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NBA Star’s Ex in Violation of Restraining Order

The couple starred on the show Basketball Wives and after a contentious custody battle between the two, Barnes won sole custody of his 10-year-old twins that he shares with Govan.

Barnes received a restraining order against Govan after a violent confrontation. According to reports, Govan allegedly used her SUV as a “deadly weapon,” and was accused of endangering their kids when Barnes tried to pull them out of the car. According to Barnes, Govan put the car in reverse and hit the gas, which caused one of her sons, who was exiting the vehicle, to hit his head.

Govan was arrested following the incident but released shortly after.

According to Barnes’ attorney, Larry Bakman, Barnes insists Govan has repeatedly broken the rules of the court’s restraining order because she texted the kids, set up unauthorized FaceTime calls and kept tabs on her kids with tracking software, among other things.

Govan’s attorney responded that most of the allegations do not constitute violations of the order and he intends to file a motion to dismiss on behalf of his client. Both parties are due back in court in February.

There’s been a seemingly long-standing trend that January is divorce month. Perhaps it’s the familial pressure to stay together during the holidays, or it’s the stress of the holidays which cause the tensions to finally break. Regardless of what the reasons actually are (and usually that’s not just one holiday season) that are making you consider divorce, you’ll want to understand the next steps you need to take.

Is January Really Divorce Month?

It’s not uncommon for people to feel they need to change things up at the beginning of the year. It goes with the whole feeling of the season, and also quite literally with the name of the time of year, “The New Year.” With the changing of the calendar, there comes new opportunities, and perhaps even the reminder or realization that home life just isn’t what it used to be or what a person wants it to be. Chances are, this is a long time coming, but the New Year, with all the newness it brings, can often mean the final decision time.

Divorce Lawyers Los Angeles 

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com

When there are a lot of assets, such as in high net worth marriages, that need to be decided on in divorce, it’s important to remember the tax repercussions that can follow those decisions. Making this even more overwhelming is the fact that tax laws will be changing in 2019.

Divorce and Tax Law Changes Coming in 2019

When retirement accounts, large pieces of property, and alimony are at stake, divorce gets tricky. Making these decisions trickier for both lawyers and feuding couples, it’s the fact that big changes are coming at the end of 2018.

A number of tax law changes were implemented at the end of 2017 but a big disruption won’t happen until Jan. 1, 2019. The biggest direct impact is on alimony. Alimony will no longer be a tax deduction for the person paying it, and it will no longer have to be claimed as income by the person receiving it.

At the beginning of 2018 it was predicted that this would cause a big rush on divorces, due to the fact that people would try to get the divorce in before the year changed. Turns out, that big rush hasn’t quite happened.

According to divorce attorney Malcolm Taub, of Davidoff Hutcher & Citron in New York, “It is a drastic change, but it seems like people are living with it.”

While the determination of the actual dollar value of alimony is relatively easy, the biggest sticking point is where the money for the settlement is coming from, and how well-prepared each side is for the long-term.

Divorce Over 50

When couples over 50 decide to divorce settlements can become increasingly complicated due to the fact that there are less “working years” left for either person.

For couples over 50, a lot of the traditional gender roles still exist – the husband is the breadwinner and the wife stayed at home to raise the children. While this is changing with the younger generations, this still applies to many older couples that are divorcing now.

Among high-net-worth clients, the two biggest assets are usually the house and the retirement accounts.

While a house is an obvious sentimental attachment, there are other big financial gains to be had by selling that family home. It’s not uncommon for divorce attorneys to recommend that the spouse who gets awarded the house sells it and puts the proceeds into an investment account for retirement.

Another often employed strategy is to “award” the house to one spouse while the other spouse gets what seems like an equivalent amount in an investment or retirement account. Taxes are then figured into the equation.

To consider are capital gains, IRAs and 401 (k) assets versus Roth assets, as well as the valuation of any private businesses. Even if you are not selling a business in the divorce, you will still need to have a valuation of it.

You’ll want to have proper legal order for any asset distributions, because the tax penalties could hit you hard on the flip side.

Claiming Alimony

Spouses receiving alimony used to be able to claim it as earned income. Under the new law, they are no longer able to claim it, and thus cannot contribute to accounts like IRAs and Roths. So if they have no other earned income, they have no way to grow their tax-advantaged retirement accounts.

This can be especially hard-hitting when the divorce settlement is not enough to get by on. Even harder hit, are those who are not old enough and thus do not yet qualify for Medicare and Social Security.

