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Dividing cryptocurrency pursuant to a California divorce

Technology is forcing Americans to expand their vocabularies and consider advancements that once may have seemed fanciful to them. One example of a relatively new tech-driven concept is cryptocurrency, better known by its more recognizable brand name: bitcoin. Cryptocurrencies like bitcoin are used online by consumers to transact, make purchases and complete deals exclusively through the Internet.

Tax change will impact alimony payers, recipients

A major tax reform bill was passed by the federal government that will bring many new changes to the rules Americans must follow to stay current on their income reporting. One of those changes applies to payers and recipients of alimony (called "spousal support" in California). While Californians who have spousal support agreements and orders in place prior to the end of 2018 will not be subject to these changes, anyone whose divorce is finalized after December 31, 2018, will be required to follow the new system.

Factors that may be considered in an award of spousal support

Spousal support is an obligation set forth by statute to support a spouse.  A court can order that temporary spousal be paid by one spouse to the other following separation and continuing until further order, agreement or judgment.  The duty of support may continue following the termination of the marriage. There are a number of statutory factors that are considered when determining when considering the continuing duty of support as well as the amount and duration of support.  Those factors include the extent to which the earning capacity of each party is sufficient to maintain the standard of living established during the marriage.  The statutes recognize that a party's earning capacity may have been affected circumstances such as periods of unemployment due to domestic responsibilities such as child-rearing.  

Work with attorneys who understand different divorce options

Not that long ago, divorces in California and throughout the rest of the nation took on a cookie cutter format. A person would either, on their own or with their spouse, file for divorce and begin the litigious process of untangling their life from that of their partner. With the help of their lawyers, the partners to the divorce would haggle over their property, their kids and their money until they had created agreements or accepted judicial intervention through orders to settle the important matters of their post-divorce lives.

Asset valuation is an important component of property division

An asset is a piece of property that is owned by someone. It can be real property, such as a parcel of land or a residential structure, or a piece of personal property, such as a work of art or a piece of fine jewelry. Some assets are intangible, like investment accounts, while others are controlled under the possession of their owners.

Tips for dividing real estate in a California divorce

Let's say that you and your spouse have decided to divorce. One of the significant steps that you will have to take is dividing your property between the two of you. This process can be simple or complex, depending on each individual case. But there is one type of property that can raise complications much more frequently than other assets: Real estate.

Property rights in a community property state

California is a community property state. As such, all community assets and all community debts are divided equally. California is also referred to as a no-fault state. This means that all that is required to get a divorce is a declaration that irreconcilable differences have arisen which have led to the irremediable breakdown of the marriage. Who did what to cause the breakdown has nothing to do with how the property is divided.

Consider the prenup, and double check your provisions

There was a time in society when the prenuptial agreement was seen as a terrible and deceitful contract that few couples should ever even give a second thought. However, as the years have passed and people have begun to fully consider the ramifications not just of a prenuptial agreement, but of marriage and divorce in general, the prenuptial agreement has gained a lot of mainstream support. Couples now take these contracts seriously and realize the tremendous benefits that they offer.

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