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Understanding a Postnuptial Agreement

According to Investopia, a postnuptial agreement “is a legal contract signed by a married couple after the wedding. This agreement not only dictates how a couple’s assets will be divided, but it also contains numerous other provisions dictating marital conduct.” Postnups are comparable to prenups, as they address the same issues. However, this agreement is entered after a couple is married. Read about varying postnuptial situations and why they are being drafted.

The Practicality of a Postnup

After marriage, some couples may want to negotiate their division of assets. From property and bank accounts to children from a previous marriage and a profitable business, a married individual can draft a postnuptial agreement as a way to protect their income and assets. In these situations, a postnuptial agreement can also help ensure that in the event of a divorce, each spouse exits the marriage “whole,” with the holdings he or she brought in.

Reasons for a Postnup

Married couples can redefine new terms from a prenuptial agreement with a postnuptial one. If they are dissatisfied with the contract, they can work with a lawyer to draft a postnuptial. This agreement is also for couples that do not want to negotiate a prenuptial before their big day. Therefore, married couples can opt for a postnuptial once they have settled into a marital routine. On the other hand, couples considering a divorce ought to consider this agreement.  It is a better option to minimize legal expenses and streamline the divorce.

Conclusion

Consult with a lawyer at Family Law Richard E. Young & Associates for your postnuptial agreement. We understand the process and work hard to solve your legal issues quickly and efficiently. CALL FOR A FREE INITIAL CONSULTATION (949)-951-9529 today!

Annulments vs. Divorce

While most people know what a divorce is, an annulment is a less commonly known term that describes a similar legal process. In this month’s blog post we will explore the major differences between the two and exactly what should be understood about them before seeking representation and beginning their official legal processes.

Annulments

Those who are hoping to be granted an annulment have to meet a certain criteria, otherwise by default they will have to instead file for a divorce. In order to qualify for an annulment both parties have to agree that the marriage wasn’t ever legal or legitimate in the first place. Couples who have been granted an annulment move forward as if their marriage never existed.

Divorce

When a couple files for a divorce, it’s typically after an extended amount of time has passed since the marriage began and both parties have decided to part ways for any number of reasons. In a divorce both people have to agree on the fact that their marriage was always a legitimate union, however they also agree that it should not continue any further.

Conclusion

At the end of the day, both a divorce and an annulment effectively end a marriage. Some consider annulments much simpler processes because couples don’t have to go to court to divide their estates, pay alimony, or child support. If you or someone you know is seeking a highly skilled family lawyer who specializes in divorce and annulments, visit our website here.

Dealing with Retirement Funds during Divorce

You may be wondering how your retirement nest egg will be affected during your divorce settlement. Some mistakenly believe these funds are completely off-limits from the other spouse. However, generally that’s not the case. Any money in an IRA, 401K or pension is fair game in a divorce settlement.

Retirement funds are one of the most complex divorce issues to sort out. There are many moving parts to consider when splitting retirement. Such factors will determine how much a spouse will receive from your retirement plan. Certain issues must be determined while working out how to split these assets, including:


  • Does the other spouse have retirement savings?
  • What type of retirement fund is it– IRA, 401K or pension?
  • What is the current age of the spouse?
  • Was the retirement fund started before the marriage began?
  • How many more years will the spouse with the retirement fund continue to work?

What is a Qualified Domestic Relations Order?

A qualified domestic relations order, or QDRO (pronounced “quadro”), is a legal order by a judge that determines how assets will be split. A QDRO is used for alimony, child support and other divorce issues, not just retirement. A spouse must have a separate qualified domestic relations order for each separate retirement account.


“A qualified domestic relations order, or QDRO (pronounced “quadro”), is a legal order by a judge that determines how assets will be split. “



For a 401K account, your legal representation may need to consult the plan administrator before drawing up a QDRO on your behalf. If your QDRO does not comply with the plan regulations it could extend the length of time it takes to settle your divorce. However, an IRA does not require a QDRO. In some cases a QDRO can prevent taxes from being levied on withdrawn 401K funds, but there are many factors that must be considered before determining if this is possible. If 401K money is withdrawn before the other spouse is 59.5 years old, there are generally penalties unless the money is rolled into another 401k account.

