National Fatherhood Initiative, 24 million children live without their biological father and are more apt to “engage in risky behaviors, suffer from emotional and behavioral issues, drop out of school, and live in poverty.”
The role a father has in their child’s life is immense. As the National Fatherhood Initiative’s president Roland Warren says, “If you take the time to love, laugh, look, listen, and leave a legacy, you will connect with your kids and be the dad they need and want you to be.”
An experienced attorney will help a dad ensure the parenting agreement is realistic and keeps the child needs as priority number one. “It is so important to maintain the child-parent relationship to keep building a strong bond in the future,” said Irvine child custody attorney Gerald Maggio.
The Maggio Law Firm champions a dad’s rights with compassion, experience, and tenacity. Their lead attorney Gerald Maggio will go after the best possible custody arrangement for your situation.
To learn more about the Maggio Law Firm visit http://www.maggiolawfirm.com/.
Posted by: Gerald A. Maggio, Esq.
Riverside, Calif. – With the biggest wedding months of the year coming up, it is wise to get finances and important decisions spelled out in a prenuptial agreement.
Some couples cringe at the word prenup, but an individual really needs to have the division of assets and debts defined should death or divorce ever happen. The prenup, also known as the premarital agreement, will describe how particular assets such as a home, business, or property will be owned. With couples who are getting married for the second time or more, or getting married at an older age, separate investments or business assets might want to be safeguarded from the new spouse.
“The prenuptial is a really honest conversation about how finances, assets and a spouse’s well-being will be accommodated during and after the marriage,” said Riverside prenuptial agreement attorney Gerald Maggio. “The agreement is like an insurance policy and is in place to protect both spouses.”
Each party gets seven days to review the prenuptial agreement before signing it and is recommended to have their own attorney represent them. Also, if one individual does not speak English as a primary language, the prenup should be translated to ensure it is understood and agreed to. The American Academy of Matrimonial Lawyers reported 73 percent of divorce lawyers had an increase in demand for prenuptial agreements during the last five years. The rise can be attributed to kids growing up in divorced households and the engaged couple wanting to make sure everything is in writing.
Every 10 years, married couples should review the prenuptial to see that it is still relevant. Sometimes post-nuptial agreements long after the marriage occurred can be helpful if one individual starts a company or makes investments that should be separated from the marital property. The same is true if a large inheritance is about to happen. Sometimes couples who have grown apart will use the postnup to reconcile with specific conditions or they will agree to postpone a divorce until the kids go to college or another big event occurs.
“We help show engaged couples all their rights and responsibilities for the marriage,” Maggio said. “So many people find it to be a beneficial experience and document that is there only if they need it.”
The Maggio Law Firm listens to their client’s needs and will go after their best interests. They will help the engaged couple toward their exciting future together with the best preparation and planning.
To learn more about the Maggio Law Firm visit http://www.maggiolawfirm.com/.
Posted by: Gerald A. Maggio, Esq.
Riverside, Calif. – So many couples in California that get divorced oftentimes forget the importance of a temporary order. The typical scenario involves one spouse rushing to get a new living arrangement, throwing all their credit cards and important belongings into some boxes, and getting frustrated about subsequent phone calls about the kids and assets. When a divorce is imminent, it is recommended for an individual to have legal representation and establish a temporary order or agreement to define the immediate priorities as the split happens.
“If one spouse were to move out of the house and has more income and the other spouse is left to take care of the kids and major bills, what would you do?” asked Irvine divorce lawyer Gerald Maggio. “A temporary order will set decisions on the major priorities that have to be discussed before something bad could occur.”
