Division of assets

Frank and Jaime McCourt, owners of the Los Angeles Dodgers, are currently involved in a complicated divorce court proceeding. Jaime claims that Frank failed to make a court-ordered monthly spousal support payment of $637,159. Frank contends that she owes him millions of dollars and should not be required to pay the monthly spousal support until Jaime’s debt is paid.

Jaime claims monthly expenses of $994,469, of which $568,000 goes toward paying mortgages on nine different residences. In addition, she alleges that $285,137 goes toward expenses related to being an owner of the Dodgers.

California Family Code section 4320 sets forth the relevant factors in determining the amount of spousal support in dissolution cases. One of the factors is the needs of each party based on the standard of living during marriage, not what a spouse requires just to survive after divorce or what a spouse needed to live prior to marriage.

The distribution of property is a major issue in divorce proceedings. If you are going through a divorce, you need experienced divorce attorneys who will vigorously defend your interests regarding property distribution, child support, and child custody rights. The attorneys at Wallin & Klarich have over 30 years experience in family law. Call us today at (888) 280-6839 or visit us at our website at www.wkfamilylaw.com. We will be there when you call.

Once a couple marries, the parties are considered one party for purposes of debt. If one party assumes debt that the other party is unaware of, it is still considered community debt. Since it is community debt, both parties are responsible for such debt at the time of divorce.

Even if the credit card debt is in one party’s name alone, if the debt was acquired during marriage, both parties are responsible for the credit card debt. At the time of dissolution, when there is joint community credit card debt, the court can take a couple of approaches. The court can order one party to pay for the debt as part of their liabilities during marriage; the court can order each party to pay for half of the debt; or the court can order that each party be obligated for half of the credit card debt. When an attorney is involved, they will try to divide the debt in the easiest way, including each party being responsible for certain credit cards. Therefore, it is important to consult a knowledgeable family law attorney when credit card debt is involved.

Wallin & Klarich has more than 30 years of experience in family law. Our attorneys know from long experience in divorce cases, and are prepared to fight to get you the best possible outcome. With 16 attorneys in 33 offices throughout Southern California, we can be there when you need us — wherever you are. If you’re thinking of hiring an attorney for a divorce, call us today at 1-888-749-7428 begin_of_the_skype_highlighting              1-888-749-7428      end_of_the_skype_highlighting for a consultation, or fill out the online case evaluation form to the right.

All property acquired during marriage and before separation, with some exceptions, is presumptively community property.

Community property does not include everything acquired during marriage. For example, a mere expectancy cannot be considered a property interest. There also cannot be a community interest in any right that is not capable of being transferred, for example a professional reputation.

A professional education obtained during marriage, even if it is paid with community funds, is not community property, and is therefore not valuable at the division of assets. One spouse does not acquire an interest in the other spouses education and the proceeds by contributing to the education. A professional education is technically only the professional persons enhanced earning capacity. There however, may be a right to reimbursement at the time of dissolution for contributions to the other party’s education to the extent that it enhanced the earning capacity. Therefore, it is important that any person involved in a dissolution of marriage seek the legal advice of a family law attorney.

Wallin & Klarich has more than 30 years of experience in family law. Our attorneys know from long experience in divorce cases, and are prepared to fight to get you the best possible outcome. With 16 attorneys in 33 offices throughout Southern California, we can be there when you need us — wherever you are. If you’re thinking of hiring an attorney for a divorce, call us today at 1-888-749-7428 for a consultation, or fill out the online case evaluation form to the right.

It was recently reported that Oscar-winning actress Sandra Bullock moved out of the home she shared with her husband, Jesse James, and his three children from previous relationships following allegations that James had an affair. The pair married in 2005. Since the news broke, the media have speculated on possible separation or divorce. If the couple decide to divorce, they should hire an experienced divorce lawyer who is familiar with California divorce law and can inform them of their divorce rights.

Bullock has been the star of blockbuster Hollywood films since the early 1990s, becoming one of Hollywood’s best-paid actresses. Just recently, she won a Best Actress Oscar for the film The Blind Side at the Academy Awards. Over the years, she has made several million-dollar donations to the American Red Cross for various charity relief efforts. James, a former bodyguard and mechanic, has hosted several television shows since the early 2000s and is the owner of several businesses, including the successful West Coast Choppers motorcycle brand. It is not known if they signed a prenuptial agreement prior to their marriage.

