What issues are most likely to drive up the cost of a divorce and how can you avoid these expensive financial traps? The two most expensive and commonly contentious issues in a North County or Carlsbad divorce case are child custody and parenting time and business or professional practice ownership.
Issues surrounding the children can be the most expensive challenges in many divorce cases. Most parents have specific goals regarding their ability to spend time with their children during and after the divorce. This extends to their ability to make important decisions in their children’s lives regarding things such as education, religion and healthcare. It is not unusual for allegations of domestic violence, criminal behavior or other accusations to be leveled by either or both parties. Sorting out these allegations is often quite expensive. Reaching agreement on all child custody and parenting time issues in a contentious environment requires time and money. Resolving them before the Court is usually even much more expensive and time consuming.
The ownership of a business or professional practice is also most likely to drive up the cost of a divorce unless the spouse owned that business or practice prior to the marriage and no marital funds were ever used or commingled with the business. The primary issue in these cases is the establishment of a fair and just valuation for the business.
Valuation is a complex financial and legal process and both parties often have a substantial financial stake in this crucial calculation. The valuation of the asset helps to establish the community property interest in the business or practice. The community’s interest in the asset must be equally divided according to California law.
In most cases the business owner wishes to keep the business as their own after the divorce and must offset their former spouse’s community interest with other property or funds.
If you have child custody and parenting time or business ownership concerns in a divorce in Carlsbad, Oceanside, Encinitas, Rancho Santa Fe or Vista we invite you to contact Burke & Domercq or call 760-434-3330 to learn more and schedule an appointment.