As if divorce isn’t hard enough emotionally, then you get hit with the financial side of divorce. Establishing your own credit, setting up your own independent accounts, closing joint accounts, etc… can be grueling, but unfortunately a very necessary part of starting your single life.

The Financial Side of Divorce

Before you’re able to move forward from your ex, you’ll need to take some steps to create your own financial footing. Below we outline some steps you’ll want to take.

Take Inventory

Divorce means a rebalancing of your budget, and it really is “your” budget and yours alone. While some expenses may disappear, others will become your sole responsibility. If you are not receiving alimony, you will no longer have the benefit of a secondary income to ease the debt.

How an Experienced Los Angeles Alimony Attorney Can Help

Divorce and spousal support cases in Los Angeles can be complicated, especially when emotions are running high and both parties are feeling exposed and financially vulnerable. Our attorneys at Divorce Lawyers Los Angeles often encourage divorced or divorcing couples to attempt to reach a workable and amicable alimony payment agreement on their own outside of court, as negotiation and settlement are almost always preferable to going to trial. However, we want what’s best for you and your family, and we will stand by your side every step of the way, whether you end up going to court or not. One thing to keep in mind if your case does go to trial is that the judge has a great deal of discretion when deciding on spousal support payments. This is why it is so important to have a thorough understanding of the factors the judge will consider when deciding how much alimony you will receive or pay. An experienced family law attorney can help you understand the complexities of your spousal support agreement, help you calculate alimony payments and prepare the forms required by the court, among other things.

Credit Reports

It’s also a good idea to look at your credit reports to see what your personal financial standing looks like. Creditors will use these reports to asses whether or not to give you a loan. Review these reports very carefully to ensure that there are no errors. This report will be able to give you an idea of what to expect as you try to establish new credit on your own.

Close Joint Accounts

Divorce doesn’t relieve you of any joint debts you and your ex incurred during the course of the marriage. Any joint accounts that you have with your spouse will still have your name on them, and thus will impact your credit score. That means a creditor can come after you if your spouse falls behind on a payment – even if you have a verbal agreement with your spouse.

Close all joint accounts as soon as possible and have everything that you are responsible for re-financed under your name. For joint credit cards, you should be able to transfer the balance to a new card so that you can close the joint card that the two of you shared.

Until all of your joint accounts have been closed, it’s crucial that you continue to make at least the minimum payment on all of those bills each month. You do not want any lapses of payment in your credit report. If your ex agrees to make the payments, follow up to ensure they did. A single late payment can drop your credit score by anywhere from 60 to 80 points, according to FICO data, assuming an initial credit score of 680. Though the effect on your credit will diminish over time as your more recent payment history takes precedence, that late payment can stay on your credit report for up to seven years.

Establish Your Own Credit

If you already had an established credit history before you got married, or if you were a joint account holder on your spouse’s accounts, you probably won’t have any trouble obtaining credit in your own name, provided your previous credit history was good. If this is not the case, you might need a few months to establish yourself as a responsible payer in the eyes of creditors.

You can do this by opening a credit card and using it responsibly.

You can also sign up for a secured credit card. These require a security deposit, but your on-time payments are reported to the credit bureaus every month, so consistently paying on time will raise your credit score as if you were using an ordinary card.

Side Note: Changing Your Name

If you’re thinking about changing your name back, do this before you open any new credit accounts so that they will be listed in your new legal name. Additionally, you should get in contact with the institutions where you have existing financial accounts and notify them of the name change so they can update their records.

Working with Divorce Lawyers Los Angeles

 Our experienced Los Angeles divorce attorneys can assist with every aspect of the divorce process and will aggressively represent your case before a judge if it comes to that. Whatever the circumstances surrounding your case, we still stand by your side and ensure that your legal rights are protected throughout the process.

 For more information about California divorce law and the divorce process, contact Divorce Lawyers Los Angeles for a risk-free initial consultation. Our main goal as divorce attorneys is to help you evaluate your options under California law and make informed decisions that protect your interests and legal rights. Don’t wait to get help, call our Los Angeles legal team today at (213) 550-4600.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com

When you’re a parent, you never ever want to miss a moment with your child. Because of this, for parents who co-parent, Christmas can be one of the hardest holidays.

