It can be hard to deal with divorce from an entirely rational viewpoint, but letting your emotions get the better of you can hurt your wallet more than your pride.
Your best option is to be as honest as possible – don’t try to hide your assets – no matter how badly you’d hate to share them with your ex – as this will only take more time and money to sort out and is TOTALLY ILLEGAL.
Failing to agree over the division of family assets (such as the family home, a business and pension funds), child custody and support and even personal items like CD collections or pets can also cause fees to skyrocket, especially if both parties reach a stalemate over who gets to keep Harry the hamster
How to negotiate:
Collaborative law is growing in popularity. Rather than attorneys exchanging a series of angry (and expensive) letters as they negotiate the terms of the settlement and ending up in court if they can't agree, instead both parties sit down with their respective attorneys to, if possible, work out the terms of the settlement. This only works if both sides are prepared to be constructive and, again, make full-disclosure of their assets. It is an “all cards on the table” exercise but, if successful, can reduce the legal costs of divorce considerably.
Collaborative law is not dissimilar to mediation, although this has proven unpopular with couples as there is usually only one mediator involved who can give advice to both parties, meaning one often feels short-changed at the end of the process.
In collaborative law, your attorney is present during the meetings and if a settlement can’t be reached, the same attorney can’t go on to represent you in court, thus eliminating any incentive to draw out the process in hope of a larger fee.
Protect your assets:
If you are experiencing an emotional or bitter divorce then make sure, if you do choose to get married again, that you’re prepared for the worst. A prenup, is a worthwhile consideration particularly where one party is bringing significant assets into the marriage. It is intended that the prenup would provide the couple with a framework for dividing the assets on a divorce. (read more on pre-nups) Finally, no matter how betrayed you feel, or how bitter the divorce, it is almost always best to grin and bear the pain even after the proceedings are over rather than harbour a grudge into eternity.
The benefit of couples dealing with matters amicably is that this will hopefully enable them to communicate sensibly with their former spouse in the future. Many divorcing couples seem to forget that, following the resolution of the proceedings between them, that they may still need to have contact with their former spouse, particularly where children are involved. (read more on child custody) Generally where the couple have conducted the proceedings amicably, there seems to be a better prospect of them avoiding further disputes with their former spouse. (read more on hidden assets)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Showing posts with label Divorce. Show all posts
Showing posts with label Divorce. Show all posts
Wednesday, October 05, 2011
Tuesday, October 04, 2011
Retirement Plans FAQs
1. Types Of Retirement Plans
2. Earning Retirement Benefits
3. Plan Information To Review
4. Payment Of Benefits
5. Taking Your Retirement Benefit With You
6. Your Benefit During A Plan Termination Or Company Merger
7. Divorce - Potential Claims Against Your Benefit
In general, your retirement plan is safe from claims by other people. Creditors to whom you owe money cannot make a claim against funds that you have in a retirement plan. For example, if you leave your employer and transfer your 401(k) account into an individual retirement account (IRA), creditors generally cannot get access to those IRA funds even if you declare bankruptcy.Federal law does make an exception for family support and the division of property at divorce. A state court can award part or all of a participant's retirement benefit to the spouse, former spouse, child, or other dependent. The recipient named in the order is called the alternate payee. The court issues a specific court order, called a domestic relations order, which can be in the form of a state court judgment, decree or order, or court approval of a property settlement agreement. The order must relate to child support, alimony, or marital property rights, and must be made under state domestic relations law. The plan administrator determines if the order is a qualified domestic relations order (QDRO) under the plan's procedures and then notifies the participant and the alternate payee. If the participant is still employed, a QDRO can require payment to the alternate payee to begin on or after the participant's earliest possible retirement age available under the plan. These rules apply to both defined benefit and defined contribution plans. (see QDROs)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
2. Earning Retirement Benefits
3. Plan Information To Review
4. Payment Of Benefits
5. Taking Your Retirement Benefit With You
6. Your Benefit During A Plan Termination Or Company Merger
7. Divorce - Potential Claims Against Your Benefit
In general, your retirement plan is safe from claims by other people. Creditors to whom you owe money cannot make a claim against funds that you have in a retirement plan. For example, if you leave your employer and transfer your 401(k) account into an individual retirement account (IRA), creditors generally cannot get access to those IRA funds even if you declare bankruptcy.Federal law does make an exception for family support and the division of property at divorce. A state court can award part or all of a participant's retirement benefit to the spouse, former spouse, child, or other dependent. The recipient named in the order is called the alternate payee. The court issues a specific court order, called a domestic relations order, which can be in the form of a state court judgment, decree or order, or court approval of a property settlement agreement. The order must relate to child support, alimony, or marital property rights, and must be made under state domestic relations law. The plan administrator determines if the order is a qualified domestic relations order (QDRO) under the plan's procedures and then notifies the participant and the alternate payee. If the participant is still employed, a QDRO can require payment to the alternate payee to begin on or after the participant's earliest possible retirement age available under the plan. These rules apply to both defined benefit and defined contribution plans. (see QDROs)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Monday, October 03, 2011
Divorce and hard times
Gregory Rodriguez, July 13, 2009 Los Angeles Times
Economic woes often cause marital splits, right? Well, not so fast.
