What does it mean that CA is a “no fault” divorce state?

On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Thursday, October 12, 2017. Marriages can last years, months or even weeks. Sometimes, what seems like the easiest decision in the world becomes the hardest one to make. People change, things change and sometimes, a marriage does not survive. If one is thinking about divorce, it is a good ideato know that California is a no-fault divorce state. What this means is that when a married person goes to file for divorce, they do not have to put any blame on either party over the other. Instead, it is more of a general term filled out in the paperwork called irreconcilable differences or sometimes an irreparable breakdown of the marriage. Other states will force a person to put a more specific reason on public record when filing for divorce, oftentimes these point fingers or assign blame to a person in a marriage. Filing for divorce citing irreconcilable differences just means that the marriage did not work, it wasn't any one party over the other that prompted the divorce. Even though California is a no-fault divorce state, the behaviors or actions of a spouse could still come back to affect them during the asset division and child custody portion of the divorce. This is because these decisions are often based on a fair and equitable division of assets, and if one spouse was unfair or acted in a less than flattering way, it could affect the outcome of these proceedings. Especially with child custody, if it is found that it is not in a child's best interests to be in the custody of an irresponsible parent, the court will often make a decision based on that. If possible, it is a good idea to come into any divorce proceeding with the intent [...]

2020-03-02T23:11:09+00:00Categories: Blog, High Asset Divorce|Tags: |

HGTV stars work and raise daughter during divorce

On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Thursday, November 2, 2017. Reality TV in California and across the nation have been so popular in recent years that they have launched multiple professional careers. Two HGTV stars are well known, the stars of Flip or Flop, which follows the married couple's experience flipping houses for profit and their life with their children. Fans were shocked to hear of the couple's motion to file for divorce last winter. The divorce is on-going, but that has not stopped the couple from working together. According to reports, while the high asset couple's divorce is on-going, they are still spending a lot of time together running their business and filming their TV show, all while continuing to raise their daughter. If a divorcing couple can strive towards this model of patience and understanding, it makes this method of divorce look a lot more preferable than disagreements and stress. Not everyone's situation will be so easy, but it is nice to see that it is possible. Sometimes, marriages are damaged to the point in which even a regular friendship or partnership is impossible. Their could be instances of abuse or instances of unfaithfulness that can make it unbearable to be around each other. While most divorcing couples may not be this hunky-dory it's great to see that they are able to raise their daughter together by taking her to sporting events and other outings together. When marriages share a child and end, it can be that much tougher to adjust to a new lifestyle. Custody could be best in a split-custody situation, or maybe one parent is best suited to the decision-making and child rearing decisions. There are other financial decisions a divorcing couple will have to make as well. Each side [...]

2020-03-02T23:11:09+00:00Categories: Blog, High Asset Divorce|Tags: |

Retirement accounts and divorce: what to expect

On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Thursday, November 9, 2017. California marriages can last for years and be right for people until they are not anymore. In those years of a marriage, a couple will go through and experience a lot together. Financially, marriages often see the accumulation of assets, like bank accounts, money market accounts and retirement accounts, like a 401k. In a divorce, many couples' first questions revolve around these financial details, like what to expect in a high asset divorce? First, state law determines how marital property is viewed. Tennessee is an equitable property state, meaning if necessary, a judge will determine a fair and equitable distribution of marital assets. Spouses can always determine this themselves, through negotiation, but if it gets to a judge, that judge will make the final decision. In theory, a retirement account would be split 50/50 and equitable division of an asset that is usually accumulated during the time of a marriage. Many people wonder how an asset like this can be split when its intent is to live out its existence in an untouched account until reaching retirement age. There are ways to file for one time asset withdrawal from a 401k account without being taxed on it. It must be filed in accordance with the law in order to avoid being slammed with a big tax bill. If a tax bill is unavoidable in certain situations, it should be figured into the proceeding as an expense that both spouses would share, rather than one person footing that bill. Retirement accounts are an important asset that many married couples have worked hard to accumulate. It is only fair that both spouses would have access to that asset. Every couple is different, and some may decide that they [...]

2020-03-02T23:11:09+00:00Categories: Blog, High Asset Divorce|Tags: |

Being thankful for Santa Rosa divorce over the holidays

On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Thursday, November 23, 2017. With the holidays approaching, it can be a challenging time for the recently divorced or for those going through a divorce. It's such a big life change, going from married to single, so understandably the change can cause extra strain. However, there are reasons to be thankful this holiday season. Start with being thankful for your high asset divorce. When going through a divorce, you may be amazed at the support system of friends and family that offer help or support during this change. You may find out who really would step up for you in your time of need and be grateful for that. Also, it's a great time to start new holiday traditions, like with your kids or extended family members - there is no time like the present to try something new! Many who have been recently divorced are thankful for the peace and tranquility that follow after a volatile marriage has ended. While it may be hard to see divorce as something to be thankful for, many can see the benefits right away. Especially those who were in a volatile or even an abusive relationship, divorce can be a complete blessing. Keeping yourself or even your kids physically or emotionally safe is a top priority. Divorce can help people send their life in the right direction. It all depends in how you look at it. Divorce is essentially a fresh start. Being given a fresh start is something people rarely are afforded in life. Take advantage of your fresh start that comes with a divorce. You may just be surprised how many doors it can open. Source: huffingtonpost.com, "Five reasons to be thankful for divorce," Carla Schiff Donnelly, November 20, 2017

2020-03-02T23:11:09+00:00Categories: Blog, High Asset Divorce|Tags: |

Former couple still working out divorce terms

On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Saturday, December 23, 2017. Richard and Alicia Stephenson married several decades ago and enjoyed a lavish life. Richard Stephenson was one of the founders of the Cancer Treatment Centers of America, and through his position with that business gained considerable wealth. The couple share one daughter but unfortunately decided to end their marriage with Alicia Stephenson moving out of the couple's estate in 2007. Since deciding to divorce the Stephenson's have squabbled over the financial terms of their marital dissolution. Particularly, Alicia Stephenson has expressed her disagreement with the court's ruling that a $6.5 million lump sum payment and monthly maintenance in the amount of $55,000 was not sufficient. She had requested that the court award her $400,000 per month from her ex to allow her to maintain her standard of living after their marriage ended. As a result she and her legal team have filed an appeal of the matter. Richard Stephenson has won a motion to withhold his wife's monthly alimony payments while the appeal is heard but this is not the first complication that the wealthy pair have encountered as they have worked to end their marriage. Alicia Stephenson had previously claimed that her ex hid assets during their divorce while Richard Stephenson alleged that his former wife was trying to extort money from him. Divorces can be contentious and when complications arise they can become drawn out, difficult legal affairs. While not all Santa Rosa residents may be familiar with the wealth enjoyed by the Stephenson's, they may relate to the challenges that individuals can face when ending a marriage. In order to receive the help that many individuals need it can be helpful to those who wish to divorce to consult with family law attorneys [...]

2020-03-02T23:11:09+00:00Categories: Blog, High Asset Divorce|Tags: |
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