Every temporary order can detail what is important to each spouse. Immediate needs might include orders that:
- prevent charging credit against a spouse or big expenses without written notice
- prevent the sale, transfer, exchange, or borrowing of money against property
- prevent changes in insurance, including modifying the beneficiary, failure to pay the premium, cashing out or borrowing, exchanging, or cancelling it
- define the custody and visitation schedule as well as child or spousal support
- define that the other spouse cannot take children out of a certain local or regional area without consent from the other parent
- outline who gets vital property, such as a car or house
- implement restraining orders when needed
These orders are a bare minimum that will be added to or refined pending the final outcome of the divorce proceedings. The temporary agreement will be submitted to the court after all appropriate signatures are done and give each spouse a clear understanding and set a precedent for the actual divorce.
“A good divorce attorney will help a client weigh the risks, benefits and costs of the temporary order,” Maggio said. “You won’t get everything as you want it – no one ever does in a divorce – but we will fight to uphold your rights.”
Individuals seeking a divorce have sought the Maggio Law Firm’s experienced attorneys to help with temporary orders, divorce summons, and all the steps involved with a dissolution of marriage. The firm’s knowledge and empathy guides clients confidently through the legal maze of divorce issues.
For more information:
The Maggio Law Firm, Inc.
www.maggiolawfirm.com
Orange County Office
8105 Irvine Center Drive, Suite 600
Irvine, CA 92618
(949) 553-0304
(949) 553-0346 Fax
Riverside Office
3750 University Avenue, Suite 670
Riverside, CA 92501
Posted by: Gerald A. Maggio, Esq.
Divorces typically are all about the two adults who can no longer get along and who deserves what assets, property, and privileges. Even though each spouse might equally love the children, oftentimes divorce can bring out the worst behaviors in a parent. Before, during, and after the divorce proceedings it is critical to focus on a healthy and nurturing environment for the kids; otherwise, the negativity can have big consequences on their livelihood.
“Children tend not to tell you when they are angry, resentful, confused, hurt or depressed,” said author Rosaling Sedacca in her book How Do I Tell the Kids…about the Divorce? “Instead kids reflect their problems through their behavior – acting out or perhaps turning inward in ways that you have not experienced prior to the divorce. Take time to see the world through your children’s eyes and you will be better able to meet their needs, understand their confusion or aggression and find appropriate ways to dissolve tension through your conversation and caring behaviors.”
Parental behavior that involves negatively talking about one parent, missing or cutting into the other’s parenting time, or concealing the truth can wreak havoc on a child’s emotional wellbeing and alter their perceptions of how they should act. Children who watch parents say cruel things, lie, and seek revenge can end up being rude, hostile, dishonest, and hold grudges or worse.
Many child psychologists promote that parents must set aside whatever ill will they have towards their ex to effectively be a good parent. Yes, this will involve a daily focus to accept the child custody and shared parenting time. Halting the negative words and interacting proactively with your ex will show that people can be their own individuals and be courteous yet have their boundaries.
Divorce law and child custody agreements are all about the best interests of the children, so the earlier an individual focuses on this fact and has a good child custody attorney by their side will bring about faster and fair results. From visitation and shared parenting rights, to adequate child support and enforcement, a skilled child custody attorney will address all the factors needed for the children.
A schedule must be created so that each child will get to enjoy a normal schedule with each parent as well as specific holidays, vacations, birthdays, and special cultural and religious days. Patience, tolerance and communication are critical to make the schedule work and ensure that the kids are benefitting from it. The agreement will also detail decisions regarding medical, education, religious, and any other special considerations for the children.
In California, Riverside child custody attorney Gerald Maggio helps individuals define a reasonable parenting agreement that will help the child and parents create a healthy, supportive environment. The Maggio Law Firm is experienced in child custody, child support and all divorce matters and strives for the best outcome to maintain and preserve the parent-child relationship.
For more information:
The Maggio Law Firm, Inc.
www.maggiolawfirm.com
Orange County Office
8105 Irvine Center Drive, Suite 600
Irvine, CA 92618
(949) 553-0304
(949) 553-0346 Fax
Riverside Office
3750 University Avenue, Suite 670
Riverside, CA 92501
Posted by: Gerald A. Maggio, Esq.