Can't stand your boring husband? Thinking of calling it quits? Well, you should have mustered the nerve to leave him well before this economic crisis. Now you might not be able to afford to live without him, literally.
It's a well-known fact that financial woes are the biggest cause of marital spats. With the economy the way it is, you'd expect lots of husbands and wives to be at each other's throats. But the conventional wisdom is wrong. This recession is so bad that you can count divorce lawyers among those professions that have taken a hit.
That's good news, right? People are now forced to stay together and work things out. Well, not if history tells us anything. The Depression also saw a decline in the divorce rate, but, according to marriage historian Stephanie Coontz, incidents of domestic violence and outright family desertion went up.
In any case, despite the fact that divorce can cause all sorts of emotional and financial turmoil, its statistical decline isn't as positive a social indicator as one might think. As economist David Friedman has written, divorce is actually a reflection of "an increase in the range of choice available to individuals," and a high divorce rate and the general weakening of marriage "are bad things only to the extent that they reflect a failure of our institutions and expectations to adjust completely to new circumstances."
In other words, in more traditional days, in which social changes occurred more slowly, we all shared a general idea as to what marriage was and how it functioned. From an economic standpoint, we all understood how the marital division of labor worked. But in a rapidly changing society, it's harder to figure out what kind of arrangement we should make with our spouses. Such changes as the entrance of large numbers of women into the workplace and the mechanization or outsourcing of household duties (from washing clothes to curing bacon) undermined that tradition.
As the basic marriage deal has shifted, our notions and ideals haven't shifted with it, and the disconnect explains the astronomical divorce rate in contemporary America. We haven't figured out a new marriage model that takes into account the greater range of choices for both women and men.
This fits right into the fact that we're divorcing less in hard times. In the context of this recession, we have fewer choices, and fewer choices means we're back to a good fit with the marriage model of old. Still -- and a little paradoxically -- the fact that there are untraditional marriages may also be helping husbands and wives withstand some of the emotional and financial stress of economic hard times. During the Depression, the ego blow to a man who lost his job caused marital problems. Today, if a man loses his job -- and his wife is the breadwinner -- it's less likely to create as much unhappiness.
If it's distasteful to you to look at marriage in economic terms, then it might be easier to consider the economics of divorce. Not only are there attorney's fees to be paid, but the value of the two biggest assets of most marriages -- a home and a retirement plan -- has diminished dramatically. Faced with the prospect of halving their shrunken assets, many couples are deciding to stick it out a while.
A recent survey conducted by the Institute of Divorce Financial Analysts -- who knew? -- found that 68% of its members "have seen clients who could not afford to get divorced because of recession-related financial problems."
So even as most of us are looking forward to happier days of an economic recovery, there must be a number of Americans who are waiting patiently to be able to afford to experience the pain and suffering of divorce. You've heard of the pent-up desire and aspiration that are released after times of war? That's why we get such phenomena as baby booms. When this economic recovery finally arrives, prepare yourselves for a boom of an entirely different sort.
Write to George Rodriguez: grodriguez@latimescolumnists.com
Read the whole article here
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Economic woes often cause marital splits, right? Well, not so fast.
Can't stand your boring husband? Thinking of calling it quits? Well, you should have mustered the nerve to leave him well before this economic crisis. Now you might not be able to afford to live without him, literally.
It's a well-known fact that financial woes are the biggest cause of marital spats. With the economy the way it is, you'd expect lots of husbands and wives to be at each other's throats. But the conventional wisdom is wrong. This recession is so bad that you can count divorce lawyers among those professions that have taken a hit.
That's good news, right? People are now forced to stay together and work things out. Well, not if history tells us anything. The Depression also saw a decline in the divorce rate, but, according to marriage historian Stephanie Coontz, incidents of domestic violence and outright family desertion went up.
In any case, despite the fact that divorce can cause all sorts of emotional and financial turmoil, its statistical decline isn't as positive a social indicator as one might think. As economist David Friedman has written, divorce is actually a reflection of "an increase in the range of choice available to individuals," and a high divorce rate and the general weakening of marriage "are bad things only to the extent that they reflect a failure of our institutions and expectations to adjust completely to new circumstances."
In other words, in more traditional days, in which social changes occurred more slowly, we all shared a general idea as to what marriage was and how it functioned. From an economic standpoint, we all understood how the marital division of labor worked. But in a rapidly changing society, it's harder to figure out what kind of arrangement we should make with our spouses. Such changes as the entrance of large numbers of women into the workplace and the mechanization or outsourcing of household duties (from washing clothes to curing bacon) undermined that tradition.
As the basic marriage deal has shifted, our notions and ideals haven't shifted with it, and the disconnect explains the astronomical divorce rate in contemporary America. We haven't figured out a new marriage model that takes into account the greater range of choices for both women and men.
