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CA divorce lawyerIf you are in the midst of a divorce, you are likely to be experiencing a great deal of chaos as you adjust to your newly-single life, and you may be struggling to make ends meet. Along with the legal costs involved in divorce, you may need to address issues such as finding new living arrangements, paying moving costs, and adjusting to living on a single income. However, with proper planning, you can begin your life after your divorce on the right foot. During divorce, you should be sure to address the following financial issues:

  • Check your credit report - If possible, you should pay off any joint credit cards and close the accounts, or make sure that if credit cards remain in one spouse’s name, the other spouse is removed from the account. Close any joint bank accounts, and check to make sure any issues with creditors have been resolved. If necessary, obtain credit cards in your name to begin establishing your own credit history.
  • Complete the division of property - Finish dividing your community property, following the decisions made in your divorce settlement. Be sure to update or refinance loans or home mortgages appropriately. Pay close attention to the division of retirement accounts or pensions, making sure to follow the proper procedures to distribute these finds without being subject to taxes or penalties.
  • Update insurance plans - You may need to remove your ex-spouse from your health insurance coverage or obtain your own coverage under a new plan. If necessary, you may be able to receive temporary COBRA coverage. You should also make sure to remove your ex as a beneficiary of life insurance or retirement plans.
  • Understand your taxes - When filing your tax return for the previous year, you will need to determine whether you should file jointly with your ex-spouse or separately. You should also update your income tax withholding to reflect your new marital status and claim the appropriate exemptions, ensuring that you do not owe taxes when filing next year’s tax return.
  • Create a budget - To ensure that you will be able to maintain financial stability following divorce, take complete stock of your income and expenses and create a workable plan going forward. Make sure to account for child support or spousal support which you will pay or receive, mortgage or rent payments, household expenses (including food, gas, and utilities), and anything else that affects your day-to-day financial situation.

Contact a Los Gatos Divorce Lawyer

By taking steps to fully understand your financial situation during your divorce, you can plan for success in the next stage of your life. At the Law Offices of Benita Ventresca, we can advocate for your interests during divorce and help you complete the process efficiently and effectively. Contact our Los Gatos, CA divorce attorney at 408-395-8822 to set up a free consultation.

 

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CA divorce lawyerCouples who are planning to get married are not likely to be thinking about divorce. However, taking the time to consider how certain matters will be handled if their relationship ever ends can save them a great deal of difficulty in the future. By creating a prenuptial agreement, a couple can make decisions about issues such as the division of property or spousal support, ensuring that their rights and financial security will be protected, no matter what happens in the years to come. Here are some benefits that a prenuptial agreement can provide:

Protecting assets - California is a community property state, which means that property owned by married spouses must be divided equally during divorce. A prenuptial agreement can specify each spouse’s ownership rights to any property owned by a spouse prior to getting married or acquired by married spouses. This can be especially helpful when one or both spouses own business interests since an agreement can determine how business ownership will be handled and ensure that the business can remain operational after divorce.

Assigning responsibility for debts - If either spouse has significant debt, a prenuptial agreement can make decisions about who will be responsible for this debt after divorce. It may also specify how the spouses’ incomes will be allocated to pay for debt during their marriage.

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Posted on in Divorce

CA divorce lawyerIn an ideal situation, marriage is a partnership between two equally-committed individuals who treat each other with love and respect. Unfortunately, however, abusive relationships are all too common, and they can lead to a spouse suffering a great deal of physical, emotional, and mental harm. While the signs of physical abuse may seem easy to recognize, emotional abuse is much more subtle, and victims of this type of abuse may not realize how much they are affected by this type of negative treatment by their spouse. If you recognize any of the following signs in your own relationship, you may want to consider whether ending your marriage through divorce is the best option for you and your family:

  • Walking on eggshells - Do you feel like you always have to tread lightly to avoid angering or upsetting your spouse? A feeling of constant anxiety that anything you might say or do could cause your partner to become offended, disappointed, or angry is a sign of abuse.
  • Feelings of shame or guilt - Abusers will often try to make their victims them believe that they are not worthy of love or blame them for things that are not their fault. An abusive spouse may try to make you feel bad about yourself or claim that nobody else would love you.
  • Emotional manipulation - Abusive spouses often try to manipulate their victims’ emotions in a variety of ways, such as withholding affection until they get what they want, acting hurt to make their partner feel sorry for them, or refusing to acknowledge their partner’s accomplishments.
  • Gaslighting - One of the most severe and insidious forms of emotional manipulation occurs when an abuser makes their victim doubt their own memories and feelings, often by lying about things that they said or did. By causing their partner to question their sense of reality, an abuser gains control in the relationship.
  • Constant criticism - Emotional abuse can take the form of verbally tearing a person down, either through explicitly belittling a person or by making disparaging comments in the form of jokes or backhanded compliments.
  • Jealousy - Does your spouse always want to know where you are and who you are with? Do they require you to constantly check in when you are away from them? These forms of jealousy are another method that an abuser may use to control their spouse.
  • Isolation - Does your spouse refuse to let you spend time away from them with your friends? Have they tried to convince you to cut off contact with certain family members? Isolating a victim from people who could offer emotional support is a common way abusers attempt to maintain control over their partners.

