Tips For Making It Through Work While Going Through A Divorce

Californians going through a divorce may be struggling to handle their day-to-day responsibilities, like getting their kids to school or performing at work. This is completely normal, but it can also be problematic if it is not handled appropriately.

While it is not a great idea to discuss all of the intimate details of a divorce with coworkers, some bosses can be accommodating of individuals employees whom they know are going through a rough personal time. Employees going through a divorce should assess whether they can trust their boss or HR with the knowledge that they are going through a divorce and see if they can get a temporary reprieve on certain larger and more urgent assignments.

If telling someone at work about the divorce is not an option, employees should at least try to take a personal day off from work to recuperate if they begin to feel overwhelmed. It is important to take time away from work to spend either alone or with loved ones for emotional support when going through a divorce. Throwing oneself into work and becoming a workaholic is likely to backfire in the long run.

Given the prevalence of divorce, it is possible that coworkers who know about an employees divorce may be inclined to give unsolicited advice. Here, it is important for a newly-single employee to keep personal boundaries and to filter out unwanted advice. Keeping a healthy mindset is very important when going through a divorce, and individuals may want to explore things like therapy to help them get to a place where they can forgive their exes and move on. However, even if forgiveness can be achieved, it may still be necessary to go to the mat to battle over items of property or assets. A family law attorney can help individuals with these more difficult aspects of a separation.

A Billionaire Uses Trusts To Hide Money In His Divorce

If you are getting divorce in California and there are assets involved, what is happening to Marie Bosarge should frighten you. The wife of a billionaire may be completely shut out of receiving her share of a very large marital estate because her husband legally moved nearly all of their assets to a state that promotes extreme secrecy and protection for the assets of the super-wealthy.

Couples will exchange information about assets

Each divorcing couple will have a point in the process where they need to exchange information about their property and its valuation. In a divorce, this is known as the marital estate, and it is divided between the parties based on the agreement that they will reach. One of the real dangers in a divorce is that one spouse will either hide assets or deliberately undervalue them to end up with more for themselves.

Ed Bosarge took advantage of the laws of one state

Most times, courts will have a very negative reaction to this practice. However, Ed Bosarge moved practically all of his money to South Dakota before the divorce had begun. He was obviously preparing for the divorce but had told his wife that he had the assets there to avoid paying taxes. South Dakota law did not require Ed Bosarge to inform his wife that he had switched beneficiaries of the trusts to someone other than her. Now, she is largely prevented from touching the money and has had to sue her husband because the marital estate has been reduced to $12 million.

When there are assets at stake in a divorce, you need a divorce attorney on your side to make sure that you receive what you deserve in the asset division process. If your spouse is engaging in any type of questionable behavior when it comes to marital property, your attorney may fight to learn more about their assets and will follow the money trail. If they discover hidden assets, they could bring it to the attention of the judge for their action.

Keeping The Family Home In Divorce Is Getting Easier

Everyone knows how prohibitively expensive California real estate is, and that presents an obstacle when spouses are trying to keep their homes after a divorce. However, out of the recent economic chaos comes an opportunity for these spouses. Retaining the marital home has gotten slightly easier as conditions have changed. So long as it makes economic sense, spouses stand a better chance of accomplishing their goal.

The current economic displacement has slashed real estate prices. For most homeowners, this is a source of consternation. However, for those who need to purchase a home or part of it, this presents an opportunity because it reduces the amount of money that one spouse needs to pay the other. In addition, the mortgage rates have plunged to historic lows, meaning that refinancing can drastically lower monthly payments.

Then, a spouse needs to consider whether buying out the other spouse is an economically viable course of action. In many cases, real estate is a sound investment and owning a home is a great way to gain exposure to this asset class. However, it is also best not to concentrate all of one’s financial resources in one area. Nonetheless, this is an advantageous time to purchase an interest in real estate as prices historically increase for this asset and it is on sale for a discount right now.

Keeping the home is not always a given because the other spouse may want to remain in the home themselves. A divorce attorney could be helpful to handle negotiations with the other spouse to figure out the terms of the divorce agreement that pertains to the home. If there is no agreement, the attorney may take the matter to a hearing in court where they would seek to persuade the judge to let their client keep the home.