Christmas Co-Parenting

Christmas can bring up a lot of emotions and challenges for parents who co-parent. It’s not just the matter of deciding the schedule, but it can also be a matter of deciding on which parent is going to give that “coveted toy,” which parent is going to handle ice-skating or picking out and decorating a tree. Added to that is the fear of burning out a child who now essentially has two Christmases. There are numerous ways that schedules and activities can be arranged, and it will be up to both parents to amicably come to an agreement.

This ability to come to amicable agreements is not just a holiday-time kind of thing and the same type of open conversations and dialogue that happens all year will still apply, even when Santa Claus is coming to town. Below we review some of the co-parenting guidelines that apply year ’round.

Co-Parenting Guidelines

When it comes to co-parenting, both parents must commit to keeping the child’s best interest at the forefront of all their decisions. A difficult situation can be made easier by adhering to the following guidelines:

 Value the co-parenting relationship and recognize how important it is in the lives of the children;

Maintain a shared focus on the children’s emotional well-being and demonstrate flexibility—perhaps even warm affection—towards one another;

Understand that bad-mouthing the other parent or disparaging them in front of the child will do more harm than good;

Appreciate the importance of the children having an attachment to both parents.

By following the above guidelines, you will hopefully be able to craft a loving co-parenting relationship that is based on your child’s best interest.

Additional Co-Parenting Tools

Once you have set an emotional foundation for your co-parenting relationship, it’s important to figure out the day-to-day logistics. As any parent will tell you, a child’s schedule can be one of the hardest to manage. From school, homework, practices, to managing playdates and vacations, children have a lot of things on their schedule. Divorced parents will need to figure out a way to make this work.

Types of Custody

Depending on your custody arrangement, you’ll need to work out a parenting schedule. Before we discuss that, let’s touch on the various types of custody arrangements.

There are two main types of child custody under California law: legal and physical custody.

Legal custody (California Family Code § 3003) can be joint, in which both parents share the right and responsibility to make important decisions about their children’s health, welfare and education, or sole, in which one parent is granted the exclusive responsibility for making these decisions, though the other parent may still have visiting rights. It is the presumption of the court in most divorce proceedings that it is in the best interest of the child to have continuing contact with both parents. However, if the parents are unable to agree on a parenting plan, it is up to the court to decide how they will share time with their children. Parents with legal custody are responsible for making the major decisions or choices about their children’s schooling or child care, residence, religious activities, mental health needs, medical needs, travel and extracurricular activities.

Physical custody (California Family Code § 3004) can also be joint, which means the children live with both parents, or sole, which means the children live with one parent for most of the time and may schedule regular visits with the other parent. California law favors joint legal and physical custody when both parents can agree to it. If they don’t agree, the court will establish a parenting plan that is in the children’s best interests.

How an Experienced Los Angeles Child Custody Attorney Can Help

Children of divorced parents in California have the right to spend time with both parents, provided both parents are able to keep them safe and can care for them in an appropriate manner. However, when determining what is in the best interest of a child in terms of custody, the court is allowed a great deal of discretion and the judge assigned to your case may consider any number of factors in making his or her decision about where your children should live, and which parent has the right to make the most important decisions about your children’s lives.

Our attorneys at Divorce Lawyers Los Angeles understand that it is often in the best interest of a child for his or her parents to come to an amicable agreement regarding child custody or visitation, as it avoids your family’s future being dictated by a judge who is unfamiliar with your situation and needs, and we can help guide you through this difficult process in a manner that is satisfactory for all parties. However, if you are unable to agree to custody terms with the other parent and your case goes to trial, our attorneys will represent your case with the competence and compassion a sensitive situation like this requires.

Parenting Schedule

A parenting schedule can be one of the best ways to add normalcy to your child’s life. This schedule – either created by court order or through agreement – should be agreed to by both parents, should define each parent’s time with the child, and should be based on keeping your child’s best interests at the forefront.

A schedule will provide necessary structure and predictability, but it’s important to remember that they need to be flexible. Maintaining this flexibility, such as inviting the other parent to participate even when it is not “their time” per the schedule, can promote a sense of togetherness and normalcy to a child. Striking the right balance between rigidity and flexibility can be difficult and you will need to make it work.

This schedule outlines the transitions between the parents—and the parent’s homes. Obviously this will be based on the type of custody arrangement. This schedule should include drop of times and places, all daily events, as well as vacation dates. There are numerous templates you can find online to help you with this. Make the plan formal by writing it into an official parenting plan so that everyone can stick to the schedule and remember its finer details as well. Consider revisiting the plan every once in a while to make sure it continues to meet all of your needs. A family law attorney would be able to help you figure out a plan that works for everyone.

