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LONICH PATTON EHRLICH POLICASTRI
1871 The Alameda, Suite 400, San Jose, CA 95126
Phone: (408) 553-0801 | Fax: (408) 553-0807 | Email: contact@lpeplaw.com
LONICH PATTON EHRLICH POLICASTRI
Phone: (408) 553-0801
Fax: (408) 553-0807
Email: contact@lpeplaw.com
1871 The Alameda, Suite 400
San Jose, CA 95126
Located in San Jose, Lonich Patton Ehrlich Policastri handles matters for clients in northern California, specifically San Jose and Silicon Valley. Our services are available to anyone within the following counties: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, San Benito, and San Francisco. For a full listing of areas where we practice, please click here.
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How Is A High Net Worth Divorce Different From Other Divorces?
/in Family Law /by Virginia LivelyDivorce is often a contentious matter. Emotions can get in the way and cloud one’s judgment. Tensions run even higher for couples with a high net worth. There’s more at stake when it comes to property division, child support, and spousal support. High net worth divorce differs from standard divorce in many ways. Our divorce attorneys discuss some of these ways below.
Property Division & High Net Worth Divorce
Couples with a high net worth have more property and assets than the standard couple going through a divorce. This means that the division of property is far more complicated, and often, more tumultuous. It requires much more attention to ensure both parties are satisfied with the outcome.
California is known as a community property state. This means that assets and debts acquired during marriage are considered community property and are divided evenly between the parties.. The marital estate can include family homes, family businesses, retirement accounts, 401ks, pensions, IRAs, vacation homes, and any investment properties among other things. It can also include stocks, bonds, mutual funds, and offshore accounts, among other assets such as jewelry and personal effects. Often, the way in which the assets are divided is determined by the Court because high net worth marriages have complicated issues such as reimbursement claims, separate property claims, and other considerations. This process often causes resentment, especially if one party contributed to the finances more than the other. Legal fees can also run higher as couples with a high net worth typically require longer legal assistance to sort property division out, which can rack up lawyer fees and court fees.
Spousal Support
Often in marriages with a high net worth, there is a disparity in income between the two parties. In these cases, spousal support may be necessary. In California, the courts are not under any obligation to provide spousal support, but if there is a discrepancy in income between the two parties, it will often be awarded. The amount and frequency of the payments are subject to change and vary case by case. In California, the courts usually award two types of alimony – temporary alimony and permanent alimony. They can also award lump-sum alimony and rehabilitative alimony. The courts may deem larger support payments in a high net worth case based on what they view as fair according to the couple’s standard of living during the marriage. This can be a costly decision for spouses who own their own businesses as court discretion rules heavy over standard calculations that apply to smaller estates.
Child Support in a High Net Worth Divorce
Child support is different in high net worth cases as well as there are typically expenses that don’t apply to smaller income households. Children who come from a high net worth family typically have expenses such as private school, boarding school, or expensive competitive sports training or other extracurricular activities. Trusts are also frequently involved in these cases. As with spousal support, the judges will determine when the payments are due. Whereas in lower income brackets, there are standard calculations the courts typically rely on, in larger asset estates, court discretion is more heavily relied on for additional children’s expenses.
Get An Experienced Attorney On Your Side
High net worth divorce is typically a longer and more costly process than standard divorce proceedings. If you expect to be involved in a contentious high net worth divorce, you need the best divorce attorney on your side. Our law firm, serving San Jose, Santa Clara and the Greater Bay Area Counties, has extensive experience managing high net worth divorce cases. We offer free 30-minute consultations to those in need. Set up your consultation with Lonich Patton Ehrlich Policastri by clicking here.
How To Create A Custody Schedule That Works For Both Parents
/in Family Law /by David PattonOne of the most challenging things about going through a divorce when you have children is planning out a custody schedule that works for both parents. It’s difficult when there’s already animosity and resentment involved to come up with something that is fair and beneficial to both parents. Working with a child custody lawyer and a divorce mediator can help you and your ex-spouse create a plan that grants you both time with your child while being in the best interest of everyone involved.
Creating A Temporary Custody Agreement
Divorces can take quite a while to be finalized. For this reason, it’s best to come up with a plan to carry you through the duration of the divorce. A temporary plan can be a very useful way to test out a custody schedule before finalizing it. You and your ex-spouse can work together to tentatively nail down days and times that your child will spend with each of you, joint parental guidelines you will both abide by when raising your child, and any financial support one parent may need to pay the other.
A temporary custody schedule is a way to work out the kinks and see what is and isn’t working. Keeping detailed notes of any issues that arise and the dates, times, and frequency can help the judge approve a better plan once the divorce is final. The purpose of a temporary plan is to get through the divorce while you and your ex successfully co-parent.
Work With A Collaborative Divorce or Mediation Attorney to Create a Child Custody Schedule
Mediation and collaborative divorce are popular options when couples are trying to avoid litigation and all the animosity that comes with a bad divorce. You will go over all the details of the divorce with a neutral third party, such as dividing up property & assets, alimony payments, and most importantly, child custody & visitation.
