Articles Posted in Divorce Finances

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Lawyers love to make jokes about how bad we are at math.  Often those jokes include statements like, “if I were good at math I would have become an engineer” or if “I was good at math and science I would be a doctor not a lawyer.” Nobody likes lawyer jokes more than lawyers, but these statements are not universally true.  There are many lawyers who are good at math.  In fact at Bickford Blado & Botros, we have the only certified family law specialist in San Diego County who is also a licensed Certified Public Accountant with a Master of Business Administration.  Having an attorney with a strong math and accounting background helps to spot and analyzes issues, but it is in no way a substitute for a financial expert.  When it comes to financial matters, there is no substitute for a qualified financial expert.

In family law, there are many reasons you may decide to use an expert.  Similarly, there are just as many different types of experts you can hire.  You might need an expert to value your family home or a business.  You might need an expert to decide a party’s income, or what custody schedule is best for your kids.  Whatever the reason might be, you need to decide first what class of expert you want.  This blog will address the three “classes” of experts we see in family law. Continue reading

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A new product has just come on the market that may have piqued your interest if you are going through a divorce: Divorce Insurance. That’s right, you read correctly, divorce insurance actually exists!

A man named Richard Zizian, a legal educator and holder of a California Juris Doctorate (not a licensed or practicing attorney), has collaborated with Great American Insurance Group to develop a new program called Marital Settlement Agreement Insurance, or “MSAI.” Zizian, after going through a divorce himself, understood the emotional toll that a divorce can take. An emotional toll which, he states, makes one more susceptible to be laid off from employment. Continue reading

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Every once in a while, there is a divorce case where there is a real risk that one of the parties is going to bilk a community property financial account and run. This is more likely to happen in cases where one party has connections to another country and wishes to take community assets or the parties’ children to that country while suffering little to no repercussions for their actions. This can be especially disastrous in child custody litigation. If one party absconds with the children to another country and bilks the parties’ financial accounts, the aggrieved party will have fewer financial resources to prosecute an undoubtedly expensive international custody battle.

There are steps, however, that can be taken to prevent the other spouse from running off with hard earned community assets. Most attorneys understand that they can seek an emergency order from the Court. What many attorneys do not know, is that a party can actually unilaterally freeze an account, even one held in the name of the other spouse! Continue reading

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It is no secret that getting a divorce can be pricey. While there is almost no way to estimate exactly how much any particular divorce will cost to finalize, there are some fees that will be present in any divorce case. In this blog we will break down some of the fees charged by the Superior Court in a divorce or family law matter. Continue reading

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Discovery is not the first topic that comes to mind when parties meet with a family law attorney for the first time.  In fact, there is a good chance most litigants have no idea what discovery actually is.  Sure, anyone who watches any of the serialized crime dramas on TV has heard of a subpoena, but most people have no idea what they are why they are useful.

In a nutshell, discovery is the process of collection evidence, whether that evidence comes in the form of documents, statements, testimony, or information.  There are several types of discovery a party can issue.  Which method a party chooses depends on what type of evidence they are looking to obtain.  This blog will briefly describe the most common forms of discovery used in family law cases. Continue reading

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Tracey Hejailan-Amon’s husband Maurice Amon filed for divorce in Monaco in October of 2015. Tracey then filed for divorce in New York. About a year and a half later, the parties are still arguing over which court has jurisdiction over their divorce. Why? Because Monaco’s divorce law allows spouses to take back gifts that were given while married. It appears that New York law, on the other hand, provides that gifts stay with the receiving spouse even after divorce. And the Amon’s divorce is not your typical one. The “gifts” that the parties are fighting over amount to about $70 million dollars!! Continue reading

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There are many different enforcement methods available for child support. Although contempt is always an option, it involves the other parent ending up in jail and can be a costly and expensive process to prosecute. Some of the best incentives for the other parent to pay child support already exist as a matter of law without the supporting parent having to do anything. For instance, child support arrears can never be discharged in bankruptcy, so they stay with the support obligor for life. Further, they accrue rate at the legal rate of 10 percent. What kind of investments today gets you 10 percent? Not many.

There is, however, another incentive that many parties and even many attorneys are not familiar with: Continue reading

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Family Code section 3580 et seq. provides that spouses may enter into agreements regarding support upon separation. In Pendleton and Fireman, our Supreme Court held that parties could agree to limit or waive spousal support in premarital agreements. What about the time in between? Can married spouses who have not yet separated enter into enforceable agreements to limit or waive spousal support?

Although the answer to this question has not been definitively settled by our appellate courts, there is a strong argument to be made that married couples who have not yet separated cannot agree to limit or waive spousal support. Continue reading

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Termination of spousal support jurisdiction is always a highly contested issue.  The party paying support wants spousal support terminated as soon as possible, and the party receiving support would prefer support be paid forever. Which party will get what they want will depend on the facts of the case.

At the outset I want to explain what we mean by “terminating spousal support jurisdiction”  What we are actually saying is the point at which the Court decides no spousal support will ever be due from one party to the other.  It is the final decision that spousal support is no longer necessary.

There are different reasons why a Court might terminate spousal support, but for the purpose of this blog we are looking at the Court’s authority to terminate spousal support jurisdiction pursuant to Family Code §4322. Continue reading

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It wouldn’t be a surprise if you had never heard of a “trust account” prior to partaking in a divorce. While there are many different types of trust accounts, in this context we will discuss accounts that attorneys, specifically family law attorneys, maintain on behalf of their clients. 

To begin, a trust account is a separate account that a lawyer or law firm may open to hold money that a client or third party has an interest in. Attorneys are not allowed to comingle (mix) any of their own personal funds with funds held in a client’s trust account (with some limited exceptions). There are two types of attorney-client trust accounts. The first is an “IOLTA” account, which holds small amounts of money for short amounts of time, typically retainers, and the interest accrued goes to the state bar. The second type is a Segregated Interest-Bearing Attorney Client Trust Account (“segregated trust account”), which holds larger amounts of money for longer periods of time, and the interest accrued goes to the client. The second type, segregated trust accounts, will be discussed here. Continue reading

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