Financial Planning - California Divorce Source

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Upon divorce, you and your spouse are selling everything you own to (a) each other, or (b) a third party. The first objective is to determine what is separate property, community property, quasi-community property.

Using Ratios to Find Hidden Income

This article discusses relatively simple techniques that can be used to uncover the practice of some business owners of fraudulently reporting less gross receipts than were actually received, thereby reporting less than accurate net income (gross receipts less business expenses equals the net income earned).

40 Things You Don’t Know About Divorce & Taxes That Could Bankrupt You

Going through a family law case is agonizing emotionally, taxing financially, complicated, confusing, and expensive, regardless of whether you and your spouse are getting along or at each other’s throats, whether you have an attorney (or attorneys) or not, how much education you have, or how much money or how many children you have. It also can be difficult to get accurate and clear information, as it seems everyone has their own agenda in offering you their opinion.

Taming the Green Monster in Divorce - Can One Household Budget Support Two Households?

Todays economic climate has impacted rocky marriages in unusual ways. Getting and or keeping jobs, trying to keep afloat in a housing market crash, and the looming uncertainty of the times has put undue pressure on budgets and budget planning for the typical couple and family.

Taximony! How the Government Shares in Your Divorce

’Everything appears to promise that it will last; but in this world nothing is certain but death and taxes.’ So said Benjamin Franklin. While sometimes marriage also fails to meet the promise it will last, the taxman is eternal.

War and Piece - Settling Finances in Divorce

In the canceled television drama, Alias, one of the characters chases after an ancient formula that promises immortality. In his pursuit he becomes willing to betray his associates, his friends, his wife, and ultimately his own daughter. In the end he obtains his immortality, but his methods land him in a virtual tomb from which there is no escape, where he will spend eternity alive - and alone.

Cost Savings of Working with a Certified Divorce Financial Analyst (CDFA)

There are many ways in which a Certified Divorce Financial Analyst (CDFA™) can save you money, time and stress when evaluating your family financials to aid in structuring your financial settlement, whether "pre-divorce” or at any time during your divorce process. The following summary will help you understand in greater detail how significant cost savings accrue to your family financial asset picture. Pre-Divorce Planning Cost Savings

Techniques for Discovering Unreported Income for Divorce

Real Estate Investors and Support Calculations

Real estate investors create a unique situation in the determination of income available for support due to the nature of their business. To understand how to determine their gross income available for support, one needs to understand how the business of real estate investing operates.

Dividing Pension and Retirement Benefits

Under the Family Code of California, community property is divided between the spouses 50/50. Retirement benefits are a form of employment compensation, like earnings.

Evaluating a Business or Professional Practice in Divorce

The valuation standard is the fair market value which gets rather clouded by the emotions and financial goals of the parties involved in a divorce action. Its further complicated by the nature of the business and what the going market is for that particular type of business.

The Valuation of a Professional Practice in a Divorce Proceeding

A law practice has value even apart from its old couch, obsolete library, barely functioning IBM 386, accounts receivable, and whatever work is in progress.

Tax Issues

If spousal support is paid to one party by Court order or written agreement, such amounts are taxable income to that party and the amount of such payments are deductible for tax purposes from the income of the paying party.

Unreported Income and Hidden Assets

Unreported income and hidden assets are often alleged in divorce proceedings, with the spouse who is not running the business claiming that unreported income should increase both the spousal support award and the valuation of the family business.

Why CPA’s Ask for Certain Documents in Divorce Cases

Most forensic accountants begin their assignments by preparing a list of documents needed. Attorneys sometimes respond to these requests by calling them overburdensome and excessive. This article will explain some of the reasons why those documents are being requested.

How CPA’s Analyze Financial Statements in Dissolution (Divorce) Cases

What do forensic accountants look for when they review financial statements of a business provided to them by counsel? What are the signs that there are irregularities taking place? What are the typical types of financial statements?

Gray Areas in Gross Income Available Calculations

There are certain issues that affect the calculation of what is available for spousal and child support that are theoretically unclear. This article will present a few of them, showing the logic behind various positions.

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In a summary dissolution, a hearing with the judge is typically not needed. A marriage of five years or less may be ended by summary dissolution, which is a simplified procedure to terminate a marriage in the state of California. With a summary dissolution, a joint petition is filed when 1) either spouse meets the standard residency requirement, 2) the marriage is irretrievably broken down due to irreconcilable differences, 3) the marriage is childless, 4) the wife is not pregnant, 5) neither spouse owns real estate, 6) there are no unpaid debts greater than $4,000, 7) the total value of community property is less than $25,000, 8) neither spouse has separate property (excluding cars and loans) of greater than $25,000, 9) the spouses have reached an agreement regarding the division and distributions of assets and liabilities, 10) both waive their rights to maintenance and appeal; 11) both have read a brochure about summary dissolution and 12) both desire to end the marriage.

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