The real estate crisis of a few years ago continues to influence divorce decisions, particularly regarding property division. Before the crisis hit, it was often not that difficult for one of the partners to move out of the family home and get another house almost right away. Or the house could be sold fairly easily and the proceeds divided among the spouses.
In previous blog posts, we have discussed how divorcing spouses can divide a family business. Yet, what if both spouses want to continue the business? A recent article in The New York Times discussed couples that have been able to remain business partners after deciding not to be life partners.
While the divorce rate for spouses under 50 has decreased since the 1980s, the divorce rate among older Americans has doubled. In fact, "gray divorces" seem to be a form of relief for many people over 50.
If the quote "marriage is all about love and divorce is all about money" is true then it is important for those facing divorce to plan accordingly. Without proper planning with regards to financial decisions during a divorce, people may put their financial futures at risk.
The man made famous for his hit songs and albums familiar in households across American has decided to call it quits with his model wife of several years. John Mellencamp and Elaine Irwin announced this past September that they would be living apart during a trial separation. The couple announced the news during the same month as their 18-year wedding anniversary.
Frankie McCourt was awarded over $200,000 per month in alimony, not including the $400,000 per month she receives from her former husband for monthly mortgage payments, but the former Mrs. McCourt claims that she deserves more. The recent divorcee claims that 50 percent of the Los Angeles Dodgers belongs to her, and she, and the rest of the anxiously awaiting baseball community, will receive a final decision by January 18, 2011.
Divorce does more than finalize the end of a marriage. Divorce divides all of the property that each couple has amassed and comingled together during the period of their marriage. Many people are surprised or even shocked when an attorney explains to them that their beloved dog, cat or other household pet is considered property under the law. Animals are an asset on the list for property division even though it is a living, breathing companion.
Breaking news flashed across televisions from LA to Georgia announcing the possible dissolution of the marriage between Courteney Cox and David Arquette. The couple announced that they would experiment with a trial separation before permanently ending their relationship through a high-asset divorce.
Baseball, fondly known to many as "America's Pastime" has been a family court headliner for weeks. Los Angeles Dodgers' owners Frank and Jamie McCourt have been involved in an extremely high-asset divorce. A huge issue in the resolution of the case has been whether or not the Dodgers are Frank's separate property or if they should be considered marital property and a part of the asset division.
If you drive a car, you probably have a car insurance policy. The same thing goes for homeowners. But most of us would not think about insurance for our marriage. The truth is that divorce is expensive. And the number of people who divorce each year is much higher than the number of people who lose their homes to disasters. But is getting divorce insurance a good idea?