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Division of Marital Debts

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Preliminary Financial Disclosures Are Necessary In A Divorce

Preliminary financial disclosures have a crucial part in a divorce. Documents detailing the debts and assets of the parties (separately and jointly held) in a divorce need to be prepared. Omission of any debts or assets, intentionally or unintentionally, can affect the outcome of the divorce. California divorce laws require both parties in a divorce to prepare preliminary financial disclosures or else a divorce will not be granted. The Schedule of Assets and Debts (FL-142) and Income & Expense Declaration (FL-150) make up the preliminary financial disclosures that have to be submitted by divorcing couples in California. All separate assets…

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Dividing Property in Uncontested California Divorce Cases

In all divorce settlements, property needs to be divided. Both separate and community property have to be divided. But the situation is somewhat easier and amicable in an uncontested divorce. It makes it simpler to divide the marital residence, any retirement savings plans and all other assets between the spouses. Community property The division of the community property depends on the honesty of the couple. Both the spouses should be willing to accurately declare their income and expenses to each other. All accounts and financial documents can be verified to reach a settlement. Marital residence The marital residence is first…

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What To Do With The Marital Home For The Self-Employed

It is very important to decide what to do with the marital home after the divorce. If, as a self employed spouse, you are the one earning more or you are the only earning member in the family, you will not only have to pay child support but also potentially spousal support. So, it is a possibility that your decision regarding the house will be influenced by how much you need to pay as support. The house will imply a lot of financial expenditures like payments of mortgage, taxes and insurance. Ideally speaking, you should not make all these payments…

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Types of Property Orders in California Divorce Cases

Family Law courts in California may issue emergency property control and restrain orders in certain divorce cases. But this is a rarity because courts generally do not like to make any property orders while a divorce case is on. Your lawyer has to be aware of this. So you must only make a request that is supported by extremely strong facts and laws. The rare instances when a court may grant an emergency property order can be as follows – Automatic Temporary Restraining Orders (ATROs) Immediately after a divorce petition has been filed and served to the other spouse, a…

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The Need for Financial Disclosures In A Divorce

In California divorce cases, a financial disclosure known as a “Preliminary Declaration of Disclosure” is a legal document declaring your income and your expenditures, what you own and how much you owe in terms of assets and liabilities is required.  It a legal document that both parties have to prepare and serve separately while filing for a divorce. It is important that this legal document has all the correct information because it is going to be thoroughly scrutinized by your spouse’s attorney. Completing a divorce financial disclosure  A divorce financial disclosure is a very crucial piece of legal proof of…

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Should You Keep Your Marital Home After The Divorce?

A divorce means dividing your properties and assets. For many couples, dividing their marital home becomes the biggest issue. It is their most valuable asset and neither of the two spouses wants to part with it. The primary residence has significant financial and emotional importance. But deciding whether to keep your marital home after the divorce or not should not be decided based on emotions. Thoughtful analysis is required before you take any decision. Or else you may end up regretting your decision. Ask yourself questions from a financial point of view before deciding on keeping your marital home. Is…

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How Does A Prenuptial Agreement Impact Divorce Settlements?

Prenuptial agreements or prenups are contracts undertaken between two partners who are soon to be married, and detail the terms of what will happen, should the marriage go sour. If you and your soon to be ex had the foresight to work out a prenuptial agreement before you got married, your divorce proceedings should, in general, be a much smoother process. Here’s a look at how having a prenuptial agreement impacts divorce settlements. What does a prenup do? A prenuptial agreement is a written undertaking that is legally binding, like any contract, with specific terms laid out usually with regards…

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What Happens When You Sell A Home During Divorce?

During a divorce, all your marital assets, including your family home, will need to be appropriately split up between you and your soon-to-be ex. So what happens if you decide to sell your home during the divorce? If you decide to sell During the divorce process, the property is divided equitably, but more than anything else, it is usually the family home that becomes a central focus for both sides. Sometimes, both partners may want to relocate and ‘get away’ from the home, and are happy to sell. If there is a mortgage involved, then this is a way to…

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Dividing Equity In The Marital Home

When spouses decide to end their relation and seek a divorce, the biggest issue between spouses can sometimes be the division of assets, because when you go through a divorce, securing your financial future becomes a spouse’s top priority. An asset list will typically contain a number of different inventories, yet the most important one is almost always the family home. It’s the division of this asset that will witness the most resistance from both the spouses because one of the spouses may not want to sell it. The importance of a family home cannot be understated. Financially, the property…

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Marital Debt – What You Need to Know When Getting a Divorce

During a divorce, the division of assets – whether financial or property often take top billing. You’re probably also weighing options to decide whether you will be able to resolve differences and come to an agreement on how to split up your valuable possessions. But there’s one area that doesn’t always get center stage but could be more important than your assets. And that’s the division of debt. Why division of debt is so important Debt has the potential to be as debilitating as not being able to negotiate a reasonable alimony. Just as a dependent partner can struggle if…

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