Hemmer and Barr specializes in complex financial issues related to divorce, including the division of high-value assets, sophisticated financial issues, business valuation, and characterization of separate property and community property. We also understand the difficulty that often arises regarding spousal/partner support. We can assist clients with understanding spousal support laws, as well as determining how spousal support may affect tax liabilities.
Financial Issues During Divorce
Our goal is to help you protect your assets and income so you may stay financially secure following your divorce.
If you or your spouse have a high net worth, complex assets and debts, or a business, we will help you by bringing in the best financial professionals – such as a forensic accountant and business valuator – and stay financially secure following your divorce.
After you or your spouse files for divorce, both of you will be required to fill out disclosure declarations, where you disclose your income, expenses, assets, and debts. California is a community property state, which means that the property acquired or earned during marriage is presumed to be the joint property of both spouses. If a couple cannot agree on how they would like property to be divided, the court will make the final decision. The court will determine what is separate property and what is community property, and will then divide the property accordingly. Property such as a business or a pension can be much more difficult to divide and may require the assistance of an experienced attorney.
Spousal Support Determination
In California, the amount of spousal support (also known as alimony) a spouse receives after a divorce is finalized is based on many factors, including, but not limited to:
- Length of the marriage or domestic partnership
- Earning capacity of both spouses
- Age and health of each spouse
- Standard of living established during the marriage
The length of time spousal support is paid is determined by looking at how long the two spouses were married. Generally, if a couple was married for 10 or less years, then spousal support may be paid for half the length of the marriage. If the marriage lasted for more than 10 years, the spousal support can be paid for a longer amount of time, and requires the payor to request a review at some point in the future.
During the divorce process, the court may also require a spouse to pay temporary spousal support. Keep in mind that even if the court refuses to order spousal support, which can occur in cases where neither spouse requires or wants spousal support, a spouse may file for spousal support in the future if circumstances change. Spousal support may also be modified as circumstances change.
Contact a Hemmer and Barr attorney or call us at (916) 922-8500 to discuss your spousal support and complex financial issues.
Use the information from this guide to help you make it through your divorce with your finances intact and your future secure.