By Pat Burgess
Our meeting this month covered a wide variety of very serious issues:
- The California Supreme Court recently ruled in Marriage of Davis that, for the purposes of dividing community assets and debts, the parties must reside in separate residences to be deemed “separated.” This will have a rippling effect among those getting a divorce and most likely further litigation will spring from this decision.
- Pro’s & Cons to Bifurcation:
- Pro: You are divorced
- Con: You lose eligibility to be on your spouse’s health insurance, and you may lose the right to your share of your spouse’s pension/retirement benefits if all of the necessary paperwork has not been done
- With that said, BEFORE Bifurcation, make sure you have a QDRO in place\\
- “Community Property”:
- Wages/earnings during marriage are community property
- Gifts received and inheritances received during marriage are separate property
- Financial Transparency:
- What to do if your spouse is self-employed and hiding income
- Can a Judge order a spouse to go back to work?
- Yes…or the court can impute income for support
- Vocational evaluation discussion
- Average amount of time it takes to get a divorce?
- The fastest it can be done is 6 months and 1 day from the date of service of summons
- Average divorce takes around 1 ½ + years
- Discussion regarding valuation of Pensions vs. 401K
- Tax issues;
- Be mindful of when your divorce judgement goes into effect and how your taxes are then handled
- Buying your spouse out of the family home:
- Must qualify for a mortgage independently
- Quit Claim Deed
- Get inspections on the home first! Important to know the true condition of the home first!
- Always review the mediation proposals with your lawyer before agreeing to it!
Thank you to all who attended! We will be meeting again Tuesday, September 1st at 5:30 at the Danville Chamber of Commerce.