Henry and Wiloma Jones married on June 1, 2010. The parties do not have children. On January
Question:
Henry and Wiloma Jones married on June 1, 2010. The parties do not have children. On January 20, 2019, after an argument, Henry moved out of the family residence. Henry stayed at a hotel for a week and then moved into his girlfriend's home. Henry and Wiloma continue to have joint finances, including filing joint tax returns. Wiloma is content to stay living in the family residence and pays all the joint expenses. Neither party has a conversation about divorce. They don't communicate much, except regarding finances. On occasion, Henry will send Wiloma an email to say he has been thinking about her. Wiloma has asked Henry to join her in marriage therapy, but Henry refuses. Henry files for divorce on June 1, 2021, and lists the date of separation as January 20,2019. Wiloma files her Response and lists the date of separation as June 1, 2021.
Wiloma's father passed away in 2014. Wiloma inherited $100,000 from her father's estate. She put the $100,000 into a joint savings account she had with Henry at Wells Fargo. The joint savings account had $20,000 in it at the time of the $100,000 deposit. In 2015, the parties decided to buy a home. They used the $120,000 from the joint savings account to purchase the residence located at 400 SeaShore Lane. Henry and Wiloma take joint title to the home. They purchased the home for $500,000, taking out a joint mortgage to cover the remaining cost not covered by the downpayment. Henry and Wiloma reside in the home together, paying the mortgage from their earnings, until the home is sold in 2022. The home sells for $800,000.
Wiloma is a jewelry designer. She specializes in high-end precious stone jewelry. In 2012, with Henry's full support, she opened her own jewelry store. She worked very hard and has a specialty for making beautiful jewelry. She is known as one of the top jewelers in the area. She is unique for her creativity and technical proficiency. At the time of the divorce, an expert valued her business as worth $500,000. Testimony will show that the average jeweler is paid about $125,000 a year. Henry also owns his own business. Henry is a lawyer, specializing in sports contracts. At the time that he married Wiloma, he had already developed his own successful practice. He has several NBA players that he represents. In 2020, one of Henry's clients signed a contract for $100 million, and Henry anticipates getting 3% over the next five years. At the time of the divorce, an expert valued Henry's law practice as worth $20 million.
Testimony will show that the average sports attorney makes $500,000 a year. In 2016, the parties made $600,000; in 2017, $500,000; and in 2018, they made $650,000. During marriage, the parties traveled extensively, much of the time combining either of their work with personal travel. Henry had season tickets to the Lakers basketball game for which he paid $50,000 a year. Wiloma and Henry both shopped at Neiman Marcus and drove new cars. They gave a lot of money to charities, and Wiloma used a lot of her earnings to fund a non-profit to support women entrepreneurs in Uganda. There is no domestic violence. The parties do not have a premarital agreement.
SPOT ALL ISSUES THAT WOULD ARISE IN A DIVORCE AND DISCUSS REPRESENTING ON BEHALF OF WILOMA. ALSO WHAT ARE THE RELEVANT CALIFORNIA FAMILY CODES/COMMUNITY PROPERTY RULE STATEMENT
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett