Articles Posted in Complex Divorce

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baby boomer divorce ratesHas there been an increase in Baby Boomer divorce rates? Although time and practice make many endeavors simpler, that is certainly not the case in many marriages. Likewise, those who experience divorce in later years may find that it is one of the things that seems to get more complicated, not less so, after years of marriage. With the recent decline in divorces in the past decade, it appears divorce is a less likely option for many; this is simply not true when it comes to older Americans, among whom divorce rates have nearly doubled in recent years. Statistics show that more than one in four divorces in this country, in fact, involve individuals aged 50+. If you are one of them, a local divorce attorney can help you sort through the difficulties ahead.

Reasons For Baby Boomer Divorce Rates

According to this Market Watch article, Baby Boomer divorce rates are skyrocketing. Many older Americans find that marriage simply no longer suits them, and they look for a fresh start through divorce. Grey divorce, as it is often called, occurs for a variety of reasons:

  • The old classic: We have grown apart. Empty nesters often discover they no longer share common activities, goals, and dreams, making life together unsustainable.
  • Financial woes: After years of irrational spending decisions and poor investing, one partner decides to call it quits, frustrated with the never-ending bills and the stress of debt.
  • Aging at different rates: When one partner is no longer physically or mentally active, it can put a real strain on the relationship. When one partner chooses to let himself or herself deteriorate, it may become increasingly unpleasurable for the other to stick around.
  • Sex: Different levels of sexual interest may lead one partner to look elsewhere for physical satisfaction.

Baby Boomers Have Decisions to be Made

When it comes to the point that grey divorce is the final option, it is important to keep a clear head while making decisions related to how the divorce unfolds. Grey divorce may involve several pertinent issues that should not be overlooked:

  • Division of Property: After years together, it may be difficult to prove that particular items were the exclusive property of one partner prior to the marriage.  Since California’s community property laws exclude personal property that one person held prior to the marriage, this could prove to be an important issue.
  • Compensation:  When considering issues related to spousal support, earnings are a key factor.  It is crucial to consider all components of compensation, from the actual salary drawn, to stock options, travel incentives, bonuses, and other perks.
  • Expected expenses for adult children: Issues  such as tuition, marriage, and other significant responsibilities should be addressed in the divorce agreement.

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complex divorceA complex divorce involving a large and complicated portfolio, may require an attorney who knows precisely what documents are relevant as you proceed through divorce court. More often than not, having access to both personal and corporate records has the potential to provide an accurate picture of the financial state of things, which is essential when it comes to an equitable financial settlement as your marriage ends. Regardless of how much you may have trusted your spouse, you have to allow for the possibility that efforts will be made to avoid sharing assets and funds. Going forward with as much information as possible can only benefit you.

Records Worth Investigating in a Complex Divorce

If one spouse owns a business that is subject to community property laws in California, things can get complicated pretty quickly. Depending on your circumstances, a variety of records could be helpful as financial negotiations proceed, including the following:

  • Financial Statements: Obviously, personal and corporate bank statements for several years will reveal both personal and corporate health. Patterns will be examined, and any recent changes will be analyzed.
  • Tax Documents: Tax returns are particularly insightful because they tend to reveal an accurate picture of the financial state of affairs. Falsification of these documents could lead to perjury charges, fines, and prison time, which compels typical filers to be fairly straightforward. Comparing tax returns to other financial statements that are less aggressively examined by the federal government will either support a reported financial scenario, or will reveal inconsistencies.
  • Work papers from Company Accountants: These papers may inform investigators as to the foundational thinking behind the use of particular figures or transactions.  
  • Ledgers: These will be examined with an eye toward understanding the overall financial status of the business. They will reveal specific details regarding disbursements, expenditures, and expensing.
  • Bill Receipts: It is essential to know whether particular disbursements were for business or personal matters.
  • Insurance Policies: Business interruption insurance policies that seem extravagant in the face of claims of a poorly performing business may indicate underreporting of profits. In an unrelated situation, personal items that you have no clue exist may be being insured.
  • Company Brochures: If the company claims to be # 1 on the West Coast, but your spouse pleads failing profits, you can use advertisements and brochures to challenge the inconsistency.
  • Lease Agreements: If your spouse claims business is doing poorly, it could be useful to look at whether downsizing is in the works.  
  • Calendars: Calendars may reveal how busy the business is, the amount of vacation time being taken, and other factors worth knowing.

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