What is Imputed Income?
Income comes into play in many aspects of a divorce. Child support and spousal support, along with the division of assets, require information about both spouses’ income to be calculated according to California family law statute. This income information includes how much a spouse makes as well as how much they can make. If one spouse is not employed, yet is deemed to be employable, their income may be imputed…
Read MoreWill My Divorce Take Longer if I Have a High Net-Worth?
A divorce in California can take as little as six months to well over a year. California residents must wait six months, starting from the date of service upon your spouse, before the divorce can be finalized. There are many reasons why a divorce would take more than the six-month minimum waiting period. A lot needs to be agreed upon before the courts can finalize your divorce. You have to…
Read MoreCan I Deduct Any of My Divorce Costs?
Divorces can be expensive and often bring about significant changes to your finances. If you are going through a divorce, you may be wondering if any of the costs associated with it, such as court and attorney fees, are tax deductible. In general, the IRS does not allow costs associated with a divorce to be deducted from your income. Legal advise, legal counseling and the like are not considered qualifying…
Read MoreHow Do I Incorporate School Breaks into the Timesharing Schedule?
As part of your general parenting plan for co-parenting after the divorce, you and your spouse will have to develop a timesharing schedule. This is also called a residential or visitation schedule or agreement, and it essentially schedules your child’s residential time. In this timesharing schedule, day-to-day residential arrangements for the school year will be outlined in detail, as will arrangements for when your child is on break from school….
Read MoreHow to Handle Separate Property During a Divorce
In every California divorce, all community property must be divided equally between the two spouses. Community property is all property acquired during the course of the marriage, but prior to separation. Separate property is property not subject to California’s community property rule in divorce. Property is considered separate when it is: acquired prior to marriage, after separation, or acquired during the marriage through certain kinds of gifts or inheritances for…
Read MoreShould My Child Have a Say in the Timesharing Schedule?
California family law courts take it as their priority in a divorce to ensure your child’s best interests are looked out for. A parent’s responsibility for a child is a legal obligation they have until that child turns 18, regardless of whether or not they live with that parent all of the time. For this reason, child support is ordered and a parenting plan must be entered in every case…
Read MoreWhat Can be Deducted from My Income for Child Support Purposes?
Child support is calculated based off of the state of California’s standardized child support guideline calculator. The calculator determines child support using several pieces of information but it mainly takes into consideration the income of the two parents and the residential time division between them. Since child support relies so heavily on parental income, there are a lot of details to consider when determining what your income is for child…
Read MoreWhat Does a Forensic Accountant Do?
Dealing with the dividing of family finances is often one of the most contested areas of a divorce. Couples with significant assets, an overall high net-worth or with issues of self-employment or business ownership may face more difficulties when approaching divorce financials than others. Fortunately, there are professionals who can help you ensure the financials in play in your divorce are accurate in full. Experienced family law attorneys will frequently…
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