This fits right into the fact that we're divorcing less in hard times. In the context of this recession, we have fewer choices, and fewer choices means we're back to a good fit with the marriage model of old. Still -- and a little paradoxically -- the fact that there are untraditional marriages may also be helping husbands and wives withstand some of the emotional and financial stress of economic hard times. During the Depression, the ego blow to a man who lost his job caused marital problems. Today, if a man loses his job -- and his wife is the breadwinner -- it's less likely to create as much unhappiness.
If it's distasteful to you to look at marriage in economic terms, then it might be easier to consider the economics of divorce. Not only are there attorney's fees to be paid, but the value of the two biggest assets of most marriages -- a home and a retirement plan -- has diminished dramatically. Faced with the prospect of halving their shrunken assets, many couples are deciding to stick it out a while.
A recent survey conducted by the Institute of Divorce Financial Analysts -- who knew? -- found that 68% of its members "have seen clients who could not afford to get divorced because of recession-related financial problems."
So even as most of us are looking forward to happier days of an economic recovery, there must be a number of Americans who are waiting patiently to be able to afford to experience the pain and suffering of divorce. You've heard of the pent-up desire and aspiration that are released after times of war? That's why we get such phenomena as baby booms. When this economic recovery finally arrives, prepare yourselves for a boom of an entirely different sort.
Write to George Rodriguez: grodriguez@latimescolumnists.com
Read the whole article here
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Sunday, October 02, 2011
Family Home in Divorce Part IV
By Warren R. Shiell
The following information is specific to California.
How do we determine the value of the house?
If you decide to either to buy out the other spouse’s community interest in the house or to exchange it for another asset, you will need to know the equity and financial value of the house. The equity in the house is equal to the house’s fair market value less any debts connected to the house such as mortgages and liens. The fair market value of the house is usually assessed by a certified real estate appraiser. The parties may agree to jointly retain an appraiser to keep down costs. A certified appraiser who knows the local market may provide a more accurate appraisal than the local realtor. Sometimes couples place the house on the market to see of anyone makes any offers.
It is important to note that if the Court is asked to calculate each spouse’s share in the house it will only consider the equity value. The court will not consider other costs that might reduce future sale proceeds such as closing costs, sales commissions and tax bills because those costs are not considered “immediate and specific.” FN5. Therefore, if the fair market value of the house is $500,000 and the balance of all outstanding mortgages is $200,000, the equity value of the house is $300,000. If this is all community interest then each spouse will be entitled to $150,000.
If you are trying to negotiate a settlement, you may wish to argue that the financial value of the house should be considered after taking into account taxes after sale and closing costs. This is important because once you get divorced and awarded the house you are only entitled to a $250,000 exemption on any gain. Therefore what may look like a fair bargain may not seem so fair after you factor in taxes. Consider this example: the equity value of the family home is $500,000 and the equity value of stocks and shares is also $500,000. Is this a fair exchange if the husband keeps the stocks and shares in exchange for the house? It depends. Assume that the shares have a high tax basis so that if they are sold the husband is liable for $100,000 of gain. The wife on the other hand is liable for $250,000 gain if she ever decides to sell the house. Is this still a fair exchange?
(read more on our website)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
The following information is specific to California.
How do we determine the value of the house?
If you decide to either to buy out the other spouse’s community interest in the house or to exchange it for another asset, you will need to know the equity and financial value of the house. The equity in the house is equal to the house’s fair market value less any debts connected to the house such as mortgages and liens. The fair market value of the house is usually assessed by a certified real estate appraiser. The parties may agree to jointly retain an appraiser to keep down costs. A certified appraiser who knows the local market may provide a more accurate appraisal than the local realtor. Sometimes couples place the house on the market to see of anyone makes any offers.
It is important to note that if the Court is asked to calculate each spouse’s share in the house it will only consider the equity value. The court will not consider other costs that might reduce future sale proceeds such as closing costs, sales commissions and tax bills because those costs are not considered “immediate and specific.” FN5. Therefore, if the fair market value of the house is $500,000 and the balance of all outstanding mortgages is $200,000, the equity value of the house is $300,000. If this is all community interest then each spouse will be entitled to $150,000.
If you are trying to negotiate a settlement, you may wish to argue that the financial value of the house should be considered after taking into account taxes after sale and closing costs. This is important because once you get divorced and awarded the house you are only entitled to a $250,000 exemption on any gain. Therefore what may look like a fair bargain may not seem so fair after you factor in taxes. Consider this example: the equity value of the family home is $500,000 and the equity value of stocks and shares is also $500,000. Is this a fair exchange if the husband keeps the stocks and shares in exchange for the house? It depends. Assume that the shares have a high tax basis so that if they are sold the husband is liable for $100,000 of gain. The wife on the other hand is liable for $250,000 gain if she ever decides to sell the house. Is this still a fair exchange?
(read more on our website)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Saturday, October 01, 2011
Family Home in Divorce Part III
By Warren R. Shiell
The following information is specific to California.
What are the options for dividing the house?