Contact a Los Gatos, CA Family Law Attorney

If you are in an abusive relationship, you may feel that you have no options and no way to escape, especially if your spouse controls your finances or earns the majority of your family’s income. However, you deserve to live a life free of abuse, and you have the right to leave a bad situation and get help. At the Law Offices of Benita Ventresca, we will work with you to protect your rights and help you get the resources you need during a divorce involving an abusive spouse. Contact our Los Gatos divorce lawyer at 408-395-8822 to schedule a free consultation.

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CA divorce attorneyWhen parents decide to end their marriage, they will likely put a great deal of thought into how their minor children will be affected. In addition to determining how the issues of child custody and visitation will be resolved during divorce, parents often work together to provide their children with emotional support and reassurance, helping them adjust to their new reality of splitting time between two separate households.

Parents of adult children who no longer live at home may not have as many legal issues to resolve during divorce, but they should still be aware of the impact that the end of their marriage will have on the members of their family. Adult children of divorce are often affected in the following ways:

  • Emotional reactions - Parents may believe that children who have established themselves as adults will be less affected by their divorce, but it is important to understand that they will still be likely to feel a great deal of anger and sadness, and they may need some time to adjust to their parents’ new situation.
  • Commitment issues - Children whose parents have divorced are often hesitant to enter new relationships, or they may remain in a bad relationship because they are afraid to repeat their parents’ mistakes.
  • Taking sides - Parents of minor children often work to keep kids from being involved in conflict, but parents of adult children may feel they can be more open about the reasons their marriage failed. This can cause children to feel like they need to choose one parent over the other, which can damage their relationship with both parents.
  • Acting as a confidant - Parents may feel that they can confide in their adult children and lean on them for support. However, a lack of clear boundaries can result in a great deal of stress and anxiety for children.
  • Concerns about the future - The instability that results from divorce will likely cause children to worry about their parents’ ability to financially support themselves, who will care for them as they get older, and how inheritance issues will be handled.

Contact a Los Gatos Divorce Lawyer

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CA divorce attorneyWhen you decide to get a divorce, the process of separating your life, your home, and your finances from your ex-spouse can become incredibly complicated. During this time, it is important to make the right decisions, especially when it comes to financial matters. Here are some mistakes divorcing couples often make that can negatively impact their finances in the future:

  • Not checking your credit report - During divorce, it is important to get a complete picture your assets and debts and any accounts that are in your name. Obtaining a copy of your credit report will allow you to identify any sole or joint bank accounts and credit cards, as well as any other outstanding debts, and it will help you establish credit in your own name that you can use after your divorce has been finalized. You may also want to consider using an identity theft protection service such as LifeLock to ensure that your ex-spouse does not open any accounts or make any purchases in your name.
  • Not accounting for joint accounts - During divorce, any joint bank accounts should be closed, and their balances should be divided between you and your spouse. If possible, you should try to pay off any joint credit card debt, since both spouses will be liable for this debt, even after divorce.
  • Failing to consider taxes - Be sure you fully understand how the decisions you make during divorce will affect the taxes you pay, including your filing status, dependent tax credits, property taxes, and capital gains taxes. You should also be aware that while spousal support (alimony) is currently tax deductible for the payor and taxable for the recipient, it will be non-deductible for the payor and non-taxable for the recipient for divorces finalized after December 31, 2018.
  • Not understanding retirement accounts - Retirement funds such as 401(k) or IRA accounts that were created during a marriage are considered community property, even if they are in the name of one spouse. When dividing these funds during divorce, spouses should use a Qualified Domestic Relations Order (QDRO) to avoid any penalties or taxes.
  • Not following a budget - While you may have become accustomed to a certain standard of living during your marriage, you may not be able to maintain these same standards on a single income. Be sure to create a budget that fully accounts for your income and expenses and allows you to maintain financial stability following your divorce.

Contact a Los Gatos, CA Divorce Attorney

Divorce can lead to financial difficulty for everyone involved, but with the proper planning, you can prepare to successfully move on to the next stage of your life. At the Law Offices of Benita Ventresca, we can answer your questions about divorce, ensure that community property is divided correctly, and help you complete your divorce as efficiently and effectively as possible. Contact a Los Gatos divorce lawyer at 408-395-8822 to schedule your free initial consultation.

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Law Offices of Benita Ventresca

20 S. Santa Cruz Ave., Suite 212
Los Gatos, CA 95030

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