One of the most contentious issues during a divorce or legal separation is the division of assets and debts. When dividing property, the parties must place a value on the property prior to its division. The “value” of an asset is the highest price on the date of valuation at which a seller would agree to sell and where a ready, willing, and able buyer would buy.
Several specific assets have a particular valuation method that attorneys, experts and courts use to value property. Our office has found that the following are some of the most common assets subject to division:
Adult child support is often a contentious issue between the mother, father and adult child. Under California law, parents are obligated to support their child until the child reaches 18 years old or 19 years old, if the child is still in high school. What happens if the child is incapacitated? Are parents legally obligated to support an incapacitated son or daughter once the child reaches the age of majority?
Two major rulings from the Supreme Court on Tuesday strengthened the movement for same sex marriage equality. One case held that same sex couples were entitled to federal benefits by ruling a provision of the Defense of Marriage Act (DOMA) as unconstitutional on equal protection grounds. The Court in the other case declined to hear an appeal from proponents of California’s Proposition 8, which effectively allows same sex marriages here. These rulings create far-reaching changes to same sex couples here in California.
You may have seen a May issue of Time magazine that had an article on alimony, which is called spousal support in California. The article details the growing movements challenging permanent spousal support, the kind that is paid until a spouse dies or the recipient remarries.
There are two sides to this issue. Those in favor of spousal support say the payments are justified because those spouses who may have stayed at home for many years gave up time not pursuing a career, not building marketable skills and not networking. According to the article, on the other side are a growing number of second wives who are seeking spousal support reform, claiming that their husbands may not be able to pay their spousal support.
What’s an independent adoption?
In an independent adoption, the birth parents must personally choose with whom to place their child. The birth parents are entitled to know certain information about the adoptive parents, such as their full names, age, ethnicity, religion, the length of their marriage, the number of times each spouse has been previously married, past criminal convictions, child support obligations, and whether any children were previously removed from their home due to abuse or neglect. In short, an independent adoption allows birth parents to personally select potential adoptive parents and have certain information about adoptive parents provided to them.
A recent Forbes article noted changing dynamics of married couples’ finances. A growing number of wives are out-earning their husbands in dual-income households. While this is not the new norm, the occurrence is certainly increasing. High-income earners and high net-worth couples have unique considerations regarding their marriage. Prenuptial and postnuptial agreements can help address some of these considerations by safeguarding assets and avoiding significant hassle in the event of a divorce.