There are three options if you are trying to reach a settlement:
(a) One spouse buys out the community interest share of the other spouse;
(b) The house is sold and the proceeds are divided; and
(c) The house remains in joint names for a limited period of time and is then sold to the other spouse or is put on the market.
During economic downturns when house prices are depressed couples increasingly turn to the last option.
But there is a catch. If you litigate, option (c) is called a deferred sale order (or a “Duke Order”) and the Court can only order a deferred sale in very limited circumstances where it is in lieu of child support and economically feasible. FN3.
Should I keep the house or exchange it for other assets?
It is very important to consider the financial as well as the legal realities of electing to keep the house. It is used to be very common where the husband owns a business to suggest that the wife keeps the house and the husband keeps the business. Before even getting into whether this is a fair exchange of assets of equal value, one has to consider whether the spouse who wants to keep the house can afford to do so. Often the spouse who has primary custody of children wants to stay in the house for the sake of the children but this may not be economically possible. The spouse who wants to stay in the home should sit down and work out a budget. They should estimate housing costs and compare this with their estimate earnings from employment, support and other sources. Housing costs are more than just mortgage and property taxes and one should factor in utilities, repairs, insurance, fees etc. You may also be entitled to mortgage interest deduction relief lowering your costs. If you can still afford to stay in the house, only then should you consider this option.
(read more on our website)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
The following information is specific to California.
What are the options for dividing the house?
There are three options if you are trying to reach a settlement:
(a) One spouse buys out the community interest share of the other spouse;
(b) The house is sold and the proceeds are divided; and
(c) The house remains in joint names for a limited period of time and is then sold to the other spouse or is put on the market.
During economic downturns when house prices are depressed couples increasingly turn to the last option.
But there is a catch. If you litigate, option (c) is called a deferred sale order (or a “Duke Order”) and the Court can only order a deferred sale in very limited circumstances where it is in lieu of child support and economically feasible. FN3.
Should I keep the house or exchange it for other assets?
It is very important to consider the financial as well as the legal realities of electing to keep the house. It is used to be very common where the husband owns a business to suggest that the wife keeps the house and the husband keeps the business. Before even getting into whether this is a fair exchange of assets of equal value, one has to consider whether the spouse who wants to keep the house can afford to do so. Often the spouse who has primary custody of children wants to stay in the house for the sake of the children but this may not be economically possible. The spouse who wants to stay in the home should sit down and work out a budget. They should estimate housing costs and compare this with their estimate earnings from employment, support and other sources. Housing costs are more than just mortgage and property taxes and one should factor in utilities, repairs, insurance, fees etc. You may also be entitled to mortgage interest deduction relief lowering your costs. If you can still afford to stay in the house, only then should you consider this option.
(read more on our website)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Friday, September 30, 2011
Divorce May Make You Sick
NEW YORK, July 28, 2009 CBS News
Study Finds Divorced and Widowed Adults Have 20 Percent More Chronic Conditions than Married People
Psychologist Jeff Gardere spoke to Julie Chen about the damaging mental stress that may result from divorce.
(CBS) Can divorce make you sick?
Yes, according to a new study that finds divorce and widowhood have a lingering, detrimental impact on health -- even after remarriage.
The study, scheduled to be published in the September issue of the Journal of Health and Social Behavior, analyzes data from nearly 9,000 adults nationwide, ages 51 to 61, and finds those who had been divorced or widowed suffered 20 percent more chronic health conditions, such as heart disease, diabetes or cancer, than individuals who were currently married.
Dr. Catherine Birndorf, associate professor of psychiatry at New York Presbyterian Hospital-Weill Cornell Medical Center told CBS News, "With a divorce or with disruption in a family like that,(it) can lead to depression, anxiety, other kinds of psychological illnesses."
Researchers have known for years that marriage is good for your health, but they've been less clear on how you'll do if you lose your spouse to divorce or death.
The study also suggests that divorce can be so traumatic that not even tying the knot again is enough to reverse the physical and mental toll.
So does this mean spouses should stick together even when the going gets really tough?
Birndorf said, "If someone's in a bad marriage, I would want to try and help them figure out how to make it better. But I wouldn't rule out the idea that it may need to end in divorce versus staying together for the sake of health."
In fact, Dr. Jeff Gardere, a clinical psychologist, said on "The Early Show" Tuesday, if you're in a "toxic" relationship that involves physical or mental abuse or in a relationship where you just can't get along, it's best to get out of it because the health benefits of divorce are much better than staying in a bad situation.
However, if you are thinking of getting a divorce, Gardere said you should have a doctor on hand.
Why?
"We're finding that divorce is so traumatic on the system, on your mind, on your body, that it's important that you consult your physician or even talk to a mental health professional about the stress that you're going through so that you don't become sick," he said.
The study also showed the benefits of being married versus unmarried, according to Gardere. Men seem to reap the benefits of being married much more than women in terms of emotional and physical health, while women do better financially because of marriage.
Gardere said that's because women tend to tell their husbands to take care of themselves on an ongoing basis, so they take the advice and care for their health.