With the help of an attorney or mediator, you and your ex can work together to find common ground and to compromise. You want to do what is healthiest for your child, and a skilled mediator can help you make the best decisions based on your shared joint legal custody and physical custody. Some of the things you’ll consider when mapping out a custody schedule are:
If you have questions about child custody or creating a child custody schedule, LPEP Law goes over the details here. We’re based out of San Jose but serve surrounding areas, including Santa Cruz. We also offer free 30-minute consultations where we can talk to you about setting up a custody schedule that works for you and your ex. We can also help you with divorce mediation/ collaborative divorce. You can reach out to us here to set up your free consultation.
What Is A Living Trust?
/in Estate Planning /by Michael LonichDeciding what happens to your assets upon your death is an essential part of estate planning. You’ve worked hard to grow your property, and securing its transference will help preserve your legacy and pass it on to your loved ones. A living trust is created and maintained while you are alive. So, what is a living trust and why might you want to set one up?
Types of Living Trusts
There are two types of living trusts: revocable and irrevocable. Revocable living trusts are the most common as they can be modified at any point in your lifetime by either yourself or a co-trustee (such as a spouse). Property placed in irrevocable living trusts is, as the name implies, unable to be modified or removed after it is put in the trust. In this post, we will only address revocable living trusts.
How It Works
Before you decide to create a living trust, it is vital to understand what will happen to your assets once they are part of the trust. When you place an asset within your trust, it becomes the property of the trust. Deeds and other documents will no longer be under your name, but rather be under the name of the trust. When you set up a trust, you name yourself the trustee, and have the authority to move your assets into and out of the trust should you ever want to sell or modify the assets in any way. You also name a successor trustee, who will take over the trustee role after your death or incapacity and be able to take control of your assets without having to go through the court.
Differences Between Trusts and Wills
Living trusts, like wills, are designed to ensure your assets are divided and distributed as you intend. Though the end goal of trusts and wills is essentially the same, there are several differences to consider in order to decide which option is best for you.
Unlike wills, living trusts do not have to go through the probate process in order for your assets to be passed down to your heirs. Probate can be a long and often costly process that requires involvement with the court to calculate the value of your estate and involves making sure all of your debts and taxes are paid before your assets can be distributed. The length of time probate takes varies depending on the size of your estate and the state you live in. In California, the average probate process takes between 9 months to a year and a half, but each case is unique so the length of probate varies. Probate costs are proportional to the size of your estate, meaning that the larger it is, the more expensive the probate process.
The other main differentiating factor between wills and trusts is your privacy. A will is a public document that can be viewed by anyone after your death, whereas a trust remains private at all times unless you or the trustee you choose as successor gives out your information.
Where to Start
Creating a living trust that protects your assets and interests is a responsibility that should be left to the expertise of an estate planning attorney who will work with you to make sure everything is prepared correctly. You may do an online search and discover that you can make your own living trust and save the cost of legal fees, but if you truly want your assets and loved ones to be taken care of, an estate planning attorney will provide you with confidence and knowledge that your trust is set up according to your wishes.
If you’re ready to begin crafting your living trust and live in the Santa Clara, CA area, or if you still are unsure what a living trust is, our experienced estate planning attorneys are here to help you. You can learn more about our living trust services here. We offer a complimentary 30-minute consultation to learn about you, provide information to make the decision that’s right for you, and answer any questions you may have. Simply fill out our contact form or call us directly at (408) 553-0801 to get started.
How to Get A Divorce When Your Spouse Doesn’t Want One
/in Family Law /by Gretchen BogerRelationships are tricky and don’t always end the way we want them to. If you’ve been stuck in an unhappy marriage for a while, you may be wondering how to get a divorce. It isn’t a snap decision one should make; it takes time and planning.
Experienced divorce attorneys recommend meeting with an attorney for a divorce planning session. Divorce planning can help you prepare documents and can even help you come up with a plan to tell your spouse you want a divorce. What happens if your spouse doesn’t want a divorce? Divorce planning can help prepare for these obstacles as well.
How To Tell Your Spouse You Want A Divorce
Sometimes, the most difficult part of getting a divorce is having the conversation with your spouse. You’ve built a relationship over time and may even have children together. Emotions are deeply invested. You need to be delicate with how you deliver this news to your spouse.
Planning out what you want to say ahead of time can help you avoid bouts of anger or sadness while having the conversation. Make time with your spouse to have the conversation. Even if you think they may have an idea this is coming, you may catch them off guard. Carving out a specific time to have this discussion can help. You also need to have this conversation in private to avoid humiliation, hurt, and to give you both space to feel your emotions. If you want more tips on how to have this talk with your partner, check this out. What if your spouse doesn’t want a divorce?
