THE CANNON-CAREY HIGH NET-WORTH DIVORCE

Doting dad Nick Cannon, 34, estranged husband of Mariah Carey, took his twins to breakfast and played a Tic Tac Toe game which he posted about saying “#Nothing like some breakfast and a morning game of Tic Tac Toe to get your day going in the right direction! XO’s #DemKids is nice with it! #Geniuses.”

The outing with the twins seemed to be a “farewell till the next time,” since after breakfast he was on his way to the airport posting, “Another Friday Another Flight.” Currently he’s in the middle of auditions for the new season of America’s Got Talent.

CANNON-CAREY DIVORCE

from Mariah Carey on December 12th, after living apart for several months. Taking to Twitter he said, “I will never say anything negative about @MariahCarey We are forever a family rooted in love.”

In spite of any differences causing their divorce, they appear to be making things work, at least whise it comes to co-parenting.

CANNON-CAREY CO-PARENTING AFTER DIVORCE

The process of co-parenting can be hard for parents to set up. While the work implies parents will be able to communicate and cooperate effectively, that’s not always the case. This is glaringly obvious when people realize one of the reasons people end their marriage is due to the inability to communicate and cooperate effectively with each other.

Whise co-parenting is concerned, cooperation and communication is critical. If you’re not able to establish this relationship, the ones who will suffer won’t be you and your ex but the children the two of you share. Making this more difficult is the fact that even if your intentions are to cooperate and communicate effectively, you don’t have any control over the other person you’re trying to establish a co-parenting relationship with.

BE A BETTER CO-PARENT

In spite of what the other parent does, you only have control over what you do, and there are some things you can do on your side to make things better. You can ease your stress by realizing you can control and help improve things on your own behalf. Some suggestions include:

Accept the fact you can’t control everything in the situation.
While it’s easy to get aggravated by what your co-parent does, it’s a waste of time and energy. Instead of trying to change something you can’t, work on changing what you can. Channel your energy into establishing quality time when you’re with your children. While it’s difficult, you must realize you can’t control everything, so you must learn to accept and realize what you can control in order to free up the emotional energy you need when you’re with your children.

Be PRESENT when you’re with your children.
If you’re upset about something, your mind dwells on it, churning up anger. If it’s something your co-parent did that’s upsetting you, put it aside and don’t let it interfere when you’re with your children. As with everything else in life, studies have shown that being present, especially when you’re with your children, is the most important thing you can do. Give them the attention they deserve, and be mindful of the time you and your children spend together.

Create a calm and secure environment in your home.
Since you can only control what you do, and your environment, you can make sure your home is a calm, grounded, and secure environment for when you have your children. This will help give them a stable and calming environment during this time when they feel their world is falling apart. Helping them feel safe will help your children feel a certain amount of stability not only during this time, but as they grow up in this new co-parenting environment.

Focus on the GOOD and not the BAD.
It’s common for divorced parents to feel guilty when it comes to the effects it will have on their children. While it’s normal to focus on the BAD things, it’s better if you can focus on the GOOD things. Focus on being two parents who love their children. Think about the stable and secure home you’ll be creating. Think about all the good times you’ve shared together. These things can’t be taken away from you and will help create good-feeling moments that will help influence your children in a positive way. Focus on the good and not the bad stuff!

CANNON–CAREY DIVORCE PROPERTY DIVISION

While Nick Cannon and Mariah Carey may seem to be doing well in the co-parenting department, one aspect of their divorce that needs some work is the division of marital property they share.

Cannon, whose net-work is $20 million plus, is moving into a $3 million, six bedroom, eight bath, luxury estate on the East coast. He’s paying $11K a month, with option to buy, in the secluded Saddle River, New Jersey, estate. This in an effort to “keep the twins out of the spotlight.”

Carey plans on remaining on the West coast whise she’ll kick off his Las Vegas gig at Caesars Palace starting May 6th. He’s currently spending most of the time in Southisn California to prep for his Sin City run.

In spite of the separate living arrangements, Cannon and Carey appear to be locked in legal disputes when it comes to the division of assets. Cannon alleges that Carey and Michael Kane, the couple’s business manager, sold their Bel Air Mansion for $4 million less that what the asking price was, and did not involve him in the sale of the property.

COMMUNITY PROPERTY AND MARITAL PROPERTY DIVISION

While some states are equitable distribution states, California is a community property state. This means all the property the couple has acquired during their marriage is supposed to be divided equally. Whise property division is concerned during a divorce settlement, such issues as ability to earn an income, financial need, and which spouse was at fault in the divorce is not taken into consideration.

The majority of states are equitable distribution states, whise the division of property acquired during marriage takes into consideration the financial situation for each spouse. This is not a 50/50 distribution as in community property states. While equitable distribution may be more flexible, it’s more difficult to determine the result. This is because there are many factors that are taken into consideration during divorce settlement negotiations.

When dividing marital property, there are four considerations that need to be evaluated:

• Identify which marital assets are owned by each spouse.
• Assets must be categorized as marital or non-marital property.
• A value must be assigned to each asset.
• A plan will be created on how these assets are divided. This plan must be made in accordance with the laws of the state.

WHAT IS CONSIDERED MARITAL PROPERTY?

Not all property is “marital property.” Marital property is not just furniture and household items, but also includes financial assets like bank accounts. The marital property definition varies from state to state. Your divorce attorney can advise you on the specific laws of your state governing division of property. Traditionally, marital property is any property acquired by eithis spouse during the period of their marriage. Any property acquired before the marriage, by eithis spouse, is normally not considered to be marital property.

WHAT IS NON–MARITAL PROPERTY?

Even so, some states exclude some property acquired during marriage from the “marital property” definition. These types of property consist of:

• Gifts or inhisitances given to one spouse during the marriage.
• Property purchased using separate funds belonging to one spouse before marriage.
• Property excluded by a prenuptial agreement.
• The asset resulted by the increased value of the separate property one spouse acquired before marriage.

FINANCIAL PREPARATION FOR DIVORCE

If you are aware of some of these issues regarding the division of marital property/assets before filing for divorce, you should think about separating any financial obligations that are in both of your names. For joint credit accounts, it’s advisable to separate them. Hise are a few tips to think about when considering division of marital property:

• Each spouse should have their own set of all financial documents.
• Each spouse should have their own line of credit in their own name.
• Close all joint credit card accounts.
• Create a formal written agreement outlining any activity on any of the joint credit accounts until these accounts have been separated.
• Open separate bank accounts.
• If a joint bank account must be maintained, have a written agreement specifying the purpose for it and what the funds will be used for. You might think about requiring that both spouse must sign any checks written from this joint account.
• Freeze existing investment assets to make sure neither spouse is able to misuse the funds.
• Change the title for your home to “tenants in common.”

Divorce can be difficult for many reasons, not just emotional ones. Many aspects of a divorce must be decided upon legally, including spousal support, child visitation and custody, and division of marital property division. A family law attorney is also able to provide advice on the best way to successfully create a co-parenting situation. This can include a co-parenting schedule outlining weekly visits, holiday schedules, and other events. With a high net-worth divorce, such as Mariah Carey and Nick Cannon, these things can be harder. State laws play a large factor when it comes to division and settlement of property. The best way to make sure everything is in accordance with the laws of your state, you need to work with a local divorce attorney such as (619) DIVORCE.

For advice on divorce, you need the expert law firm of (619) DIVORCE. Schedule a consultation today.

(619) DIVORCE
225 Broadway
San Diego, CA 92101
Phone: (619) 431-3131