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How to divide investment properties in a divorce

On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Tuesday, March 6, 2018. Dividing assets during a divorce can be contentious and frustrating. While there may be objects that hold sentimental value, the most important goal is reaching a fair division of property that will allow each of you to leave the marriage in the most positive financial situation possible. If you and your spouse discussed the possibility of divorce prior to your wedding, you may have opted for a prenuptial agreement. This agreement can identify any assets that will be exempt from property division or designate certain assets for you or your spouse in the event of a divorce. If no such agreement exists, you may find yourself facing some complicated transactions, especially if you own investment properties. Going your separate ways Owning residential or commercial properties as an investment is becoming a popular way to supplement income and prepare for retirement. You and your spouse may have accepted the challenge and purchased multiple rentals to diversify your portfolio. Now that you are facing divorce, you may benefit from the following information about separating investment properties: If one of you owned the property individually prior to the marriage and kept its management, profits and expenses separate from your marital assets, that property may be exempt from division at settlement. If your spouse individually owned property, but you contributed to its management or maintenance, you may have a claim to it. Properties you purchased together or supported jointly are marital property under California law. To divide the properties, it will be necessary to have them appraised, including their current tenancies and income, for a fair comparison of their values. The function of your rental properties will be important to their division since properties purchased as investments for retirement [...]

2022-11-23T18:40:24+00:00Categories: Blog, High Asset Divorce|Tags: |

To which relationships do domestic violence laws extend?

On behalf of Morna Challoner of Challoner Law posted in Domestic Violence on Saturday, December 2, 2017. Domestic violence is often a silent struggle for Californians. No one wants to show the ugly face of abuse to individuals that they encounter outside of their homes and so often they hide the pain and suffering that they endure so as to appear happy, confident and in control of their lives. However, it is often control that a domestic violence abuser seeks to ward over their victim and through that control an abuse may ruin their victim's life. Incidents of domestic violence generally happen between intimate partners, such as married individuals or individuals who hold each other out as significant others. In California, though, domestic violence laws apply broadly to relationships beyond those just mentioned as well as to relationships that have ended. For example, in California domestic violence can occur between ex-spouses. It can occur between cohabitants of a residence or even former cohabitants of a residence. It can happen between individuals who are not in a relationship but who share a child and also between married partners and partners who are dating. Domestic violence can be very different in different abuser-victim relationships. While some victims may endure physical or sexual abuse, others may struggle with mental and emotional attacks that reduce them to suffering. All victims may seek support and protection under the law, regardless of the way their abusers seek to control them. In California the victim of domestic violence or abuse may seek a protective order to limit or eliminate their contact with their abuser. In order to learn more about protective orders and California's domestic violence laws readers are encouraged to reach out to legal professionals that they know and trust.

2020-03-02T22:48:35+00:00Categories: Blog, Domestic Violence|Tags: |

What behaviors define California domestic violence?

On behalf of Morna Challoner of Challoner Law posted in Domestic Violence on Friday, October 20, 2017. Disagreements are a part of life. Not everyone is going to see eye-to-eye. However, when a person lives in fear or is otherwise feeling unsafe, domestic violence may be the reason why. Domestic violence is any physical, mental or emotional behavior that negatively affects family members or those living in the home to the point where they feel fearful, angry or scared. Domestic violence can have long-reaching consequences for victims who are on the receiving end of domestic violence-related behavior. The U.S. Surgeon General recently released a statement that domestic violence is the number one issue facing our great nation today. One definition of domestic violence is a pattern of abusive behavior in any relationship that is used by one partner to gain or maintain control over another intimate partner. Many forms of abuse are included in the definition of domestic violence including emotional, physical, sexual, economic or psychological. Essentially, there are may ways that an abuser can inflict pain or fear in their partners or children. Sometimes abusers are well aware of their actions and impact and other times they do not realize the impact of their actions. Just about anyone can become a victim of domestic violence, but no one needs to be a victim forever. If you are looking to divorce your spouse and believe that you and/or your children are domestic abuse victims, you should take special care in such a volatile situation and make a safe and secure living arrangement to protect yourself and your loved ones. No one should have to suffer under the weight of abuse. Divorce or a custody arrangement are just a few ways to put some separation between yourself and your abuser. Domestically violent spouses and [...]

2020-03-02T22:48:20+00:00Categories: Blog, Domestic Violence|Tags: |

Should you fight for spousal support during your divorce?

On behalf of Morna Challoner of Challoner Law on Tuesday, February 11, 2020. The financial changes a divorce will bring to your life can be significant. You may have to make lifestyle adjustments and other changes that will affect your plans for your future and your daily spending habits. This is especially true if you earned significantly less than your spouse during your marriage or you did not work outside of the home. If this is the case for you, you could be eligible for spousal support. These are payments from the higher-earning spouse to the lower-earning spouse in order to offset the economic inequity often brought about by a divorce. These payments can be long term or short term, depending on your individual financial situation and other factors. If you plan on pursuing this type of support, it may help to learn more about the factors that often affect eligibility. What will you get?  Each divorce and financial situation is different, and the amount of support you will receive depends on the specific details of your individual case. Some of the factors a court will consider when determining a spousal support amount include: Age and physical condition of both spouses Financial condition of both spouses Ability of one spouse to support the other How long the marriage lasted What the standard of living was while married How long will payments last? If you are capable of working, the court may decide that you will get these payments for a limited amount of time and you will be required to make every effort to become self supporting.  This may mean you will need to go to school or prepare to reenter the workforce. In some cases, the court may determine that it is appropriate to grant the recipient permanent spousal support. [...]

2022-11-23T17:21:54+00:00Categories: Alimony, Blog|Tags: |

How to be financially prepared for your post-divorce life

On behalf of Morna Challoner of Challoner Law posted in Divorce on Thursday, February 2, 2017. Are you one of the California spouses who gave your marriage one last chance over the holidays? Many people file for divorce in January, while others who prefer to plan things before taking action may use the first month of the year to get everything in place before filing. Research data indicates that the peak for divorce filings occurs around March. The approach you take with your divorce will determine many matters, including whether you and your spouse will separate your finances according to a court order or before the final divorce decree according to agreements reached in negotiation. Decisions made at this time may affect your post-divorce financial stability, but because you do not need to do this alone, an experienced California divorce attorney can guide you through each step you need to take in the divorce process. If you left the separation of joint finances for the court to determine, be mindful that there are deadlines to meet to avoid landing back in court because of noncompliance. Your attorney can help you set up a checklist to avoid missing any deadlines. Steps to take when dividing property Property division can be a stressful matter during a divorce proceeding. Soon to be ex spouses can work together through negotiation, often the mediation process, to divide assets and finances. Navigating the unraveling of your finances through negotiation will require you to take the following steps: Update powers of attorney -- Do you want the person who will soon be your ex to make financial and medical decisions on your behalf if you are involved in an accident that leaves you incapacitated? Probably not, so the time to update health directives and financial powers of attorney is immediately after [...]

2020-03-02T22:47:12+00:00Categories: Blog, Divorce|Tags: |
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