Both parties have not spoken about separation or divorce regarding these recent developments. The state of California has very specific divorce laws that are unique to the state. Marriage can be dissolved for two reasons: irreconcilable differences and incurable insanity. The latter is rarely used. Assets in a California divorce are separated as “community property,” property acquired during marriage to be split between the two parties, and “separate property,” property acquired before marriage to be retained by the owning party. Also, a judgment for spousal support (the term for alimony in California) is often permanent if the two parties were married for ten years or more.

At Wallin & Klarich, we’ve seen just how stressful legal matters can be for our clients and their loved ones. If you or someone you love is facing divorce or family law matters in Southern California, Wallin & Klarich will be there for you. The attorneys at Wallin & Klarich have over 30 years of experience in divorce matters and are very knowledgeable about California family law. Call 1-888-749-7428 or visit www.wkfamilylaw.com for a case evaluation. We will be there when you call.

It was recently reported that Tawanna Iverson, the wife of former NBA All-Star Allen Iverson, has filed for divorce after 8 1/2 years of marriage, stating the union is “irretrievably broken.” She is asking for child support, alimony, and full custody of their four children, aged from 1 1/2 to 15 years. She filed for divorce in Fulton County Superior Court, located in the state of Georgia.

Allen Iverson’s divorce can be very costly. It is not known whether the two had a prenuptial agreement prior to their marriage. Iverson earned over $200 million over his 14-year career, mainly from three major playing contracts he signed with the Philadelphia 76ers and a shoe endorsement contract he signed with Reebok.

In the state of California, marriage can be dissolved for two reasons: irreconcilable differences and incurable insanity. The latter is rarely used.

California law classifies assets in a divorce as community property or separate property. Community property is defined in California as “all property that you and your spouse acquired through labor or skill during the marriage.” Separate property is defined as, “property acquired before your marriage, including rents or profits received from these items; property received after the date of your separation with your separate earnings; inheritances that were received either before or during the marriage; and gifts to you alone, not you and your spouse.” Community property is divided between parties in divorce while separate property is not.

In the state of California, a judgment for spousal support (the term for alimony in California) is permanent if the two parties were married for ten years or more.

At Wallin & Klarich, we’ve seen just how stressful legal matters can be for our clients and their loved ones. If you or someone you love is facing divorce or family law matters in Southern California, Wallin & Klarich will be there for you. The skilled Tustin family law attorneys at Wallin & Klarich have over 30 years of experience in divorce matters and are very knowledgeable about California family law. Call 1-888-749-7428 or visit www.wklaw.com for a case evaluation. We will be there when you call.

The monetary damages (or awards of other property) as a result of a personal injury settlement and or disposition a spouse receives during a divorce may or may not be characterized as community property. The classification of community property depends on when the cause of action arose, not when the proceeds were received.

If the cause of action in the personal injury case arose during marriage, and before separation, the proceeds are characterized as community property. Otherwise, it is the separate property of the injured spouse under California Family Code 760 and 761.

However, personal injury damages that are community property are typically assigned to the injured party unless the court takes several other factors into account. In these cases, they are subject to special rules and circumstances. Such factors include the needs of each party, economic conditions, and costs incurred by the non-injured spouse in caring for the injured spouse. The court will award at least one-half of the damages to the injured spouse when the damages are characterized as community property under California Family Code 760 and 761.

At Wallin & Klarich, we’ve seen just how stressful divorces can be for our clients and their loved ones. If you or a loved one is going through a divorce or any other family law matter in Southern California, call Wallin & Klarich today for an evaluation of your case. Wallin & Klarich has over 30 years of experience successfully representing clients in divorce cases. Call us at 888-749-7428 or fill out our consultation form online at www.wklaw.com for a free evaluation of your case. We will be there when you call.

The community residence/home is typically the biggest community property asset to divide between divorcing couples. Should it be sold? Can one party afford to keep it and buy the other party out of his/her interest? These are just a couple of questions to be answered when going through a divorce action. In the past, when our economy flourished, there usually was equity to be divided between divorcing couples. However, in most recent years with the collapse of the real estate market, many couples are facing foreclosures, short sales and may ultimately decide to just walk away from their homes.

If there is some equity in a community property residence, it is always a good idea to have it professionally appraised. In San Bernardino County, courts typically order a professional appraiser to value a home when there is some equity to be divided between the parties. This is the most accurate method of calculating what a home’s worth is rather than rely on a market analysis by a real estate agent or through some website like Zillow.com.