Holiday and Vacation Arrangements

Another aspect of the parenting schedule is holidays and vacation schedules. Here are some common ways parents divide and share holiday time:

• Alternate holidays every other year. Assign holidays to each parent for even years and then swap the holidays in odd years. With this arrangement, neither parent misses spending a holiday with their child more than one year in a row.
• Split the holiday in half. Split the day of the holiday so that the child spends part of the day with each parent. This arrangement requires planning and coordination to avoid traveling all day.
• Schedule a holiday twice. Schedule time for each parent to celebrate a holiday with the child. For example, one parent can celebrate Christmas with the child on Dec. 20th and the other parent on the 25th.
• Assign fixed holidays. With this arrangement, each parent celebrate the same holidays with the child every year. If parents have different holidays that they think are important, each parent can have those holidays every year.

Use any combination of these ways to divide and share holiday and vacation time to create arrangements that allow your child to enjoy family traditions and spend quality time with both parents.

Consider Help with Conflicts

In especially acrimonious separations, creating a co-parenting situation can be even harder. You might consider a parent coordinator, therapist or psychologist or clinical social worker who works with both parents, to help resolve conflicts and encourage more effective communication. By having a third party available to address conflict, parents can feel more empowered to communicate openly and honestly.

Any of the above-mentioned professionals will be able to address disparate parenting styles (which often extend beyond adherence to a schedule) and help co-parents find a balance which will meet their needs and the needs of their children.

Put the Child First

Every co-parenting relationship has its challenges and it can be very difficult working out this new relationship when you are so used to the old relationship you used to share with your ex.

Co-parenting can only be successful when both parents value its importance and make every attempt to manage the challenges the relationship brings with it. By remaining mindful of the above tips, co-parenting can be made easier and lead to happier parents and healthier children.

Free Child Custody Consultation in Los Angeles

Divorce and parental custody rights are extremely important family law matters, and California law requires parents who are unable to reach an amicable custody agreement on their own to attend mediation before going to court, where a judge will determine custody. The main objective of our law firm is to help clients reach fair and fast resolutions to their marriage dissolution and child custody disputes, and we are committed to providing you with the personal attention and qualified representation you deserve, from the moment you enlist our help until the last piece of paperwork is signed. If you are involved in a contentious child custody dispute in California, contact our child custody attorneys at Divorce Lawyers Los Angeles today at (213) 550-4600 for a free initial consultation. Our legal team has extensive experience protecting the rights of California parents filing for divorce, and will provide you with knowledgeable, compassionate representation in all aspects of your child custody matter.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com

When a successful business meets an unsuccessful marriage, can you still salvage everything you’ve built?

Can You Save Your Business From Your Divorce?

For those who are facing divorce while at the same time celebrating a successful business, it might seem like you cannot salvage the business. The truth is, growing your professional outlet and growing a marriage can seem at odds with one another. Time is so limited and it can be hard to juggle both.

For business owners facing divorce, the threat of losing everything you have built as part of the divorce can be an all too real threat. In cases before, businesses have been lost to divorce agreements – either because of property laws or as the result of a sale in order to raise cash.

It’s an all-too-typical scenario: You get married young with no prenuptial agreement. At the time, you have a burgeoning career with funds of about $100,000. A few years later that online operation or brick and mortar store is worth $5 million, your spouse has a stake in the business, and now you’re having marital issues.

Strategies to Preserve What You’ve Built

If you’re a business owner who is having marital issues, there are a few strategies that can help preserve all the work you have put your sweat, blood, and tears into. You’ll want to take every precaution to do so.

Here are seven strategies to consider if your company is considered a joint asset.

1. Maintain good and comprehensive records. Keep the family’s finances separate from those records.
2. Pay yourself a good salary.If you have been in the practice of paying yourself less in an attempt to build the business, a court may see that as grounds to award more of the company’s assets to your spouse.
3. Fire your spouse. If your spouse is an active member of the business, you will need to ease him or her out as soon as possible. The more prominent an ex’s role in the business, or the longer he or she worked in the business, the stronger the case for the spouse being entitled to a share of the profits.
4. Sacrifice other assets.In a divorce settlement, the couple’s total assets are added up and then divided. You might want to sacrifice other assets, such as retirement accounts, the family home, or vehicles, in exchange for 100 percent of the business.
5. Get a fair valuation. Use a neutral, court-appointed valuation professional to get a valuation of the business. Once you have that number, get a second opinion to review the figure before you agree to it.
6. Arrange to make any payments over time. You can arrange to pay an ex for a share gradually. Monthly payments can come from the operation’s cash flow or a bank loan.
7. Raise capital by selling a stake. You might be able to sell a minority stake in your business to employees through an employee stock ownership plan. Another option might be to find an angel investor or two who will pay cash in exchange for an ownership stake.

