property division Archives - Page 5 of 6 - Cordell & Cordell

Pets often must be considered in divorce arrangements

When a couple decides to get a divorce, many issues must be considered, such as property division, child custody and alimony. However, an increasing number of people are making sure not to forget the needs of their pets as their relationships dissolve.

In some cases, issues regarding custody of pets can cause unforeseen and vicious dog fights between exes. For other families, pet custody cases require the help of a divorce lawyer to sort them out. The Huffington Post reports that animals have become an increasingly important issue in divorces. For example, Harvard University offers a course on animal law and attorneys nationwide have seen a nearly 25 percent increase in pet custody cases, according to the news source.

The changing attitudes toward pets and divorce could be due to the fact that these animals used to be viewed as property but are now seen more as family members whose best interests must be considered.

According to the Seattle Times, many couples who choose to split up without a concrete arrangement regarding pets they once shared have run into trouble. Sometimes, simple arguments can arise regarding who feeds them and who walks them. However, other exes must square off about more serious issues, like how to proceed when the animals are old and sick.

Protecting real estate assets after a divorce

A divorce can be a life-changing event, and many legal obligations go along with the process. Navigating the legal realm of divorce is especially imperative when dealing with shared real estate, the Washington Post reports.

If a married couple owns real estate before a marriage, many times the owner spouse will include a “tenancy by the entirety” provision on the deed, meaning the property now belongs to both spouses jointly. However, if a divorce occurs, that status is automatically nullified.

It is important for couples going through a divorce to find out if any judgments exist against one spouse because those issues can have a profound effect on that spouse’s interest in the home. Divorce lawyers for both sides should look for existing or potential judgments that could affect the property. These facts should then be resolved in the property settlement agreement.

According to the Minnesota Judicial Branch, couples must list all real estate owned by each spouse individually, jointly as a couple, or by one spouse and other people. Typically, the divorce proceedings will give one spouse 100 percent ownership of a property while the other spouse gets a lien, a legal claim on a piece of property.

Protecting yourself financially is key in a divorce

To protect assets during a divorce, individuals are encouraged to think like a CEO, according to Jen Weigel in a recent column for the Chicago Tribune.

The best way to do this is to assemble a team of experts that all have your best interests in mind and who can guide your decision process. Good members to have on your side include a mediator or divorce lawyer, a therapist and a financial adviser. In the end, the person getting divorced is running the ship, however.

For some people, putting together a team of experts is not financially feasible, particularly in the face of divorce, but other resources are available. Weigel suggests turning to a local library or support center to find free seminars.

Thinking like a CEO also means taking emotional attachment out of the equation, writes Weigel. People have been known to lose out financially if they are emotionally tied to certain things acquired during a marriage, like the home.

CBS News suggests that doing some prep work can also save money. Additionally, it is important to remember the specific duties of each member of your divorce team. A divorce lawyer is not there for financial advice, for example.

Schwarzenegger to keep home after divorce

Maria Shriver is packing her bags while Arnold Schwarzenegger will keep the couple’s Brentwood, California, home in the aftermath of their divorce, according to multiple reports.

While figuring who will keep the house is often a contentious part of a divorce settlement, both parties have reportedly been amicable. Shriver is purchasing a new $10 million home three miles away from Schwarzenegger in order to make the transition easier for their children.

Shriver filed for divorce from the former California governor early this month after 25 years of marriage. The proceedings began two months after allegations surfaced of Schwarzenegger’s affair with a household employee. In addition, Schwarzenegger fathered a child with the woman more than 10 years ago.

Shriver cited irreconcilable differences for the split and has reportedly requested custody of the pair’s two minor children Patrick, 17, and Christopher, 13.

The couple, who are worth an estimated $400 million, do not have prenuptial agreement. Under California’s Community Property law, their assets must be divided evenly during their split. However, RadarOnline reports that Schwarzenegger plans to give Shriver a “generous” settlement regardless of the state law.

Dodgers owner says he can make May payroll

The owner of the Los Angeles Dodgers has reportedly informed Major League Baseball that he will be able to make payroll at the end of the month.

Major League Baseball seized control of the team in April because of alleged financial issues with the team. Frank McCourt and his wife, Jamie, who was once an executive for the club, are going through a divorce, which has muddled the finances of the Dodgers.

The league said that McCourt would not be able to make payroll at the end of May, but reports that McCourt said he can. The Los Angeles Times reports that he needs about $9.8 million to do so.

The divorce case between the McCourts is reportedly one of the biggest asset division cases in America’s history.

L.A. District Court Judge Scott Gordon, who is overseeing the divorce case, is reportedly trying to determine whether the ownership of the club was a joint venture. If he does, the team will need to be split 50-50 because of California’s community property laws, reports