Once this is done, the next question is whether one of the parties can afford to keep the home, refinance it in their name and buy out the interest of the other party. If neither party can keep the home, the home will have to be put up for sale and split the equity should any exist. Many professional appraisers now include prequalification approval statements as to the parties to show the court that one of the parties can afford to keep it and is pre-qualified for a refinance loan.

If you are going through a divorce or are involved in a family law matter in San Bernardino County, contact the San Bernardino divorce attorneys at the Law Offices of Wallin & Klarich at 1-888-749-7428 to obtain competent and professional legal representation. Visit our website at www.wkfamilylaw.com.

If the court rules the Los Angeles Dodgers as community property, Jamie McCourt will attempt to buy out her soon to be ex-husband, Frank McCourt, to become the sole owner of the team. Frank McCourt’s lawyer, Marshall Grossman, however, stated that he has no intentions of selling the team. Frank McCourt continues to maintain that he is the sole owner of the Los Angeles Dodgers and that Jamie McCourt’s claims of co-ownership are “baseless.”

A trial was set for November 5th to discuss the reinstatement of Jamie McCourt as CEO of the Los Angeles Dodgers. Jamie McCourt was reportedly fired by Frank McCourt for having relations with her driver, also a Los Angeles Dodgers employee. Los Angeles Dodger’s president, Dennis Mannion, is strongly opposed to the reinstatement of Jamie McCourt as CEO. He argued that McCourt rarely showed up to work and that she was more concerned with her own image than the needs of the team. Jamie McCourt countered such statements by stating that Frank McCourt and Mannion worked to purposely exclude her from business decisions.

If you have any questions regarding this matter or any other family law matter, do not hesitate to call Wallin & Klarich today! Wallin & Klarich has been in the business of vigorously representing clients in their time of need for over 30 years and we would like to help you with yours! We have experienced, knowledgeable attorneys available to answer your calls 7 days a week, 24 hours a day! Contact the experienced Southern California family law attorneys at Wallin & Klarich today at 1-888-749-7428 or www.wklaw.com for a consultation of your case. We can help you.

Jamie McCourt is seeking $487,634 in monthly California spousal support or $320,957 if she is reinstated as Los Angeles Dodgers’ CEO after filing for divorce on October 27. She is also claiming 50% ownership of the Los Angeles Dodgers, despite Frank McCourt’s claims that he is the sole owner of the team.

Her claim on the Los Angeles Dodgers will depend on whether the court rules the team as community property or if it will be overridden by a document signed five years ago by both McCourts. The agreement states Frank McCourt is the sole owner of the Los Angeles Dodgers, while eight residential properties and other luxuries are under the sole ownership of Jamie McCourt. Jamie McCourt argues she did not know the implications of the agreement she signed. Frank McCourt’s lawyer, Marshal Grossman, however, finds this unlikely as Jamie McCourt has practiced family law and would therefore have known what she was signing.

If you have a question about this case or any other family law matter, call Wallin & Klarich today. Wallin & Klarich has been in the business of vigorously representing clients with their family law matters for many years and would like to help you with yours. We have experienced and knowledgeable attorneys available to answer your calls 7 days a week, 24 hours a day. Call us today at 1-888-749-7428 for a consultation, or fill out the online case evaluation form to the right.

With the announcement of the marriage separation of Frank and Jamie McCourt, debate has arisen over the exact ownership of the Los Angeles Dodgers. Jamie McCourt’s lawyer, Dennis Wasser, claims that the Los Angeles Dodgers are community property, therefore, entitling Jamie McCourt to 50% ownership. Frank McCourt’s lawyer, Marshall Grossman, however, maintains that his client is the sole owner and has documents to support this claim.

While Wasser has not seen such documents, he believes they are irrelevant as he is certain that California community property law would apply and lead to a 50-50 ownership. One factor that could affect who has ownership of the Los Angeles Dodgers is the McCourts’ ownership of residential real estate. Each of the properties bought in the Los Angeles area were transferred from Frank McCourt’s name to that of Jamie McCourt. Some speculate that such transfers could mean that some agreement was established between the two.

If you have a question about this case or any other family law matter, call Wallin & Klarich today. Wallin & Klarich has been in the business of vigorously representing clients with their family law matters for many years and would like to help you with yours. We have experienced, knowledgeable divorce attorneys in Los Angeles available to answer your calls 7 days a week, 24 hours a day! Call us today at 1-888-749-7428 for a consultation, or fill out the online case evaluation form to the right.