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July 2014 Archives

Actor financially unable to pay spousal support to ex-wife

Divorcing Georgia couples dividing up their financial assets may be able to learn from the experience of Hollywood actor Terrence Howard. Howard and his ex-wife are divorced, but he has told the court he cannot afford to pay her the $325,000 in spousal support stipulated in the divorce settlement. The reason, he said, is that all of the income he makes from his movies goes directly to his first wife to pay spousal and child support. After taking out the money, she then writes him a check, leaving him with less than $6,000 a month.

Moore high-asset divorce finalized

Movie fans in Georgia and elsewhere in America may be familiar with filmmaker Michael Moore and his highly publicized divorce. Moore recently ended his marriage of over two decades with wife Kathy Glynn; the settlement was finalized on July 22.

Dealing with the home during a divorce

For divorcing Georgia couples, even contemplating the intricate process of property division can prove to be exhausting. Depending on the number and type of assets, it may be a more straightforward process or an incredibly complex one. In many cases, dealing with the couple's home can be an extreme challenge. If the home is rented, the issue is less difficult, but if the couple owns a home together, division may prove to be difficult. Often, one spouse buys out the other's share. This can be done with a new mortgage or gift or personal funds. In some cases, it may be difficult to determine which spouse will get the house. If need be, a divorcing person can see a lawyer to ask for advice on whether buying out the house is wise.

Divorce, marital property and retirement benefits

Having the right strategy for property division at the end of a marriage could significantly improve an individual's financial security as a divorcee. People going through the divorce process, especially those 50 and older, may want to consider any retirement assets of a spouse during negotiations. In Georgia and most states, marital property is divided equitably in a divorce by a judge who presides over the settlement agreement according to the National Endowment for Financial Education.

Former Dodgers' owner wins divorce fees

In Georgia and elsewhere, a contested divorce can easily become a complex wrangle of financial disputes, and these cases get even more complicated when legal fees are at issue. This was the case in California, where the principle asset owned by a divorcing husband and wife happened to be a major league baseball team. The couple finally managed to reach a settlement but found themselves back in court when the ex-wife contested the agreement.

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