Irvine, Calif. – Divorce mediation is becoming a realistic, healthier alternative to normal drawn-out divorce battles for many couples. In law offices and the media, mediation is picking up in popularity not only because it is more affordable, but because it is an efficient, less contentious way to split. The need for a mediation divorce lawyer is still critical, and many are trained in mediation and can help ensure every step of the divorce is covered. Mediation typically takes between six to 10 sessions and is cheaper than month to yearlong courtroom battles.
“Your interests – regarding finances, assets, and the children – are still addressed and sought after,” said Irvine mediation divorce lawyer Gerald Maggio, of the Maggio Law Firm. “You will have a lot less stress and get resolution quicker so you can move on with your life.”
A mediator will keep the divorce conversation and negotiations moving forward and oversee that the separation of assets, finances, and parenting time is fair. When the spouses reach a roadblock, the mediator will push to get the conversation back on track. With the two individual’s input, the mediator will set ground rules and goals to achieve. Mediators will still need all relevant financial, asset, and any other documentation relevant to the marriage and divorce.
“Individuals find they are happier with the outcome of mediation versus having a court decide the fate of their finances and kids’ livelihood,” Maggio said. “Disputed divorces can wreak havoc on children and an individual’s wellbeing.”
Mediators are skilled at working with differing levels of personalities, so if a spouse tends to be domineering or pushy, the mediator will give each person time to speak and work through their needs. If there are concerns about violence or abuse, a mediator can arrange separate meeting times. The key is that mediator wants an individual’s input on what they are seeking in the divorce, but will balance it against the other individual’s needs.
A final agreement will detail every facet of the divorce and future agreements and must be legally approved. This agreement will then be used as the basis for the uncontested divorce. And unlike many courtroom battles, this way of getting divorced can have a better, lasting effect.
“Mediation is about creating a good ending to the marriage,” Maggio said. “Mediation is always worth a try.”
The Maggio Law Firm has many years of experience in divorce mediation. Attorney Gerald Maggio is active in the Orange County Bar Association, Los Angeles County Bar Association, the Riverside County Bar Association, the Orange County Barristers, and the Irvine Chamber of Commerce. The firm is known for protecting client’s rights and best interests, as well as being an empathetic ally during these tough times.
For more information:
The Maggio Law Firm, Inc.
www.maggiolawfirm.com
Orange County Office
8105 Irvine Center Drive, Suite 600
Irvine, CA 92618
(949) 553-0304
(949) 553-0346 Fax
Riverside Office
3750 University Avenue, Suite 670
Riverside, CA 92501
Posted by: Gerald A. Maggio, Esq.
Divorce is an intense emotional and financial process that is best guided by an experienced divorce lawyer. A key part involves calculating what an individual’s living expenses are, how children can affect this amount, and advice on how to transition to the new single lifestyle. Questions such as whether you can keep the children in private school, what you are able to afford for a house payment and what assets are needed for the long term can be complex without an experienced attorney to give you the knowledge and confidence for the next steps ahead.
A good divorce lawyer will help a client examine and evaluate the marriage settlement agreement (MSA) and make sure they understand the transfer of monies, assets and property. Sometimes even asset and income tracing are needed to ensure that a spouse is not hiding crucial assets from the other spouse. An experienced attorney will oftentimes have contacts with certified public accountants and financial counselors that can help individuals with managing their cash flow, financial crises and goals they want to accomplish. These key individuals will make up a solid team of experts to help a client through the divorce and get on more solid financial footing for the future. Their financial background will help calculate each spouse’s net worth and establish figures that the courts will agree with.
“Ask your lawyer to help you identify which decisions absolutely need to be made now, and which can wait until your emotions are under control,” said Stacy Francis of the Institute for Divorce Financial Analysts. “Big decisions made in an emotionally unstable state of mind usually turn out to be expensive and non-sustainable ones.”