An important note: It’s rare for a business to be sold off to satisfy a divorce settlement because it would deprive the business owner of the future income needed to pay support payments.

Business Owner Divorce Lawyers Los Angeles

Filing for divorce can be a complicated process for anyone seeking to fairly divide their community property while safeguarding their financial well-being, but when ownership and complex property division comes into play, the stakes are significantly higher. Owners in Los Angeles have much to consider when filing for divorce, especially if they want to protect the integrity and financial security of what they previously owned or acquired before marriage, or ensure a shared venture is valued appropriately and divided fairly by the courts.

Affordable Los Angeles Divorce Attorney

Property division laws vary state by state, and in California, any property acquired by the couple in marriage is considered “community property” to be divided equally in divorce, which may not seem fair to you if you put more money or work into building it than your spouse did. If you are filing for divorce as a business owner in Los Angeles, or if you have been served divorce papers by your high net worth spouse, it is critical that you consult an experienced divorce attorney to evaluate your options. Our legal team at Divorce Lawyers Los Angeles specializes in family law and has extensive experience in business division and valuation in divorce. We can provide you with valuable legal guidance throughout the divorce process and help you determine what property and assets you are entitled to under California’s community property laws. Our attorneys will always try to help divorcing couples who own a business work out the issue of complex property division outside of court, using dispute resolution methods, but we are also prepared to aggressively represent our clients in court, should a trial become necessary.

California’s Community Property Laws for Owners

Under California’s community property division laws, in absence of an agreement saying otherwise, all assets (and debts) a couple acquires in marriage belong to both spouses equally and must therefore be divided 50-50 in divorce. Business ownership is treated as an asset in divorce, and there are a variety of ways to divide a Los Angeles business depending on whether it is considered marital or separate property, or both. If one spouse owned or inherited the business before marriage, it is likely the asset will be considered a mixture of marital and separate property, which is where things can get complicated. In cases where a business owner or high net worth individual enters into a marriage already owning significant separate property and assets, including one or more businesses, a prenuptial or postnuptial agreement may be drafted to protect the individual’s property in the event of a divorce or death, in which case the agreement will dictate how the property should be divided.

Preventative Options

Before you find yourself in a spot where you might lose everything you’ve built, consider these preventative options.

1. Sign a prenup.If the operation existed before you were married, you can designate it as a separate property owned by only you in your prenuptial agreement.
2. Secure an early postnup.This is much like a prenup, except the agreement is signed after the wedding. You can designate your business as a separate property owned by only you. It’s ideal that you sign this postnup before the marriage disintegrates — ideally more than seven years before a breakup. Judges often view postnups skeptically.
3. Place the business in a trust. This will keep this asset from being counted as a marital asset as you no longer personally own it. This will also protect the value of the company’s growth.
4. Create a buy-sell agreement. This defines what happens to a business should any owner’s status change, as is the case in a divorce. The agreement might limit a spouse’s ability to acquire ownership, deprive a divorcing spouse of voting rights, or give you or other partners the right to buy at a low, preset price any interest awarded the ex.
5. Have insurance. A whole-life insurance policy that builds cash value can be liquidated to provide the funds to buy out a spouse’s share, if need be.

Understanding How a Divorce Can Affect Ownership

In most divorces, the division of marital property involves splitting up assets like the family residence, vehicles, bank accounts, debts and retirement accounts. More complex divorce matters in Los Angeles, however, may include the division of other high-value property, including one or more businesses. There are various ways in which the issue of co-ownership can be handled when doctors, lawyers and other owners in Los Angeles decide to divorce:

• In one case, the couple may find that they can and still want to continue operating as partners, which means neither spouse has to relinquish his or her interest, nor will they have to go through the process of having the business appraised.
• If one spouse wants to continue owning and operating the operation and the other spouse wants out, the one spouse may choose to buy out the other spouse’s share, which means the business will need to be appraised.
• Both spouses could also decide that they want to sell outright when they divorce, in which case the entire operation will have to be appraised, and once sold, the couple will split the proceeds from the sale.
• Different issues are raised altogether for Los Angeles professionals who own or acquire a high-asset business operation prior to getting married, such as doctors and lawyers, and who see the business as separate property not subject to California’s community property laws.