How To Get A Divorce When Your Spouse Doesn’t Want One
Many people panic when their spouse refuses to agree to a divorce. Most states will not force you to stay in a marriage you wish to be done with. You just need to follow the necessary guidelines for your state on how to get a divorce.
When you want a divorce but your spouse doesn’t, you can have papers legally served to them. They have a certain period of time to respond to the papers, after which you can reach out to the court for next steps if they don’t reply. Oftentimes, if you’ve followed procedure properly, a court will grant you your divorce.
If, however, your spouse responds within an appropriate amount of time, you will both have to work together to resolve property division, child support, alimony, and other issues. If you can’t reach an agreement, you will have to seek Court involvement to assist in resolving these matters. Also keep in mind if you are considering divorce that California has a 6 month waiting period between when you file for divorce and its finalization, no matter how quickly you reach an agreement.
Getting Help
In certain instances, you may qualify for a summary dissolution. This is a faster, easier procedure. To find out if you qualify, go here. If you’re unsure, meet with an experienced divorce attorney to answer your questions. In many cases, when one party doesn’t want a divorce, the proceedings can become contentious. An experienced attorney will know how to get you divorced as quickly as possible, guide you on what is rightfully yours, and ensure there is as little financial impact as possible. If you live in San Jose or the surrounding areas, Lonich Patton Ehrlich Policastri offers free 30-minute consultations. Get help with all your divorce needs, such as divorce planning or divorce litigation. Contact us here.
Mistakes to Avoid During High Net Worth Divorce
/in Family Law /by Gina PolicastriDivorce proceedings are never simple, and high net worth divorces tend to be even more complex and contentious. When couples have several or higher-value assets, they have more disputes to settle and divorce proceedings often become lengthy and spiteful. It is common for people going through a divorce to make rash decisions; however, it is important to remain level-headed during the litigation process and educate yourself on the mistakes to avoid during a high net worth divorce.
Understanding High Net Worth Divorce in California
California recognizes community property in divorce proceedings. This means that property acquired during a marriage is considered community property and should be divided equitably during a divorce proceeding. While this may seem like a straightforward process, there are many intricacies in the law, which is why hiring a divorce attorney who is experienced with high net worth divorce cases is highly recommended.
While your divorce attorney will tackle most of the complicated tasks, there are several mistakes that you want to avoid in order to protect your assets.
1. Don’t Spend Lavishly Before or During the Divorce
There is a misconception that it is wise to indulge prior to a divorce proceeding. This habit often backfires as debts are also accumulated during divorce proceedings and judges can consider selfish spending when making litigation decisions. Contrary to popular belief, increasing your spending prior to the divorce will not increase your alimony payments. You could also end up having to reimburse your spouse for frivolous spending leading up to dissolution proceedings.
2. Don’t Try to Conceal Your Assets
Since California practices community law, many spouses are tempted to conceal their assets during divorce proceedings. This is not only illegal, but it is also insensible as they will most likely be discovered during the discovery and settlement process.
3. Don’t Blindly Follow The Advice of Your Family or Friends
It is common for people who have experienced divorce to believe that they are experts in divorce proceedings, however, they are often misinformed. It is important to to avoid drawing conclusions from one person’s case. When it comes to decisions regarding how you should handle your financial assets and decisions regarding your divorce, the advice that you should value the most is the person you have hired to give you advice – your divorce attorney.
4. Don’t Try to Rush Through The Settlement Process
While many people ending their marriage wish to dissolve it quickly, acting too quickly or making rash decisions is not recommended. High net worth divorce proceedings will take significantly longer than regular divorce proceedings and hastily reaching agreements can result in one person making huge sacrifices simply to expedite the process. Just as it isn’t recommended to rush into a marriage, it isn’t advisable to hurry out of one.
5. Don’t Sell Yourself Short
It is easy to become intimidated by your spouse and their team of divorce lawyers, but it is important to fight for your equitable share of assets. If you are entitled to alimony payments, take them. You never know what life will throw at you and how much that could influence your future.
6. Don’t Fight to Win Every Battle
While you don’t want to give in to an aggressive spouse, you also don’t need to win every battle. There are going to be certain assets that you will have to walk away from. It is important to have a conversation with your divorce attorney at the early stages of the divorce to determine what you value most and what is worth fighting for.
7. Don’t Forget to Update Your Estate Plan
It is important to update your estate plan after major life events, including a divorce proceeding. Lonich Patton Ehrlich Policastri’s team of qualified family law and estate planning attorneys has the resources you need to offer you the best solution for estate planning after a divorce.
8. Don’t Bypass Hiring a High Net Worth Divorce Attorney
Divorce attorneys who specialize in high net worth divorces are going to be more expensive than regular divorce attorneys because they are more qualified, reputable, and have more experience with complex divorce litigation. While it is tempting to opt for the lower fee, being selective with who you choose to fight for your assets is an important step toward investing in your future. If you are facing a divorce with high stakes, please don’t hesitate to contact our offices today for a free 30-minute consultation on how to best protect your future.