Tag: divorce law help

How does wasteful spending affect the division of property in a divorce?

Posted by – December 20, 2013

Facing a divorce is extremely overwhelming, especially when considering the various components involved such as custody, alimony, and dividing the property among the parties. The goals for divorce proceedings should be to have all the properties and moneys divided evenly, but rarely are proceedings this simple. There are a number of aspects to consider when dividing the property among the spouses. One of these components includes wasteful spending.

Types of wasteful spending

If a partner in a marriage wastes a substantial amount of money (otherwise known as “economic fault” or dissipation), the other partner in the marriage may be entitled to receive more property to compensate for the loss. This is particularly important if the couple is in debt because of the wasteful partner’s spending habits. There is a variety of wasteful spending including:

  • Excessive gambling and/or drinking purchases
  • Spending that led to bad behavior
  • Giving substantial amounts of money away (and against the partner’s wishes)
  • Spending money on romantic relationships outside of the marriage

When divorce proceedings begin, the partner who accuses another partner of wasteful spending can have his/her attorney look at bank records and further investigate the expenditures. The accused then needs to try to justify the spending or that the amount of money spent was evened out in some other way during the marriage.

Business transactions and recreational activities

While wasteful spending certainly plays a role when dividing assets, there are instances where substantial amounts of money are used by either partner that are not considered to be wasteful spending. For instance, if a spouse uses the couple’s money to invest in a legitimate business venture that fails, then such a loss would not be considered wasteful spending because there would have been a profit had the business venture been successful.

Another type of spending that is not counted in wasteful spending is money being used by activities enjoyed or approved of by the couple. For example, Jill and Frank have been married for ten years. For nine of those ten years, Frank has been an avid bicyclist and would spend a good amount of money every year on his hobby. All the while, Jill has supported Frank in his hobby and even showed up to biking events. In this situation, if Jill and Frank decide to go through a divorce, Jill cannot accuse Frank of economic fault because she approved of the biking.

Do you need a divorce attorney?

Dividing property among a divorced couple is complicated and usually very emotional. If you are going through a divorce, you need to make sure you have the strong legal guidance of a divorce attorney. For example, if in the Dallas, TX area, contact Khavari & Moghadassi. In Madison WI? Contact the Law Offices of Annen Roetter.  Or, if you think mediation may be a viable option to help divide the property, consider talking to Steele, George, Schofield, & Ramos, mediation lawyers in Walnut Creek, CA. If you are not sure how the divorce and wasteful spending may affect your estate, contact an estate planning attorney at the Law Offices of Mary Anne Vance in Seattle WA.

If you are having trouble finding a lawyer, consider contacting a Lawyer Referral Service like the Columbus Lawyer Finder.

The materials provided in this blog are for informational purposes only, and are not guaranteed to be correct, complete or current, and should not be relied on as legal advice. You should consult a lawyer if you need help with a legal matter and not rely on anything you read on this blog or elsewhere on the web.

How does earning power have an effect on dividing property?

Posted by – December 4, 2013

One of the most difficult components in divorce proceedings involves dividing the property among the spouses. There are multiple factors that go into separating the property, but one factor that stands out is the earning power and the role of the homemaker.

Evening out the costs

The goal for most divorce proceedings is to make sure that each partner walks away from the divorce with their fair share. Rarely are divorce proceedings easy and without complex components. For example, it is likely that there one partner in the marriage earns substantially more than the other. In such cases, the ruling may divide the property so that the person who earns less receives more of the property as he/she may have more problems becoming financially stable after the divorce. For more assistance with valuing and dividing property, contact the Law Office of Janice Cho in Oakland, CA. Or, if in Madison WI, contact the divorce attorneys at Annen Roetter.

The role of the homemaker

Another thing that the courts consider is whether or not there was a homemaker in the marriage as such a responsibility would also require one of the partners in the marriage to make less money. Depending on the duration of the marriage and the amount financial/employment sacrifice made to become a homemaker, the court may award the homemaker with more of the property to offset the amount of earnings “lost” during the marriage.

Mediation as an alternative

In many cases, going to court is the only option for settling divorce matters, especially when dividing property; however, there are some instances where mediation can be a better, cost-effective solution. If the couple are able to set aside personal differences and have simpler property matters, then mediation can prove to be useful. For more information regarding mediation services, contact the Certified Family Law Specialists and Expert Mediators at Sena Family Law in San Francisco, CA.

Pre-nuptial agreements

Some people may opt to discuss such concerns before entering a marriage by discussing the terms of their finances in a pre-nuptial agreement. Such agreements can be helpful as they may prevent future troubles that may arise when the financial earnings become uneven. For more information regarding pre-nuptial agreements, contact the Law Office of Mary Anne Vance in Seattle, WA.

Do you need a divorce attorney?

Finding the right divorce attorney is the first step in going through the divorce proceeding. Using Lawyer Referral Services such as the Bar Association of San Francisco, the Chicago Bar Association, the Brooklyn Bar Association, or the Riverside Bar Association can prove to be beneficial as the lawyers in these services are pre-screened and have up-to-date experience in divorce matters.

The materials provided in this blog are for informational purposes only, and are not guaranteed to be correct, complete or current, and should not be relied on as legal advice. You should consult a lawyer if you need help with a legal matter and not rely on anything you read on this blog or elsewhere on the web.