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Why Prenuptial Agreements Are Not Only for the Wealthy

Prenuptial agreements, also known as premarital agreements, are excellent ways to settle property issues in the instance that a marriage falls apart. The mess of deciding who is entitled to what becomes easier, as it’s already been decided before the two partners decided to end their marriage. Both parties can otherwise be fighting for their rights to property, but with a prenuptial agreement, this scenario is usually a lot different. Even with the benefits of prenup known, people are still a little unclear on how obtaining a prenup will benefit them. Naturally, they think that such agreements are only for…

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Ensure That Pensions and Businesses Are Properly Valued In Your Divorce

Other than your house, the pensions and retirement plans of spouses as well as business(es) owned by one or both of the parties can often be the most values assets of the marriage. With regard to pensions, such retirement plans are often divided by use of a Qualified Domestic Relations Order (“QDRO”), wherein the spouse that is not officially on the plan receives their community interest in the pension by a rollover IRA which avoids any tax implication to either party.  A 401K plan is often divided the same way.  Unlike a 401k whose value is whatever the current value…

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Preparing Financial Information for Your Orange County, California Divorce Case

Prior to considering divorce, you generally should consult with at least one divorce attorney so that you know what your legal rights are and also what you can except to either pay or receive in terms of child and/or spousal support. It is helpful to bring a basic written breakdown of what the assets and debts of the marriage are for the divorce attorney to review, as well as your last 3 years of income tax returns. Once your divorce case has commenced, both parties in a California divorce case are required by California law to complete and exchange their…

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Top Money Mistakes To Avoid In Your Divorce!

In any divorce, each party has to be smart and also realistic in terms of what the new reality of their life will be post-separation and post-divorce.  The money that was spent on a life together is now being split to maintain 2 separate lifestyles.  Before you sign your marital settlement agreement, consider these potential mistakes that you will want to avoid: Settling for less in the division of property and assets than you are entitled to in order to obtain more child custody or visitation. These are 2 separate issues and one should not be contingent on the other….

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