Complex property division is typically a hotly-contested issue among divorcing couples in Los Angeles and complex divorces can take time to resolve, possibly dragging out over a period of months or even years. Full disclosure of the value of the business is imperative in dividing it equally, and valuation can be a complicated, time-consuming and costly process, especially if it comes down to one spouse being awarded the business and paying the other for his or her community share.

How an Experienced Divorce Lawyer Can Help

Divorce is rarely a pleasant process, but for the owners of one or more businesses, it can spell disaster. Some married couples who own a business together manage to be successful in both ventures, but in cases where the marriage deteriorates, and the ownership of the business becomes an asset to be divided in divorce, the divorce process can become extremely complicated and expensive, particularly if the case goes to trial. Selling or dividing what you’ve created is no easy undertaking, and the divorce process in Los Angeles can be extremely disruptive for business owners, especially when it comes to determining the value of the business and ensuring that it is split up fairly.

There are also situations in which one spouse may wish to challenge a prenuptial agreement in court. If, for instance, you signed away your right to ownership before getting married, but then during the marriage played an important role in the operation of the business, you may have grounds to challenge the agreement in court, in which case having a Los Angeles divorce attorney on your side can significantly improve your chances of achieving a favorable outcome. Our attorneys at Divorce Lawyers Los Angeles understand that no two marriages or divorces are the same, especially when ownership is a factor in the divorce proceedings, and we can offer legal representation as unique as your personal and professional relationship.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com

Divorce happens for many reasons. If betrayal, infidelity, or lying played a part then you might have a hard time believing your ex in any regard. If this is the case, then you might want to look into your spouse is also hiding any assets.

Is Your Soon-to-be-Ex Hiding Assets?

If you doubt your soon-to-be-ex, you might be wondering if it’s worth hiring private investigators to track down any hidden assets. Using a private investigator might not be worth the money, and chances are, you might actually be able to find all your answers on your own – by looking at information that is frequently tucked away in dresser drawers or filing cabinets.

In most cases, you might be able to glean a good part of what you need from your actual divorce. Typically there are separate schedules submitted with the federal tax returns when you file for divorce.  These are called 1040’s and they can reveal a number of things if you know what to look for.

Schedule B. This schedule requires the following be listed: names of mutual funds, brokerage companies, banks and other sources of dividends and interest. At the bottom of Schedule B are questions about the existence of foreign financial accounts and trusts.

The IRS does not require a Schedule B from individuals who receive less than $1,500 in income from interest and dividends. Instead, the IRS requires a list of totals for those kinds of income on the first page of Form 1040. Different rules will apply to taxpayers that have foreign financial accounts and those involved in certain foreign trusts. They must submit Schedule B, regardless of the level of dividends or interest income.

If nothing is listed here in terms of dividend and interest amounts on Schedule B, it makes it harder to discover any concealed investments or bank accounts, but not impossible. This will give you a starting point knowing that interest and dividend income has been listed.

Schedule D. This schedule discloses capital gains and losses from sales of fund shares, individual stocks, and other assets. If the Schedule D reports profits or losses from sales of some stocks, then it’s clear that there have been shares owned and unloaded.

Schedule E. This schedule requires taxpayers disclose income or losses from the following sources: rental real estate (including the type and location) and royalties; estates and trusts; and partnerships and S-corporations, which are companies—taxed much the same way as partnerships are—that pass profits or losses through to their shareholders, who pay taxes at their own individual rates.

This schedule will allow you to track down any of the above in question and ascertain whether it continues to generate income.

As with any property in a divorce, it can be difficult to go your own. That’s why it’s always advised that you work with a family law attorney that is skilled in marital property division. They may just have a few tricks up their sleeve to be able to discover any concealed assets that you have a right to.