Student Loan Debt In A California Divorce

With nearly 45 million Americans burdened by student loan debt, there is no question that a large number of California residents take out student loans before getting married or during marriage. Given that the average age at which individuals first get divorced is 30, many divorcing couples are likely to have to have a significant amount of student debt on the table.

If someone incurs student debt before entering into a marriage, that debt would be the person’s separate property, and the spouse would not be liable for same. One exception to this is if both spouses consolidated pre-marital student loans into one loan in both partners’ names. However, if someone takes out a student loan during marriage, this is not the case.

In equitable distribution states, a spouse is only liable for debt incurred by the other if he or she cosigned the loan. In most community property states, a student loan taken out by either party during marriage is community property, meaning that both spouses are equally responsible to repay the debt. Though California is a community property state, it does have one exception to the general rule. If a spouse’s name is not on a student loan taken out during a marriage, and if the couple gets a divorce within 10 years of marriage, then the non-borrower spouse will not be responsible for repaying the loan.

When a couple in California gets a divorce, it can be difficult to account for and valuate all assets and debts, especially if a separate property asset increases in value due to efforts made by the spouses during marriage. A family law attorney may help clients valuate community property and assess whether certain assets and debts are separate or community property.

Education Makes A Difference In Divorce Rates

You may be wondering what are some statistical patterns that would make a California divorce more or less likely. One of the common themes now present in the data is that couples with higher education levels are less likely to get divorced. This is the reverse of the situation that persisted in the early part of the last century.

There are several reasons why a couple with more education may be more likely to have an enduring marriage. One of the major contributing factors is that people who take time to get more education will often delay marriage until after they receive their degree. This enables them more time to grow as a person before committing to a spouse. Education also correlates to higher income levels. Many divorces result from tensions and fights over money. With more resources, there are fewer fights to be had.

The differences between survival rates of marriages of women who have college degrees versus those without are stark. A woman with a college degree is almost twice as likely to avoid divorce than one with a high school diploma. In general, there is a declining divorce rate which is a net positive for society. However, those who decide to get divorce must bear the same amount of strain as ever in a divorce proceeding.

Regardless of the level of education, the actual divorce is still difficult. There are financial and other family law issues that must be settled. These issues can be even more pressing in a divorce where both spouses have a college degree because there are more assets at stake. A family law attorney may help his or her client obtain the highest share of the marital estate as possible under the circumstances by either negotiating an agreement or litigating the case if necessary.

What Happens To A Business In A Divorce

When California couples are going through a divorce, they may have to decide what will happen to a business in a divorce which they both have ownership interests. They may want to continue running it, or one person might want to buy out the other.

It can be difficult for people to keep running a business together after a divorce, but they might choose this option because they both enjoy it or because there is likely to be a large profit later. Couples in this situation should make sure they have a buy-sell provision . This helps ensure that the stock held by the minority owner does not become illiquid. In other situations, both individuals may continue as owners because one lacks the liquidity to buy out the other. If this happens, one person may continue as the manager while the other still has ownership but is not involved in operations.

Couples in this situation might need a put/call option that allows the operator to purchase the other spouses share later. They may also want provisions that give the other person some veto rights to prevent the operator spouse from making fundamental changes to the business. If one spouse is able to buy out the other, the spouse leaving the business might want to be protected from any future claims against the business.

In California, a community property state, most property acquired since the marriage is considered shared property and is supposed to be split equally in a divorce. This could mean that one person can claim a significant portion of the other spouses business even if that persons involvement in the business is minimal. If one person owned a business or other property prior to the marriage, the amount of appreciation the asset has had since then may be subject to division.

More Older Couples Are Calling It Quits

Couples over the age of 50 are getting divorced at an increasing rate in California and across the U.S. According to one study, the rate of gray divorce doubled nationwide from 1990 to 2010, even though the overall divorce rate decreased.

One reason for the growing rate of gray divorce may be that women today feel more of a sense of independence than they did a few decades ago, and they have an easier time walking away from a bad marriage. Things that women may have tolerated in older generations, such as adultery, are no longer considered acceptable by many wives.

