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Division of Marital Debts

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California Divorce: Is Property & Debt Always Divided 50/50?

California is what is known as a community property state, a state in which everything you and your spouse earned or bought during your marriage belongs to both of you in equal measure. But that does not mean that you have to divide everything 50/50. Are Assets in Divorce Always Split 50/50 in the Community Property States? Everything that you and your spouse contributed to the marriage during the time you were married (with only a few exceptions) must be divided equitably during your divorce. According to California state law, the way you divide assets and debts must be fair…

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Dividing the Assets: Is a Business an Income or an Asset?

Are you a business owner facing divorce? Are you the spouse of a business owner facing divorce? Either way, you probably have questions about how the business is handled during the division of assets. Is the business divided? How is it divided? Is the spouse of a business owner entitled to half of the business in divorce? First Things First: The Business Must be Evaluated A business is an asset. Like any other asset in a marriage (house, car, etc.) determining how it will be divided is based on characterization and valuation. Characterization determines what type of asset the business…

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How to Recognize a Rigged Business Valuation During Child Support Calculations

If you or a soon-to-be ex-spouse own a business, it may need to be valued for the purposes of child support/spousal support calculations and asset distribution. Most credentialed valuation analysts are subject to both ethical and professional standards, but there are the rare few who will engage in subterfuge, attempting to rig the business valuation higher or lower to intentionally manipulate the result in favor of one spouse. Do you know how to spot a rigged business valuation? Watch Out for a Rigged Business Valuation: What To Look For Income: Rigged business valuations may report income too high or too…

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How to avoid unequal distribution of property during a California divorce

Probably one of the most contentious tasks for any couple to agree on would be the division and distribution of property and assets during a divorce. Making through the assets separation in mutual agreement without the need for additional intervention is certainly a welcome situation for both spouses. If in case you’re unable to settle the issue of property distribution with your spouse, a California family law judge will have to do it for you. To begin with property distribution in a divorce agreement across the United States is conducted via state law. Asset division follows either community property or…

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Signs That Your Spouse May Be Hiding Assets

The assets owned by you typically come under various heads such as a business, your primary residence or primary home, a professional practice, cash value of your life insurance coverage, pension funds, retirement funds, shares, savings, bank accounts and other property investments. Rather than depending on the integrity of your spouse or only relying on the fair conduct of the court, it is a sensible approach to watch out for these strategies and signs to know whether your spouse is trying to hide marital assets are not. Check out the following key aims for your spouse to hide assets during…

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How To Take Good Financial Decisions During A Divorce

As a married couple you might have enjoyed a certain sense of financial security. Whether you were being supported by your spouse or you had two incomes coming in, it is always easier when you have someone to share the responsibility with. Going through a divorce could affect your financial situation in unexpected ways and if you are not prepared for them life could get very difficult. Here are a few ways you can make good financial decisions to help you during a divorce: Mutual consent and shared lawyer fees: At the very start of your divorce you could find…

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Status of Student Loan Debt After a California Divorce

Marriages come with many responsibilities and one of them is supporting a spouse with his/her student loans. Paying back the educational loan can be tough for some and becomes even tougher once a divorce takes place. Current statistics show that college students who take up educational loans end up with huge debts which become hard to pay. In a marriage, the debt can be cleared by both spouse but it’s not as easy as it sounds. It can get complicated and after a divorce, students loans can look like a huge burden. Finances are an important factor when it comes…

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How To Find Concealed Assets and Money During Your Divorce

As soon as the divorce proceedings start, it has been observed that many people try their best to hold back what according to them is their own property or money. There are some individuals who even possess secret bank accounts as well as other financial activities when they were married. If you feel your estranged spouse may have done the same and you desire to get a fair settlement, you need to expose such hidden accounts When you are not ignorant about the resources and techniques used by financial and accounts professionals, you will not become a victim of your…

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You Should Know These Things About Prenuptial Agreements

A legal contract that is agreed upon by two people prior to getting married is termed as a prenuptial agreement. In this agreement, the couple takes care of matters like the kind of property rights they will have in the event of their divorce, any property that they acquire during their marriage and the property, which each of them brings into their marriage. There was a time when the prenuptial agreements were only for wealthy people. Today, things have changed. In case, both the spouses want to own a property jointly, one of them had given up his or her…

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Top 3 Costly Financial Mistakes to Avoid During Divorce

There are many such cases where a divorcing spouse accepts a settlement even though it could be unfair to him or her. However, a few years down the line, he or she may go through severe financial constraints. Irrespective of what the reason for agreeing to such a settlement was, such an occurrence could be drastically improved even though it may not be avoided altogether. This is possible when you learn some of these most expensive financial blunders that are commonly made while arriving at divorce settlements. Mistake 1: Unable to budget according to a new lifestyle A common financial…

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