The same is true for awards of spousal support or alimony, and again, a modification would require a substantial change in the factual circumstance of the parties. The marital property settlement, however, is rarely, if ever, subject to modification. Valuation of assets and division of the marital estate occurs once, absent a showing of actual fraud by one of the parties.
]]> A recent case from the court of appeals found a husband objecting on appeal to the trial court's acceptance of the valuation of the family residence. The couple had separated in 2002. In 2007, they stipulated the value of house at $679,000. In 2012, the husband attempted various strategies to get the court to change the valuation.We all know what happened to real estate values during that period. However, the husband had failed to object to the valuation at the trial and never moved to rescind the stipulated valuation. What the husband then attempts to do on appeal is somewhat amusing.
The court notes that he uses 12 pages of his brief to argue that he should have been granted a new trial on the grounds that he had ineffective assistance of counsel. The court titles the section of its opinion "Ineffective assistance of counsel has no place in contested dissolution proceedings." This does not bode well for his argument.
The court goes on to note, "[T]he general rule is that there is no due process right to counsel in civil cases." Ineffective assistance is constitutionally guaranteed in criminal trials, not divorce cases.
Source: California Court of Appeal, First Appellate District, "In re Marriage of Campi," January 24, 2013
]]>Postnuptial agreements may cover the value of property or changes that occur during the marriage. A sense of strong or weak financial security is one of the factors that affect postnuptial agreements and how and why they increase under specific economic circumstances.
]]> Postnuptial agreements also provide an option for individuals who do not want to leave their assets to their spouse after they pass away. Finally, a postnuptial agreement provides the same benefits as a prenuptial agreement in the event of divorce. This reality helps to facilitate a speedier, more efficient and less stressful divorce process for those who choose to execute postnuptial agreements prior to divorcing.Laws that administer property and mutual responsibility and the issues surrounding postnuptial agreements have become complicated. People who are planning to negotiate a post-marital agreement should be informed about the legal issues because they may affect the enforceability of the agreement. These issues may challenge the validity of the post-marital agreement, options about full disclosure of assets and each spouse's contribution to the marriage.
If you are curious about the benefits that a postnuptial agreement may afford you, please contact an experienced family law attorney to explore your options.
Source: Chicago's Real Law Blog, "Postnuptial agreements on the rise," Michael Helfand, Sept. 18, 2012
]]>The process can be especially stressful for those who have had suffered a bitter split. Getting accurate information from your ex can be more complicated. Here are several ways to protect your rights after divorce and alleviate the stress of tax season.
]]> 1) Don't wait until the last minute. Make sure to contact your spouse or former spouse to for relevant tax documents. If necessary, seek out a professional for assistance.2) Know whether you should file jointly. You could open yourself up to additional liability and you could end up on the hook if your ex is in tax trouble. When you file jointly, you are jointly responsible. When in doubt, file separately.
3) Identify the head of household. As you may already, the head of household gets the dependency deduction. By default, this will go to the parent with more than 50% of custody during the year. If you both file as HOH, you could face problems with the IRS.
4) Understand spousal support and tax liability. Remember that those who pay can deduct the expense and any recipient generally must claim support as income.
5) Collaborate with your ex, if possible. Working with the same tax preparer and understanding how your spouse or former spouse is filing can ensure that all documentation is cohesive and that you present the same information. Any discrepancies could lead to future problems with the IRS.
If you have specific questions about your personal tax liability, you can always seek out a tax lawyer or other financial professional who can help you understand your obligations and protect your rights.
Source: Business Insider, "Divorced Couples Are Walking Right Into These Tax Traps," Mandi Woodruff, April 3, 2012.
]]>One of the few superstars in the National Basketball Association and a career Los Angeles Laker, Kobe Bryant handed over three pieces of real estate to his ex-wife during December. The property division matter began on December 14 when Vanessa Bryant had a $2.9 million home transferred to her. The former couple bought the home in 2003 and retained joint ownership until the transfer was made.
]]> Another mansion worth an estimated $4.7 million was transferred into Vanessa's name from Kobe Bryant just days before the New Year. Lastly, an estate that was recently under construction was given to Vanessa on December 15 when Kobe Bryant's agent, the previous owner, signed the property over. The value of the estate is roughly $11.2 million.While neither party is commenting on the property division involved in their divorce, it is clear that the chips are starting to fall in the Bryant split.
Even though California is a community property state, a judge hearing a divorce case can divide the stakes of ownership at his or her discretion. Many factors go into this decision so if you are considering filing for divorce, consult an experienced divorce lawyer. With proper legal representation on your side, you could maximize your stake in any communal property accumulated in your dissolved marriage.
Source: Los Angeles Times, "Kobe Bryant divorce: Three homes to Vanessa probably just a start," Michael Reicher, Jan. 23, 2012
]]>If you thought divorce was already a complicated enough matter, just imagine the property division this elderly couple will have to go through. They were married for 77 years, have five children, 12 grandchildren, and a great grandchild, and surely have acquired quite a bit of property and assets during that time.
]]> Complicated estates, as this one appears to be, require the guidance and expertise of an experienced property lawyer to help you choose your best options when matters of property division are being discussed. For this couple, there will be retirement accounts and securities that must be considered. Retaining an attorney to mediate these delicate proceedings can greatly benefit the splitting parties.The 99-year-old man discovered some letters that outlined his 96-year-old wife's affair, and when he confronted her about it, she confessed to the decades-old infidelity. They had made it through a rough patch in the past decade when the husband temporarily moved out of their house, but it appears this secret affair will end their marriage.
The husband will now become the oldest person to ever file for divorce, with the previous record belonging to a British couple who were both 98 years of age.
Source: UK Telegraph, "99-year-old divorces wife after he discovered 1940s affair," Nick Squires, Dec. 29, 2011
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