How to Prepare the Judicial Council Form FL-142 Asset and Debt Declaration
Getting divorced is a lot harder than getting married. Among the many steps necessary during the divorce is preparing and serving the parties preliminary disclosures. PRELIMINARY DISCLOSURES The preliminary disclosures consist of the FL-142 asset and debt declaration, the FL-140 declaration of disclosure, the FL-150 income and expense declaration. Once you have prepared all of… Read More »
What Steps Can a Person Take to Prepare for Divorce in California
HOW TO PREPARE FOR A DIVORCE IN CALIFORNIA There are several steps a party can take to prepare for a divorce in California: Gather information. This includes acquiring and making copies of important financial documents, such as tax returns, bank statements, and investment portfolios. It is also important to obtain the data necessary for you… Read More »
Can My Spouse and I Divide Our Assets Prior to Filing for Divorce?
I often receive questions regarding dividing property prior to filing for divorce. Here’s a recent one: Question: My Spouse and I are planning to file a divorce. I’ve agreed to buyout my spouse’s portion of our home and transfer the house title through a Inter-Spousal transfer deed. I’m planning to draft a buyout settlement agreement…. Read More »
Changes to 529 College Savings Accounts Next Year Will Influence California Divorce Spouses as the 529s Can Be Rolled Over to Roth IRAs
Excerpt: Starting in 2024, 529 education savings accounts can be rolled over into Roth IRAs under certain circumstances. People in California Divorce cases presently should take into account these changes in the law in drafting California divorce marital settlement agreements and, if necessary, litigating the issues in California divorce trials. Late last year, President Joe… Read More »
Estate Planning Considerations During Divorce
You Should Update Your Estate Plan During a Divorce If you are going through a divorce, it is important to update your estate plan. This includes your will, your living trust (if you have one), your power of attorney, and your health care directive. Some estate planning documents you can change immediately by yourself or… Read More »
The Divorce Process in California Explained
A PRIMER ON THE DIVORCE PROCESS IN CALIFORNIA Just like any lawsuit, a divorce case has a beginning. a middle and an end. 1. The Beginning In California a divorce case begins with a summons and petition of divorce and a response to the petition. In cases with minor children, certain data such as the age, birthdate, and residence of… Read More »
How Are Student Loans Divided by the Court in California Divorces?
Question: ” I am getting divorced in Los Angeles County. My ex wants me to take on half her student loan debt. They finished graduate school six months be fore we separated. We were married 10 years. Am I responsible for a portion of their student loan debt?” Answer: You are not responsible for her student… Read More »
Can I Buy My Ex Out of Our House During Our California Divorce?
Question: Can I buy my ex-spouse’s interest out of our house? Answer: Well it just became a lot harder. (I am writing on October 11, 2022) Interest rates are rising, home prices are falling, and the southern California housing market is turning into a nightmare for sellers. To illustrate the severity of rates on the market,… Read More »
Dividing the house or other real property in a California Divorce
I am often asked questions similar to this one: Am I entitled to anything from a living trust in divorce if I paid the mortgage? My ex put the home that we are living in into a living trust before the marriage. For the last 5 years or so, I have been paying the mortgage… Read More »
Why Date of Separation Is Important in a California Divorce
I am often asked questions relating to the date of separation in California divorces. The date of separation is important to the division of community assets and debts in the divorce. It’s also important in determining the long term spousal support. Here’s an informative example: Question: My husband took out a big loan from his… Read More »