From budgets, assistance with retirement planning, taxes, and estate matters, a skilled divorce attorney can point their client in the right direction to ensure the MSA and any child support or spousal support will be adequate for the long term. Their team of experts will go over the consequences of keeping one asset over another. Typically, one of the biggest challenges is to determine if it is better to keep the marital home or negotiate for the pension or retirement plan.
“A house requires income to pay for repairs, maintenance, improvements, property taxes, and assessments; a pension, however, produces income without costing income,” said Garrick G. Zielinski, president of Divorce Financial Solutions. “You cannot sell a windowpane to put food on your table during your retirement years. It’s not how many assets you have – it’s what you can do with the value of those assets that matters most.”
In Orange County, Irvine divorce attorney Gerald Maggio helps clients focus on the important financial and parenting matters during their divorce proceedings. The Maggio Law Firm is known for their personalized attention and assisting clients with all the documents, details, and financial questions. They are a valuable advocate that upholds their client’s rights as they push toward a fair and expeditious divorce settlement.
For more information:
The Maggio Law Firm, Inc.
www.maggiolawfirm.com
Orange County Office
8105 Irvine Center Drive, Suite 600
Irvine, CA 92618
(949) 553-0304
(949) 553-0346 Fax
Riverside Office
3750 University Avenue, Suite 670
Riverside, CA 92501
Posted by: Gerald A. Maggio, Esq.
Grandparents are entitled to have quality time with their grandchildren, even if their son or daughter is getting a divorce.
Grandparent rights are not to intrude on the parents rights, as they still have authority over their kids’ lives. If a spouse is trying to prevent or ignores a request for grandparent to be involved, grandparents should seek legal counsel to understand and fight for their options. Oftentimes, a child custody attorney can push to include grandparent visitation rights in the overall child custody agreement.
Unfortunately, in some circumstances the birth parents are unfit to take care of their children, thus leaving grandparents to raise the kids. Parents who are incarcerated, have mental health problems, abuse drugs or alcohol, deceased, or have abused, neglected or abandoned a child will not be given the right to take care of their child. Throughout California, close to seven percent of all children are living with their grandparents.
Grandparents as caregivers are divided into two categories. Custodial grandparents have legal custody and provide daily care, security, and decision making for the kids. Usually the child’s birth parents are so unfit to take care of the children that this is the best way for the child to succeed. A court must grant guardianship to the grandparent.
This process starts with a petition the grandparent will file in court for Guardian Ad Litem. All individuals must receive notice of this petition, so that if one parent is willing to renew their care for the child, they have the opportunity to do so. The only way to go around this is if the guardian can prove that the parent is unfit and contests the guardianship. Grandparent guardianship can be terminated when a parent shows the court they are ready, willing and able to care for the child again and files appropriate motions to do so.
The second category of grandparents, known more as caregivers, helps with daily care but does not have legal custody of the grandkids even though they are living with them. The kid’s parent can live in the home, but the grandparent is in charge of giving an emotionally and financially stable home environment. These types of grandparents assist kids when the parents are out of town, deployed with the military, or absent for longer periods of time. Power of Attorney documents should be drafted and notarized so that the grandparent will be allowed to get the child medical care, make certain education and school decisions, and apply for California assistance programs.
In Orange County, Irvine child custody attorney Gerald Maggio has helped uphold the best interests of children and the rights of grandparents for visitation and guardianship. The Maggio Law Firm is experienced in all child custody matters and will strive to achieve fast and fair results through understanding, tenacity, and professionalism.
Gerald A. Maggio is an Orange
County divorce attorney, in Irvine, California. To learn more about Orange Country divorce lawyer, Gerald A. Maggio, visit Maggiolawfirm.com.
Posted by: Gerald A. Maggio, Esq.
Riverside, Calif. – The Chicago Tribune recently published an article highlighting the importance of both parents being involved in a child’s life during a divorce. Katherine Conger, a human development professor at the University of California at Davis, emphasized that parents should not argue or get physical in front of their children. “Parents should keep focused on the best interests of their children, regardless of their feelings about the soon-to-be ex-spouse,” she said. “Reassure your children that they had nothing to do with the divorce.”
