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October 2019 Archives

Staying on top of financial issues in a divorce

When people in California get a divorce, there are several financial steps they should take to protect themselves. Spouses who have not been involved in the financial side of the marriage should make sure they are able to gather enough information to understand their finances and what assets are owned.

When does divorce make financial sense?

In California and across the country, political debates have drawn attention to tax policy in the United States, especially as it affects some of the wealthiest families. Some candidates have advocated for higher taxes on rich individuals and couples, and these discussions have sparked some conversation about the potential merits of strategic divorce. Wealthy couples both bringing in a substantial amount of income might choose to divorce in order to save on their income taxes. In practice, however, few couples would make this choice, as the tax savings would often be offset by other costs associated with a divorce.

Prenups can be a key step for business owners

In California, many people hope to achieve their dreams in Silicon Valley by founding the next big tech startup. The right idea and the right investors can propel small companies to billion-dollar valuations, and the state is a hub for advanced tech workers throughout the industry. However, tech startup founders and other business owners have some unique considerations to keep in mind when it comes to their personal relationships. Because California is a community property state, all assets acquired after marriage are assumed to belong equally to both partners, even if one of those assets is one partner's closely held company.

Setting up a new budget after divorce

For better and worse, divorce changes your finances. Maybe your spouse spent most of your money, so you assume you'll have more financial freedom. Maybe they were the main breadwinner and you're nervous about how you're going to make ends meet. No matter what, things are going to change.

Dividing the marital home in a divorce

When people in California make the decision to divorce, dividing the marital home can be a challenging prospect. Both people may feel a sense of emotional attachment to the property. Even more, the home can be the largest single asset shared by the couple, so each partner may have difficulty raising the required funds to buy out the other. Of course, the value of a buyout is not solely determined by the market value of the home but rather by the equity that the married couple has in the property. The amount of the buyout may be affected by the mortgage remaining on the home, and refinancing the mortgage is another significant issue during property division.

Making the divorce process bearable

With divorce rates hovering at about 50% for all first-time marriages, and even higher for subsequent marriages, a significant number of California residents might go through this experience. Divorce can be a long, tense period that evokes many negative feelings. However, there are things a person can do to make it more tolerable.

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