"Early Show" co-anchor Julie Chen remarked men don't like to be nagged that way.
Gardere responded, "(Men) don't like to be nagged, but I think if you keep pushing them in the right direction, and tell them it is about love and about staying healthy, so that they can have a good marriage and raise their families, that guys after a while tend to listen."
But what about remarrying? Is it worth it?
Gardere says yes.
"We're finding that it is such a trauma to the system being in that divorce or being widowed that it does take years to come back even if you are married, but the advice we seem to be giving is go ahead and remarry because you can get better in time."
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Study Finds Divorced and Widowed Adults Have 20 Percent More Chronic Conditions than Married People
Psychologist Jeff Gardere spoke to Julie Chen about the damaging mental stress that may result from divorce.
(CBS) Can divorce make you sick?
Yes, according to a new study that finds divorce and widowhood have a lingering, detrimental impact on health -- even after remarriage.
The study, scheduled to be published in the September issue of the Journal of Health and Social Behavior, analyzes data from nearly 9,000 adults nationwide, ages 51 to 61, and finds those who had been divorced or widowed suffered 20 percent more chronic health conditions, such as heart disease, diabetes or cancer, than individuals who were currently married.
Dr. Catherine Birndorf, associate professor of psychiatry at New York Presbyterian Hospital-Weill Cornell Medical Center told CBS News, "With a divorce or with disruption in a family like that,(it) can lead to depression, anxiety, other kinds of psychological illnesses."
Researchers have known for years that marriage is good for your health, but they've been less clear on how you'll do if you lose your spouse to divorce or death.
The study also suggests that divorce can be so traumatic that not even tying the knot again is enough to reverse the physical and mental toll.
So does this mean spouses should stick together even when the going gets really tough?
Birndorf said, "If someone's in a bad marriage, I would want to try and help them figure out how to make it better. But I wouldn't rule out the idea that it may need to end in divorce versus staying together for the sake of health."
In fact, Dr. Jeff Gardere, a clinical psychologist, said on "The Early Show" Tuesday, if you're in a "toxic" relationship that involves physical or mental abuse or in a relationship where you just can't get along, it's best to get out of it because the health benefits of divorce are much better than staying in a bad situation.
However, if you are thinking of getting a divorce, Gardere said you should have a doctor on hand.
Why?
"We're finding that divorce is so traumatic on the system, on your mind, on your body, that it's important that you consult your physician or even talk to a mental health professional about the stress that you're going through so that you don't become sick," he said.
The study also showed the benefits of being married versus unmarried, according to Gardere. Men seem to reap the benefits of being married much more than women in terms of emotional and physical health, while women do better financially because of marriage.
Gardere said that's because women tend to tell their husbands to take care of themselves on an ongoing basis, so they take the advice and care for their health.
"Early Show" co-anchor Julie Chen remarked men don't like to be nagged that way.
Gardere responded, "(Men) don't like to be nagged, but I think if you keep pushing them in the right direction, and tell them it is about love and about staying healthy, so that they can have a good marriage and raise their families, that guys after a while tend to listen."
But what about remarrying? Is it worth it?
Gardere says yes.
"We're finding that it is such a trauma to the system being in that divorce or being widowed that it does take years to come back even if you are married, but the advice we seem to be giving is go ahead and remarry because you can get better in time."
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Family Home in Divorce Part II
By Warren R. Shiell
The following information is specific to California.
What are the options for dividing the house?
There are three options if you are trying to reach a settlement:
(a) One spouse buys out the community interest share of the other spouse;
(b) The house is sold and the proceeds are divided; and
(c) The house remains in joint names for a limited period of time and is then sold to the other spouse or is put on the market.
During economic downturns when house prices are depressed couples increasingly turn to the last option.
But there is a catch. If you litigate, option (c) is called a deferred sale order (or a “Duke Order”) and the Court can only order a deferred sale in very limited circumstances where it is in lieu of child support and economically feasible. FN3.
Must the house be sold?
If the home is only asset of value in the marriage, the house may have to be sold unless one spouse is able to raise sufficient funds to buy out the other. Otherwise there are several ways to buy out a spouse’s interest in the family home.
1. One party may be able to buy the other out if they can re-finance and qualify for a new mortgage on their own using their own income. The selling spouse should never agree to remain on the mortgage.
2. If refinancing does not generate sufficient income, the selling spouse may be persuaded to accept an installment note secured by a deed of trust on the home. This is generally a bad idea. A spouse who cannot afford an immediate buy out upon divorce, in the long run is probably not going to pay all the costs associated with maintaining a home and pay back the installment loan.
3. Another option is buying out all or some of the community interest in the house with a release of spousal support. You will need to consult with an attorney and a tax specialist to determine the present and after tax value of the total support payments that are being exchanged.