But what about if a spouse is missing? Many individuals are unable to locate their spouse, whether the spouse is abandoning them, trying to avoid child support or have been separated for some time and does not have current contact info. An experienced family law attorney can still help a parent get a divorce and start the next chapter in life. The attorney will assist in the few extra steps that are needed since the reachable parent cannot easily serve the missing parent with divorce papers.
“The courts will want to know that a parent has made every effort to find the missing spouse,” said Gerald Maggio, Riverside County family law attorney at The Maggio Law Firm. “Our law firm will guide you through the investigation to find your spouse or seek a default divorce judgment.”
In California, the court will want to know that an individual has tried contacting the missing spouse’s friends and relatives to see if they have any insight into their whereabouts. Also, do an Internet search, check telephone listings and any social network sites. Look into tax records, voter registration records and the department of motor vehicles to see if any information comes up.
Otherwise, if an individual is unsuccessful in truly locating his or her spouse, California courts will allow the divorce papers to be served by publishing them. An affidavit for divorce by publication is completed, then the divorce complaint and affidavit are signed in front of a notary public. Both of these documents will then be filed with the county clerk at the courthose. From there, a lawyer will assist in sending relevant legal notices to the local newspaper where the spouse was last thought to be residing. The newspaper publication must run one time a week for four weeks to give the missing spouse time to respond.
If there is no response by the end of the publication cycle, a family law attorney can help their client obtain a motion for a default divorce judgment. The final divorce proceedings will establish what the court agrees to for the best interests of the children and client as the primary caregiver.
To learn more about the Maggio Law Firm visit http://www.maggiolawfirm.com/.
Posted by: Gerald A. Maggio, Esq.
An increase in marriages ending after 20 to 40 years is making news headlines and being dubbed “gray divorce”.
Many psychologists are attributing divorces after long-term marriages to the kids leaving home for college or life on their own, and a spouse who has felt trapped or unhappy finally has the drive to begin a new life. The ease and perception of divorce is also far better for couples now than it was decades ago.
With collaborative divorces, mediation and experienced divorce attorneys more accessible to couples, divorce doesn’t have such a bad stigma or price tag anymore. There are many asset and financial matters that need to be addressed in divorces after a long-term marriage, so this is where a results-oriented divorce lawyer is critical and can go over every facet that must be divided.
Gray divorces usually involve lots of marital property and assets, including real estate, vacation properties, bank accounts, retirement plans, pensions, and other assets. Without legal counsel, the divorce can be a messy, financial nightmare. A huge factor is that one spouse usually has a short period of time to make up for any difference in the division of assets before retirement.
As people in California and the U.S. lead longer and more active lives, U.S. Census statistics are showing older, married couples have only a 54 percent chance of reaching a 30th wedding anniversary. Couples married before 1965 fared better, but every marriage year after that shows lesser chances of staying married. Spouses tend to have raised children and kept their finances in order, but the marital relationship took a backseat.
With gray divorce, couples are finding that they stand to be happier pursuing different goals and starting new relationships. Women are far less dependent on their spouses for income and can afford to start a new chapter on their own. “Each person has to decide whether they can deal with the flawed, not just sparkly parts of their spouse,” says Christine Carter, doctor, author of Raising Happiness and columnist at the Huffington Post. If the flaws are a deal breaker and obstacle, divorce might be the only route to resolution.
Every divorce has its unique challenges and financial considerations, so no matter the years of marriage, expert legal counsel will ensure each spouse has peace of mind for the future. In California, Orange County divorce attorney Gerald Maggio is known for helping clients go through their options, protect their interests, and seek the most favorable divorce outcome. The Maggio Law Firm combines years of legal expertise in divorce law with compassionate guidance.
Gerald A. Maggio is an Orange
County divorce attorney, in Irvine, California. To learn more about Orange Country divorce lawyer, Gerald A. Maggio, visit Maggiolawfirm.com.
