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Hollywood power couple announce their divorce

On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Friday, August 18, 2017. Living in California, it's hard not to notice what's going on with Hollywood couples. Thinking about how these couples juggle their high-profile jobs, relationships and even kids can appear effortless in the media. However, the reality is that high-profile couples often have the same struggles as normal couples and families living in Santa Rosa. One high-profile couple, Anna Faris and Chris Pratt, recently announced their separation in a shocking social media post. In addition to being Hollywood stars with high profile careers and a slew of high value assets, they are also the proud parents of their son. For his sake, they requested privacy at this time, which is understandable as their family is in transition. The couple has been married nearly a decade before they decided to call it quits and have starred in several big productions between the two of them and have acquired several assets both prior to and during the marriage. Because of their high-profile status and careers prior to the marriage, it's entirely possible that a plan may have been in place to help guide the couple in case of a divorce. This agreement is sometimes known as a prenuptial agreement. Prenuptial agreements can help to mitigate how assets may be divided in case a couple decides to end the marriage. It's important to know that a prenuptial agreement can include things about asset division but cannot generally include clauses specific to child custody decisions. Per the press release, it appears that the couple is amicable and working together to sort out their process of divorce. It appears that their focus is on their child and trying to work together to make that transition as smooth as possible for him. This is [...]

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

What happens to the family home in a Santa Rosa divorce?

On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Friday, August 25, 2017. For families going through a divorce, there are often many questions associated with the process that one would like answered. Questions about child custody and alimony top the list. While these decisions may not impact every family in a high asset divorce (due to not having children) a popular issue, regardless of children, is who gets the family home in a divorce? Naturally, it can't really go to both parties in the split, so how does the law decide who gets it? There isn't always a clear-cut answer for such a straight-forward question. In cases in which a high asset divorce has children involved in custody decisions, the home usually goes to the spouse who has primary physical custody. This is for the betterment of the child, as to uproot a child from their home seems unnecessary and not in the child's best interests. For divorces in which children aren't affected by property decisions it isn't always as clear who might get the home in a high asset divorce. Divorces are meant to be fair and equitable. But if both parties want the home, how can the split be equitable? The truth is, oftentimes other assets will offset a piece of property in which one spouse gets to keep it. For example, the spouse who wanted the home (but didn't end up with it) may get a larger chunk of a retirement account accumulated between the spouses, or another asset like a vehicle or even alimony payments, when appropriate. In high asset divorces, there are often several other assets to take into consideration. Assets like property, financial accounts and other marital property should be accounted for. If not tallied and made aware of, certain assets could slip [...]

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

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: |
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