4. It may also be possible to borrow from a retirement plan to finance the buy out. Again you should consult with a pension and tax specialist to discuss the costs of borrowing from your retirement plan. You may have to pay income taxes on the withdrawal and 10% early withdrawal penalties. You should also find out whether such a loan qualifies for mortgage interest deduction on your taxes. FN4
5. If there are other assets in the marriage, one spouse may elect to keep the house and the other may keep assets of equal value. For example, if the equity in the house is $200,000 and the value of pensions is $200,000 one spouse may keep the house and the other may keep the pensions. This is discussed in more detail below.
(read more on our website)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
The following information is specific to California.
What are the options for dividing the house?
There are three options if you are trying to reach a settlement:
(a) One spouse buys out the community interest share of the other spouse;
(b) The house is sold and the proceeds are divided; and
(c) The house remains in joint names for a limited period of time and is then sold to the other spouse or is put on the market.
During economic downturns when house prices are depressed couples increasingly turn to the last option.
But there is a catch. If you litigate, option (c) is called a deferred sale order (or a “Duke Order”) and the Court can only order a deferred sale in very limited circumstances where it is in lieu of child support and economically feasible. FN3.
Must the house be sold?
If the home is only asset of value in the marriage, the house may have to be sold unless one spouse is able to raise sufficient funds to buy out the other. Otherwise there are several ways to buy out a spouse’s interest in the family home.
1. One party may be able to buy the other out if they can re-finance and qualify for a new mortgage on their own using their own income. The selling spouse should never agree to remain on the mortgage.
2. If refinancing does not generate sufficient income, the selling spouse may be persuaded to accept an installment note secured by a deed of trust on the home. This is generally a bad idea. A spouse who cannot afford an immediate buy out upon divorce, in the long run is probably not going to pay all the costs associated with maintaining a home and pay back the installment loan.
3. Another option is buying out all or some of the community interest in the house with a release of spousal support. You will need to consult with an attorney and a tax specialist to determine the present and after tax value of the total support payments that are being exchanged.
4. It may also be possible to borrow from a retirement plan to finance the buy out. Again you should consult with a pension and tax specialist to discuss the costs of borrowing from your retirement plan. You may have to pay income taxes on the withdrawal and 10% early withdrawal penalties. You should also find out whether such a loan qualifies for mortgage interest deduction on your taxes. FN4
5. If there are other assets in the marriage, one spouse may elect to keep the house and the other may keep assets of equal value. For example, if the equity in the house is $200,000 and the value of pensions is $200,000 one spouse may keep the house and the other may keep the pensions. This is discussed in more detail below.
(read more on our website)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Thursday, September 29, 2011
Family Home in Divorce Part I
By Warren R Shiell
The following information is specific to California.
In many divorces, the biggest financial question is who gets the family home. Should the wife get it, should the husband, or should they sell it and split the proceeds? And if they sell it how should the proceeds be divided.
Many times, the wife has an emotional tie to the home and she wants to keep it. This is where she raised their children and decorated and entertained. But she needs to consider whether she can afford to keep the home. If she keeps the house she is getting an illiquid asset that does not buy groceries for her children or create any income.
The first issue that must be considered is who owns the house. Is it entirely community property that should be split equally or does one spouse have a claim to a greater share.
Who owns the house?
Often the family home is the most important asset that a family owns. In a divorce the first question that a couple must consider is who owns the family home. Is it entirely community property that should be divided equally or does one spouse have a separate property interest that would result in an unequal division.
In California, there is a presumption that property acquired during the marriage is community property and each spouse is entitled to an equal share upon divorce. However, in the case of the family home this presumption may not apply if title is not in joint names. For example, if a house is purchased during the marriage but only one spouse’s name is on the title that spouse may be able to claim that the entire property is their separate property and that they do not have to share it with the other spouse. FN1. This can lead to very unfair results if the mortgage was paid during the marriage with community earnings or the downpayment was made with community savings. To avoid this result the disadvantaged spouse has to prove that there was a breach of a fiduciary duty and the Court should treat the house as community. If you are ever in this situation you need to immediately consult with an experienced family lawyer. Further, if your credit is bad and your spouse ever tries to convince you that the only way to get a mortgage is to put title in their name you should immediately consult with an attorney.
Another common situation is where one spouse owns a house prior to marriage. During the marriage the title remains in that spouse’s name but the outstanding mortgage is paid with community earnings. The spouse who is not on title may still have a community property interest by virtue of the mortgage payments made with community earnings. This is commonly referred to as a “Moore-Marsden” interest based on the two cases that establish the formula for calculating the community interest. FN2. When a couple have been married a long time and substantial amounts of community earnings have paid off an existing mortgage, making improvements or the parties have re-financed, this “Moore-Marsden” interest can be substantial.
You may wonder why this situation is so different to the one above where the home is acquired during the marriage in one spouse’s name. The simple answer is that’s what the Courts have decided. If you are ever in this situation you need to immediately consult with an experienced family lawyer.
(read more on our website)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
The following information is specific to California.
In many divorces, the biggest financial question is who gets the family home. Should the wife get it, should the husband, or should they sell it and split the proceeds? And if they sell it how should the proceeds be divided.
