Divorce Financial Issues
Even though married couples have certain guaranteed protections under the law (such as rights to all jointly-held property upon the death of a spouse), many long-term couples elect not to marry. This means that if the relationship ends for any reason, they may not be fully protected when it comes to determining ownership of jointly-held property. Read the rest »
All divorce proceedings can prove stressful and complex. This is especially true when at least one of the spouses has a significant amount of wealth. To prevent contention and disagreement in the event of a divorce, Chris Rock and his then fiancé had signed a prenuptial agreement. This agreement, commonly known as a “prenup,” was designed to streamline the divorce and protect Rock’s finances. However, since they were married back in 1996, his agreement has expired.
It is common in a prenup involving clients with large amounts of assets to have sunset provisions. These are terms of the prenup that are only applicable for a certain amount of time. This allows the wealthy spouse to protect his or her assets if the marriage does not last. Some sunset provisions allows the wealthy spouse to protect the majority of his or her wealth for many years while other provisions may allow the entire prenup to expire. Read the rest »
Unfortunately, for many couples entering the divorce process, even before the official documents have been served, many spouses begin looking for ways to keep money or other assets away from the other spouse. This often means that one (or both!) spouses try to hide financial information.
If you believe that your spouse is hiding assets from you at any point in the divorce, do not hesitate to speak with a knowledgeable Pennsylvania divorce lawyer. The best way to protect your rights and future well being is to evaluate what assets belong to the marriage and work to ensure that you receive your fair share. Read the rest »
One of the most commonly cited reasons for divorce in the United States involve financial issues. And it’s not surprising. The topic of money can create tension between even the most agreeable couples. But in a day and age where divorce seems to be unavoidable, are there any options for steering clear of the financial pitfalls that break up so many committed relationships?
Whether you are about to walk down the aisle or have been married for decades, here are a few legal options for preventing arguments about money from becoming threats of divorce. Read the rest »
When it comes to weddings, the popular opinion (at least as far as the wedding industry is concerned) is that bigger is better. A lavish ceremony, an oversized diamond ring, and an elaborate after party are all touted as the ideal beginning to happily ever after. However, according to a study by Emory University in Atlanta, the more money a couple pours into tying the knot, the higher the probability the couple will soon follow their “I do’s” with divorce.
The study examined data contributed by more than 3,000 people throughout the U.S. who have been married and found the following correlations:
- Couples who spent $20,000 or more on their wedding were 46 percent more likely to divorce than couples who spent between $5,000 and $10,000. Read the rest »
High-asset divorces pose questions that ordinary divorce cases do not. While partners in a low- or middle-income family typically wonder how to support two separate households, partners in a high-asset divorce are primarily concerned with ensuring that their respective shares of their assets are distributed equitably, in a way that allows both the adults and children to maintain their standard of living.
Choosing an experienced Pennsylvania high-asset divorce attorney should be your first consideration when dissolving a marriage and wondering how to protect your assets. Other steps to take include: Read the rest »
There are plenty of horror stories about what it takes to end a marriage that it is understandable why even the unhappiest couple may feel reluctant to go through with divorce. Exorbitant alimony payments, gut-wrenching custody battles, and the risk of losing half of your property are just some of the major fears that would persuade a couple to settle for a long-term separation, rather than make things official.
If you think separating without divorce is the safe way to go, think again. Putting off making a final legal decision for the sake of convenience could lead to an unknown financial disaster in the future. Essentially, the devil you don’t know could be a lot worse than the devil you do know.
As the much-publicized divorce of Rupert and Wendi Murdoch continues, the media seems to relish uncovering every aspect of the split, particularly because the couple in question includes someone with significant wealth and a global news empire. But what, if anything, can be learned from the details that emerge when such an affluent couple calls it quits? Examining how the parties try to protect such high-profile assets can reveal a lot of practical advice for even those without millions of dollars in the bank.
One of the most notable factors in this divorce is that Rupert and Wendi signed a prenuptial agreement followed by two postnuptial agreements. Postnuptial agreements are typically used to solidify the prenuptial agreement and to make the separation of assets cleaner.
If you have been married for at least ten years and meet other requirements, you may qualify for Social Security retirement or disability benefits based on your ex-spouse’s work record – even if your former spouse remarries. A hardworking Pennsylvania divorce attorney can help you understand how your benefits may be affected by divorce.
Retirement benefits are paid through Social Security if a person is 62 years of age or older and has a work record that qualifies him or her for benefits. The former spouses of such workers may also qualify for “derivative benefits,” which amount to one-half of the working spouse’s benefit, as long as the marriage lasted at least ten years and the former spouse does not qualify for a higher benefits award based on his or her own work record. Read the rest »
During your first meetings with an experienced Pennsylvania divorce attorney, you’ll begin to discuss your financial situation. In some ways, divorce is like splitting up a business partnership: both processes focus on dividing assets and debts in a way that neither unfairly rewards nor unfairly burdens either party.
If you’re considering divorce or have recently filed for divorce, here are a few financial points you’ll want to consider:
- Bank Accounts. Joint bank accounts (in both your name and your spouse’s name) can often be divided equally, especially if both parties agree this division is fair. If you don’t typically keep an eye on your household’s shared accounts, now is a good time to start. Read the rest »