According to one therapist, the main reason for couples getting divorced at an older age is emotional detachment. Since people are now living well into their 80s and 90s, they may decide they do not want to spend their golden years with someone with whom they no longer have a spark. It can also become more apparent to couples that they have grown apart after their children have grown up and left the house and stopped being the focus of attention. Of course, at least a portion of the divorces occurring among older couples are those of second or third marriages, which were statistically less likely to succeed in the first place.

Though getting divorced at an older age may mean that couples do not have to worry about things like child custody or support, they still need to determine how to separate their assets. In California, a community property state, all marital property must be split 50-50, including things like retirement assets, which can present a challenge if a portion of those assets was acquired before marriage. Individuals going through a divorce may want to consult with a family law attorney to discuss their situation.

Maintain A Civil Attitude As The Marriage Is Ending

Whether a California divorce remains amicable or ends up in hostile litigation may depend in part on how the spouses treat each other while the process is unfolding. Disrespect will generally breed hostility, so spouses should make sure to be respectful while the divorce is pending.

The biggest aspect of respect is how the spouses speak to each other. A respectful tone can go a long way, and spouses should resist the temptation to be sharp regardless of the circumstances of the divorce. If there are children involved, the parents should be open and transparent with each other. If one parent seems like they are hiding something, it could spur the other to litigate. Further, parents should be willing to make schedule changes without much fanfare or drama.

When it comes to battles, many of them are simply not worth fighting. This is especially true when it comes to fights over property division. Some things do not merit the emotional and possible financial costs of the battle. Knowing when to walk away can make the difference between whether the divorce can happen without litigation. One of the most important things that a spouse can do is apologize when they are wrong. A simple apology when it is merited may disarm a spouse who is ready to fight.

A divorce attorney may be helpful in convincing their client what fights are unnecessary and keeping the divorce moving toward a conclusion. They might give their client a realistic assessment of the costs and benefits of a certain action so that the client will know whether it is worth it or not. The attorney may also give tips on how to ensure that the divorce does not degenerate into a never-ending and costly legal battle.

How Are Business Interests Addressed In Pre- Or Postnuptial Agreements

While many people avoid thinking about a prenuptial agreement before they get married, these contracts are being used more frequently by couples to protect themselves and loved ones from unexpected situations.
When a business is involved, a prenup can be a vital tool think of it as insurance policy to prevent a contentious situation from occurring. A formal, mutually agreeable contract can spell out each spouses fair share.
What provisions are included?

A prenup is made before two people get married, while a postnuptial agreement happens after the marriage date. Both are formal contracts that can determine how a business is valued and how assets will be divided. It can include:

Pre- and postnuptial agreements can bring peace of mind

No one gets married thinking their relationship is doomed to fail. But many couples realize its better to protect future interests for themselves, their children and their businesses in the event of divorce. A family law attorney can answer your questions and explain how a contract can provide relief for happily-married couples.

Protecting Tech Startups And Wealth During Divorce

Technology seems as if it is advancing faster and faster every day. Entrepreneurs in California are taking advantage of this fast-paced environment to found tech startups or even to invest in promising companies. This is an exciting time in the tech world, but many people are heading straight into it without taking any precautions. For example, few startup founders consider what might happen to their companies and wealth during divorce.

When a tech startup makes it big, its founder may experience a gradual or even sudden increase in his or her wealth. If the individual is married, that wealth is considered community property even if the spouse had nothing to do with the business. Getting divorced would leave that wealth vulnerable during property division and could even compromise the stability of the startup. This is because California is a community property state, so the money and assets from the business would be split evenly between the two parties.

However, some startup founders and business owners do not feel like this system is particularly fair when it comes to businesses. Simply thinking that something is not fair does not change anything, though. Using a prenuptial agreement can, though.

Some people might find the idea of creating a prenuptial agreement pessimistic or unromantic, but entrepreneurs in California’s technology industry know just how important it is to consider as many possible outcomes for the future. Whether a founder is still in the early days of his or her startup or is planning to launch in the coming months or years, protecting the associated interests and wealth is essential. A carefully worded prenuptial agreement or a postnuptial agreement if the parties are already married can do just that.