Many times, the wife has an emotional tie to the home and she wants to keep it. This is where she raised their children and decorated and entertained. But she needs to consider whether she can afford to keep the home. If she keeps the house she is getting an illiquid asset that does not buy groceries for her children or create any income.
The first issue that must be considered is who owns the house. Is it entirely community property that should be split equally or does one spouse have a claim to a greater share.
Who owns the house?
Often the family home is the most important asset that a family owns. In a divorce the first question that a couple must consider is who owns the family home. Is it entirely community property that should be divided equally or does one spouse have a separate property interest that would result in an unequal division.
In California, there is a presumption that property acquired during the marriage is community property and each spouse is entitled to an equal share upon divorce. However, in the case of the family home this presumption may not apply if title is not in joint names. For example, if a house is purchased during the marriage but only one spouse’s name is on the title that spouse may be able to claim that the entire property is their separate property and that they do not have to share it with the other spouse. FN1. This can lead to very unfair results if the mortgage was paid during the marriage with community earnings or the downpayment was made with community savings. To avoid this result the disadvantaged spouse has to prove that there was a breach of a fiduciary duty and the Court should treat the house as community. If you are ever in this situation you need to immediately consult with an experienced family lawyer. Further, if your credit is bad and your spouse ever tries to convince you that the only way to get a mortgage is to put title in their name you should immediately consult with an attorney.
Another common situation is where one spouse owns a house prior to marriage. During the marriage the title remains in that spouse’s name but the outstanding mortgage is paid with community earnings. The spouse who is not on title may still have a community property interest by virtue of the mortgage payments made with community earnings. This is commonly referred to as a “Moore-Marsden” interest based on the two cases that establish the formula for calculating the community interest. FN2. When a couple have been married a long time and substantial amounts of community earnings have paid off an existing mortgage, making improvements or the parties have re-financed, this “Moore-Marsden” interest can be substantial.
You may wonder why this situation is so different to the one above where the home is acquired during the marriage in one spouse’s name. The simple answer is that’s what the Courts have decided. If you are ever in this situation you need to immediately consult with an experienced family lawyer.
(read more on our website)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Wednesday, September 28, 2011
Child Custody FAQs
1. What is "custody and visitation"?
2. What are the types of custody orders?
3. What are the types of visitation orders?
4. What is a "time-share plan" or a "parenting plan"?
5. What does the law consider when deciding custody and visitation?
6. What is "the best interest of the child"?
7. If we have joint legal custody, do we have to agree on everything?
8. If we have joint physical custody, do our children have to split their time equally between us?
9. Do grandparents have the right to visitation?
10. What is the process for getting a custody and visitation court order?
11. Can a custody and visitation order be changed?
(Read more on Child Custody)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
2. What are the types of custody orders?
3. What are the types of visitation orders?
4. What is a "time-share plan" or a "parenting plan"?
5. What does the law consider when deciding custody and visitation?
6. What is "the best interest of the child"?
7. If we have joint legal custody, do we have to agree on everything?
8. If we have joint physical custody, do our children have to split their time equally between us?
9. Do grandparents have the right to visitation?
10. What is the process for getting a custody and visitation court order?
11. Can a custody and visitation order be changed?
(Read more on Child Custody)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Tuesday, September 20, 2011
Celebrating the end of a divorce in style
We have previously written about how people end their divorces. Here is another article from the New York Times on what one high profile couple did. Read article CHARLES Bronfman and his wife, Bonnie, are inviting 100 of their friends to an elegant evening of cocktails for what they hope will be a once-in-a-lifetime event.Image
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
Friday, January 02, 2009
Tuesday, March 18, 2008
Paul McCartney Divorce Judgmenet in Full
Telegraph
By Caroline Gammell and Matthew Moore
The judge who heard the Heather Mills and Sir Paul McCartney divorce case has said that Miss Mills was an "inaccurate and inconsistent" witness.
Extracts: Judge's harshest words from the full divorce ruling
The McCartney-Mills judgement in full
Mill's contribution to marriage: an acrylic fingernail
Previously unknown details of the divorce settlement have been made public in Mr Justice Bennett's full judgment, after a court refused Miss Mills's application for secrecy.
Telegraph TV: Outside court Heather Mills yesterday spent 11 minutes attacking the legal system
In it, the judge states that the former model's evidence was "not just inconsistent and inaccurate but also less than candid. Overall she was a less than impressive witness." The judge described Sir Paul evidence as "balanced". He said: "He expressed himself moderately though at times with justifiable irritation, if not anger. He was consistent, accurate and honest." However, Mr Justice Bennett said: "But I regret to have to say I cannot say the same about the wife's evidence.
"Having watched and listened to her give evidence, having studied the documents, and having given in her favour every allowance for the enormous strain she must have been under (and in conducting her own case), I am driven to the conclusion that much of her evidence, both written and oral, was not just inconsistent and inaccurate but also less than candid. Overall she was a less than impressive witness."
The judge said that Miss Mills was a "strong-willed and determined personality" who had shown great fortitude in overcoming her disability.