“Retirement funds are one of the most complex divorce issues to sort out.

Splitting retirement during divorce should be handled under the guidance of an experienced attorney. Don’t risk losing your entire retirement savings! Get a lawyer on your side who will advocate for your interests by contacting Family Law Richard E. Young & Associates today.

Child Custody and Visitation Laws in California

Whether you have been divorced or separated from your partner, child custody can become a pressing issue. The responsibilities and rights parents have over their children must be negotiated, in or out of court. These cases tend to make it into the courts because of the importance people place on their children, and the tense emotions involved. To learn about the specifics of California child custody and visitation laws, continue reading our blog post.

Types of Custody

There are two difference types of child custody: legal and physical. Legal custody refers to the parent who makes significant choices for their children, in regards to medical, education, travel, or overall welfare. Typically, legal custody is either shared between both parents or given to simply one. The second type, physical custody, refers to the parent(s) your children live with. Typically, the parents decide on joint physical custody or one might request primary responsibilities, which means the other parent has only visitation rights. It is difficult for a child to spend half their time with one parent and half with another, so the time is usually imbalanced.

Judge’s Priorities

Parental custody is decided based on what the judge believes is in the child’s best interests. When deciding on custody, courts will look at the child’s age, health, bonds with their parents and communities, their parents’ ability to care for them, and family history of violence or drug use. Child support is also determined based on the amount of time the children are with each parent. When a court believes both parents are unable to care for their children, they will look into guardianship so the child lives safely.

How to Get a Court Order

The majority of parents can come to an agreement without needing a court order, but if either parent isn’t holding up their end of the deal, the court can enforce a court order. The court can only enforce an agreement if they have a signed court order. The agreement’s terms can be enforced if you turn in a copy to the judge. The judge can sign the deal if both parties agree. If consensus cannot be reached, a judge will send both parents to a mediator, and if this still doesn’t work, the judge will decide the custody and visitation times on their own. A judge can also appoint a custody evaluator to make a recommendation based on their professional opinions.

Conclusion

Establishing a child custody deal can be overwhelming, but with this information, you have a guide of what to expect every step of the way. To get in contact with a professional child custody attorney, make sure you hire us at Family Law Richard E. Young & Associates, where we are dedicated to excellence.

Documents You Need for a Divorce

The paperwork and documents for a divorce are different from state to state, although many requirements are similar. Settlement agreements and financial disclosure forms are just some of the documents you will need to fill out with your divorce attorney. In this blog, we’ll discuss the basic paperwork needed to legally settle a divorce.

Dissolution-of-Marriage Form

Every state requires at least one spouse to file a petition for dissolution of marriage in the local county court. With this document, a spouse must submit it to the court as a formal request. It must then be served to the other spouse, thus beginning the divorce process. The petition includes information about the reason for divorce, contact information for both spouses, and the terms the petitioning spouse is asking for, such as requests for alimony or child support.

Settlement Agreement

Once both spouses have agreed to the terms of the divorce, a settlement agreement will be drawn up. The settlement agreement is a document setting out the terms of the divorce settlement. For example, it may explain child custody agreements and division of property. The agreement can be written after negotiations (if contested) or after the petition is filed (if uncontested).

Financial Disclosure Documents

Both spouses in a divorce must submit documents setting out their finances. Financial disclosure forms may include copies of tax returns for the previous three to five years. In addition, a financial affidavit (which is a legal document sworn under a public notary or authorized officer) may be required to show proof of income and expenses, including information on debts, bank accounts, and property.

Conclusion

Divorce can be complicated. From legal petitions to financial disclosures, both parties may be overwhelmed with the piling paperwork. Consider a trusted family law attorney to move along the divorce process; contact the law firm at Family Law Richard E. Young & Associates. Visit our website to set up a consultation today!

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