Los Angeles Divorce Lawyer Blog

Sean Penn told reporters recently that ex-wife Robin Wright took half of everything he had as a result of the end of their 14-year marriage, the New York Daily News reported.

Our Los Angeles divorce lawyers frequently report on the equal division of marital property as the result of a no-fault divorce in California. Another significant factor is whether the marriage was short-term, defined as less than 10 years, or long-term. Communal property findings can be more common in long-term marriages. The length of the marriage can also determine amount and length of spousal support.

Spousal support in a short-term marriage, when granted, is generally for half the length of the marriage. In a long-term marriage, no termination date for spousal support is set and such payments can be opened ended. This is one of the reasons you see celebrity couples -- like Tom Cruise and Nichole Kidman -- divorce near the 10-year mark.

Property division in a Los Angeles divorce can be complicated by identifying what is a marital asset. For instance, perhaps a spouse bought a house just prior to marriage but the majority of mortgage payments were made by both parties. Or perhaps that house is significantly underwater as a result of the real estate meltdown and is not an asset at all but a liability that needs hung around someone's neck.

Retirement accounts, child support and health insurance are also frequently at issue as a result of a California divorce. The state's no-fault divorce law does not mean an equal split is imminent. But it could mean your biggest fault is failure to consult with an experienced attorney as early as possible in the divorce process.

Continue reading "Sean Penn says divorce cost him half -- Los Angeles divorces involving long-term marriage often complicated " »

The Los Angeles divorce of Dodgers owners Franks and Jamie McCourt has made Time Magazine. Ironically, the article is about how much press the case has received -- the couple even has a dedicated blogger and blog site covering their year-long legal battle.

Our Los Angeles Divorce Lawyer Blog has also previously covered the case, as has just about every publication in America at this point. To some extent, their divorce illustrates the complicated nature of separating the high-net-worth finances of a couple when the majority of their worth is tied up in ownership of a single asset. Usually that asset is a family business. In this case, it is the Dodger's baseball team.

Court documents show they make about $2.3 million a month as co-owners of the team. Jamie is seeking $1 million a month and claims Frank is worth about $835 million. She contents McCourt Enterprises, including the Dodgers, is worth about $2 billion.

At one point the judge became so disgruntled with the pair that he threatened to sell the team. Unfortunately, divorces are a leading cause of the sale or demise of a family business. Consulting an attorney experienced in handling such complex cases can help ensure the sustainability of both the business and your future income. Conversely, failure to properly value a business, including an inventory of assets and a proper evaluation of current and future income, can leave one party to a divorce without a fair settlement.

That is what is at the heart of this divorce. Frank does not want to grant his ex-wife an ownership right in the team -- and its future income. Instead, he wants to pay her a lump sum. Unfortunately, they are about $300 million apart on what that sum should be.

Continue reading "Dodgers divorce drags on; Los Angeles divorces involving family businesses often complex " »

The Daily Mail has published photographs of the beachfront Orange County home Jesse James shared with his ex-wife Sandra Bullock, saying he has been forced to slash the asking price by $2 million.

Property valuation in a Los Angeles divorce is among the most important issues to ensuring that a client receives a fair settlement. California's no-fault divorce law means each party to a marriage is entitled to half of marital assets. But identifying marital assets and valuing assets can have a drastic impact on the outcome of a divorce.

What about retirement accounts? What if one spouse put the other through law school or medical school, only to be served with divorce papers when the graduate finally becomes eligible to earn a living?

The value of real estate is among the most important considerations. The downturn in the real estate market means many properties are not worth what is owed. Getting the family home valued at the purchase price means you may receive an equal share on paper but be walking away with nothing but an underwater mortgage.

In this case, the media reports James has slashed the price on the property by a cool $2 million. Originally listed for $6.75 million, the four-bedroom house features a glass-enclosed lanai with pool, grotto and waterfall.

Continue reading "$2 million price reduction on former home of Bullock-James highlights property valuation issues in Los Angeles Divorce" »

The ex-wife of "Law and Order " creator Dick Wolf has filed a lawsuit claiming her former business managers and accountants cost her as much as "hundreds of millions" of dollars in her divorce settlement, FOX News reports.

By law, both parties to a Los Angeles divorce are entitled to half of marital assets. However, determining what constitutes a marital asset, identifying and valuating assets and a proper accounting of marital debt are all necessary to ensure a party to a divorce is treated fairly. Thus, property division in California divorce is often where cases are won or lost.

She claims the company had provided financial planning and accounting services to the couple since 1994, and offered to help during the 2002 divorce. She claims she was never told the the company she owned with her husband would continue getting royalties and merchandising money from the long-running show and its numerous spin-offs.

In this case, Christine Wolf said she relied upon the firm she and her husband had used for decades to divvy up marital assets and that the firm betrayed her. She accuses the firm of "negligently and/or purposefully" concealing "substantial assets." This is a classic example of why each party to a California divorce should have his or her own Los Angeles divorce lawyer.

Continue reading "Lawsuit over "Law and Order" creator's divorce highlights importance of property division in Los Angeles divorce " »