He said: "She has conducted her own case before me with a steely, yet courteous, determination." He also described her as a "kindly person" who is "devoted to her charitable causes". The decision to make the judgment public is a new blow to Miss Mills, who had wanted the judge's full ruling to remain confidential, arguing that it would compromise their daughter's privacy. Sir Paul had lobbied for it to be released.A summary of the divorce ruling - which left Miss Mills with a fraction of the sum she had demanded - was made public by the High Court yesterday.But her application for an appeal against the judge's preference for releasing the full statement was rejected this morning and the judgment released.
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Miss Mills, who represented herself throughout the divorce hearing, was not at the Court of Appeal to hear the decision.
Sir Paul sealed an emphatic victory over his ex-wife yesterday after a judge awarded her £24.3 million, less than a fifth of the £125 million she had sought from their four year marriage.
While Sir Paul, 65, left the High Court with a smile and no comment, his former wife launched an 11-minute tirade against the British judicial system in front of scores of journalists and the television cameras.
Miss Mills, 40, said the couple's daughter Beatrice, four, was now "meant to travel 'B' class while her father travels 'A' class".
Top ten celebrity divorce settlements
Timeline What they both wanted
In pictures: Epic divorce battle
She alleged that Sir Paul's legal representative Fiona Shackleton had handled the case in the "worst way you could ever, ever imagine".
But the former model insisted she was happy with the ruling and said she would not contest the judgment.
"It was an incredible result in the end to secure mine and my daughter's future and that of all the charities that I obviously plan on helping - because you know it has been my life for 20 years."
The ruling by Mr Justice Bennett was imposed after the couple failed to reach an agreement during a six day hearing last month.
It was disclosed that the ex-Beatle had initially offered Miss Mills £15.8 million, which was rejected.
Warren Shiell is a Los Angeles Divorce Attorney
By Caroline Gammell and Matthew Moore
The judge who heard the Heather Mills and Sir Paul McCartney divorce case has said that Miss Mills was an "inaccurate and inconsistent" witness.
Extracts: Judge's harshest words from the full divorce ruling
The McCartney-Mills judgement in full
Mill's contribution to marriage: an acrylic fingernail
Previously unknown details of the divorce settlement have been made public in Mr Justice Bennett's full judgment, after a court refused Miss Mills's application for secrecy.
Telegraph TV: Outside court Heather Mills yesterday spent 11 minutes attacking the legal system
In it, the judge states that the former model's evidence was "not just inconsistent and inaccurate but also less than candid. Overall she was a less than impressive witness." The judge described Sir Paul evidence as "balanced". He said: "He expressed himself moderately though at times with justifiable irritation, if not anger. He was consistent, accurate and honest." However, Mr Justice Bennett said: "But I regret to have to say I cannot say the same about the wife's evidence.
"Having watched and listened to her give evidence, having studied the documents, and having given in her favour every allowance for the enormous strain she must have been under (and in conducting her own case), I am driven to the conclusion that much of her evidence, both written and oral, was not just inconsistent and inaccurate but also less than candid. Overall she was a less than impressive witness."
The judge said that Miss Mills was a "strong-willed and determined personality" who had shown great fortitude in overcoming her disability.
He said: "She has conducted her own case before me with a steely, yet courteous, determination." He also described her as a "kindly person" who is "devoted to her charitable causes". The decision to make the judgment public is a new blow to Miss Mills, who had wanted the judge's full ruling to remain confidential, arguing that it would compromise their daughter's privacy. Sir Paul had lobbied for it to be released.A summary of the divorce ruling - which left Miss Mills with a fraction of the sum she had demanded - was made public by the High Court yesterday.But her application for an appeal against the judge's preference for releasing the full statement was rejected this morning and the judgment released.
advertisement
Miss Mills, who represented herself throughout the divorce hearing, was not at the Court of Appeal to hear the decision.
Sir Paul sealed an emphatic victory over his ex-wife yesterday after a judge awarded her £24.3 million, less than a fifth of the £125 million she had sought from their four year marriage.
While Sir Paul, 65, left the High Court with a smile and no comment, his former wife launched an 11-minute tirade against the British judicial system in front of scores of journalists and the television cameras.
Miss Mills, 40, said the couple's daughter Beatrice, four, was now "meant to travel 'B' class while her father travels 'A' class".
Top ten celebrity divorce settlements
Timeline What they both wanted
In pictures: Epic divorce battle
She alleged that Sir Paul's legal representative Fiona Shackleton had handled the case in the "worst way you could ever, ever imagine".
But the former model insisted she was happy with the ruling and said she would not contest the judgment.
"It was an incredible result in the end to secure mine and my daughter's future and that of all the charities that I obviously plan on helping - because you know it has been my life for 20 years."
The ruling by Mr Justice Bennett was imposed after the couple failed to reach an agreement during a six day hearing last month.
It was disclosed that the ex-Beatle had initially offered Miss Mills £15.8 million, which was rejected.
Warren Shiell is a Los Angeles Divorce Attorney
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