How Do Bonuses & Overtime Income Affect My Child Support Case?

Overtime and bonuses can be considered in a child support case. The question the court will want answered is whether those bonuses and overtime hours are regular, guaranteed or consistent. Sometimes attorneys will average the past few years of bonuses or overtime, but it’s not an approach that is required by law.

In my years of experience, the bigger the amount of the extra pay, the more likely the judge will take it into consideration. Including extra hours, commissions and bonuses can be a tricky question that a good family law attorney can help you convince a judge to answer in your favor.

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Dividing a Family Business When Going Through a Divorce

Dividing a family business in divorce cases can be a very difficult and complex part of a divorce case. In Arizona, divorce law requires the judge to divide the marital, or “community,” business equally if there is no agreement between the spouses calling for a different way to divide it. Spouses do not always want to sell the business, and one may want to buy the other’s share of the business and keep it as their own when the divorce is over. Sometimes the parties in a divorce case decide to hire an appraiser to value the business, which can be helpful, but also may create its own set of problems, and the spouses argue over whether the business appraiser is valuing the business correctly. Sometimes the court may give the business to one spouse but award spousal maintenance to the other, especially in situations where it is difficult or impossible to divide the business fairly.

If you have a similar situation on your hands, give our office a call today at 480-413-9300.

Cases When it Comes to Useless Spending or Hiding Assets

Sometimes during a divorce case, one spouse tells me that the other has spent money on such things as gambling, drug habits, or extra-marital affairs, or money was given away to friends and family with the intent to hide it from the other spouse. Arizona law allows for compensation in such situations if the court finds that there has been “community waste,” that is, where money belonging to both spouses is used on something not for the benefit of the marital community. These claims can be especially tricky for a divorce lawyer, as it can be hard to prove how much was squandered or squirreled away. Oftentimes a forensic accountant must be hired to help track down where the money went.

If you have a similar situation on your hands, give our office a call today at 480-413-9300.

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Do I have to go to court to get a divorce in Chandler Arizona? Please see video below:

Who will get custody of my child when I get a divorce in Chandler? See video below:

How much will my divorce cost? See video below:

 

Division of Business Entities

All property must be characterized and valuated as part of the dissolution process. There are many circumstances where one or several businesses exist that belong to the marital community. Unless you had an agreement in place, premarital or post-nuptial, the business will be divided  equally as community property.

Some Things To Consider in a Business Asset Division

The attorney needs to determine whether the business is separate or community property before the business can be divided. Once this is decided the attorney needs to evaluate the business’s value. If you have the following documents this can help financial advisers and your attorney when dividing up the business:

– Balance Sheets
– Profit Statements
– Loss Statements
– Net Income

It’s critical that business documentation like contracts, shares, business certificates are kept up to date to avoid continued conflict after the divorce.

Free Phone Consultation With a Chandler Arizona Division of Business Entities Family Law Attorney

We are here to make this entire process as stress free as possible for you. When working with the Law Offices of Louis Lombardo, PC you can expect nothing less than top-notch legal services that fit your needs. Please give us a call at 480-413-9300 for your complimentary phone consultation.

Property Retirement Assets

If you are facing divorce you need to understand that the community part of a retirement plan is subject to division. During divorce yours or your spouse’s retirement assets can cause major financial stress. Some of the accounts that could be subject to division are listed below:

– Roth IRA assets

– 401(K) assets

– Private & governmental pension plans

– Employee stock ownership

– Life & other insurances

These are just some of the types of accounts that could be facing division during a divorce.  A couple questions that need to be answered during the asset examination are:

– When did the asset vest?

– Is the asset fully matured so that it can be divided?

It’s important to note that if assets are liquidated early there could be severe tax consequences in some cases.

You Need An Experienced Phoenix Asset Division Attorney

When you are dealing with a divorce and Retirement assets come into play it’s important to hire the right lawyer. These assets could be a significant portion of the total community assets that are divided. The Law Office of Louis Lombardo, PC works hard to protect it’s clients. We are experienced in all aspects of community property division. We use that experience to work aggressively get our clients the results they are looking for. If you would like learn more we want to offer you a complimentary phone consultation. To get started please give us a call at 480-413-9300 to see how we can assist you in your case.

Division Of Community Property

Did you know that the state of Arizona uses a community property system to divide assets and debts when going through a divorce? The system used here is completely different than the equitable distribution method used by most other states. If you are currently facing a divorce it’s imperative that you get advice from a local family lawyer who understands the Arizona Community Divisions.

What is considered Community Property in Arizona You May Ask?

Community property is when a husband and wife both own the property. It’s important to note that it doesn’t matter who purchased the property. The only exceptions to this rule is property acquired by the following:

– Property that was acquired by devise (inherited by will)

– Property that was acquired by descent (inherited other than by will)

– Property that was acquired by gift

Property acquired by one of the above is considered separate property. Separate property means that the asset was acquired or owned prior to the marriage or was a gift during the marriage. Most of the time assets that you or your spouse acquire during the time of marriage fits into the community property category. This includes the following:

– Real Estate

– Bank Accounts

– Stocks

– Cars

– Jewelry

 Schedule Your Complimentary Consultation

Louis Lombardo has represented hundreds of satisfied clients since 1995.  He understands the local laws & can help you resolve your case in a timely manner so that you can move on with your life. We work with clients from all over the state of Arizona. That includes Phoenix, Chandler, Gilbert, Mesa, Queen Creek, Scottsdale, Tempe & more. To get started give us a call at 480-413-9300 and we will get you started in the right direction.