Understanding California’s Community Property Laws

Once you and your spouse decide to go your separate ways, you must then decide how the various assets and debts you’ve accumulated during your marriage will be divided between the two of you. Marital property laws vary state by state, but California is a community property state, which means that each spouse is legally entitled to half of the marital estate in divorce, which includes both assets and liabilities classified as community property, or property acquired by the couple during the course of their marriage. One of the only exceptions to this rule is the existence of a prenuptial or postnuptial agreement, the terms of which may override California’s equal division of marital property provision. Furthermore, any separate property, including gifts, inheritances or other assets owned by the spouse prior to the marriage, is typically not subject to California’s community property laws.

Cataloging Your Marital Assets and Debts

When you get a divorce in California, you and your spouse will be required to make an exhaustive list of your property, assets and debts, both community and separate. In order to fairly divide what is considered by law to be your marital property, you and your spouse must be honest and forthcoming about disclosing your accumulated assets and debts. Any attempt to hide income or failure to disclose assets may result in serious legal consequences and will only further complicate the divorce and property division process. As you are preparing for the divorce process, it may help to create a preliminary list of your property and assets, so you are fully prepared when asked to present the final valuation of your marital property.

Under California’s community property law, in the absence of a prenuptial or postnuptial agreement, you and your spouse will be entitled to exactly one half of what is determined to be your community or marital property. Some marital assets will be fairly easy to divide. For instance, if you and your spouse own two vehicles, each spouse may be awarded one of the vehicles, though there may be some contention here if one of the vehicles is worth a great deal more than the other. In cases such as this, the couple may agree to sell one or both vehicles and split the proceeds evenly. There are many ways in which a divorcing couple can make the divorce process easier and far less messy and contentious, the most important being their ability to agree to the equal distribution of these assets on their own or with the help of an attorney, without going to court.

Handling Property Division Disputes in LA

Unfortunately, there are many types of marital property that are not so easy to divide right down the middle. For instance, the family home, accrued employee retirement benefits, valuable items you received as gifts for your marriage, and family businesses are some examples of community property that is not easily split up. You may both want to keep the family home, or your spouse may want to sell the property and split the profit. It is these types of disputes that a prenuptial or postnuptial agreement can help avoid. In the absence of such an agreement, there are provisions in place in California’s divorce code that lay out how splitting up community property that cannot be divided equally should be handled. For example, if your spouse is awarded the family home, California law stipulates that you must receive property that is equal in value to the home. It is in these types of situations that having a knowledgeable Los Angeles divorce attorney on your side is imperative.

Prioritizing Your Marital Property and Assets

The most important thing to do when preparing for a divorce in Los Angeles is taking the time to prioritize your assets so you know what property you own, what you’re willing to give up and what is most important to you to keep. This can help make what would otherwise be an overwhelming and complicated process simpler, more streamlined and less contentious. And even though you and your spouse are preparing to separate, it is still important to be open and honest about your expectations during this process, including what property you absolutely want to walk away with when the divorce is finalized. If you and your spouse are unable to communicate effectively without making matters worse, you may want to consider using a third-party mediator or a collaborative divorce process to settle your divorce.

Couples in Los Angeles who can’t agree on how their property and debts should be divided in divorce will likely end up going to court, where a judge will make the decision for them. Although our attorneys at Divorce Lawyers Los Angeles typically advise couples to attempt to work with one another to reach an amicable solution to their property division issues, we are always prepared to go to trial on behalf of our clients and represent their best interests before the court. Our lawyers have extensive experience representing clients in all areas of family law, and we can help ensure that your marital property is divided fairly. Furthermore, we can ensure that any separate property or assets you owned prior to the marriage remains under your control after the divorce. Whether you handle your own property division and assignment, or a court makes the decisions for you, there are three important steps to the process:

• Determining whether the property (assets and debts) is marital or separate;
• Agreeing on the value of the marital property; and
• Deciding how to evenly divide the marital property.

Free Property Division Consultation in Los Angeles

For many Los Angeles couples, getting divorced is a chance to be freed from an unhappy or abusive marriage, but having your marital assets divided 50-50 under California’s community property laws may not afford you the financial freedom you expected. For more information about filing for divorce in Los Angeles and how marital property division works, contact the experienced family law attorneys at Divorce Lawyers Los Angeles. With our legal team on your side, you can safeguard your financial freedom and ensure that your marital assets are divided fairly and equitably. Contact us today at (213) 550-4600 for a free initial consultation.

Divorce Lawyers Los Angeles

5455 Wilshire Blvd
21st Floor
Los Angeles, CA 90036

Phone: (213) 550-4600

Web: https://divorcelawyerslosangeles.com