High Asset Divorce

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

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 [...]

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 [...]