Having a lot of options can be both a blessing and a curse. Often people who are at a difficult stage in their life due to an unhealthy or broken relationship prefer not to have many choices in order to try to simplify things. On the other hand, due to individual circumstances and needs, having flexibility can many times be an important factor as well.
One question that often arises in matrimonial proceedings is how do the courts address one spouse’s interest in a family business?
In the exhaustive division of assets that occurs in most divorces, the issue of the family home inevitably comes up. What should be done with it? Who should keep it? Can that individual afford to keep it? Answers to these questions and more should be considered before making any decisions.
Parting ways with your spouse does not necessarily mean divorcing your business. In an ideal situation, you and your spouse hopefully agree that it is in both of your best interests to preserve the business so that it continues to provide income.
A recent survey shows that more couples are opting to secure prenuptial agreements; 63% of matrimonial lawyers surveyed reported an increase in the number of prenups over the last three years. Whether this is a result of people getting married older, having more wealth going into a marriage, or general concern for the protection of assets, a common trend among growing prenups is the desire to protect real estate. This is evident in the survey results, which show that the most common coverage areas within prenuptial agreements are:
For many divorcing persons one of their most important assets, oftentimes the most significant one, is their house. Significant not only financially, but frequently emotionally as well.
The issue of a person’s legal place of residence has significance in matrimonial proceedings and other legal matters affecting where you can sue or be sued or where you must pay taxes among others. Legal residence is primarily a function of intent.
With celebrity marriages getting shorter and shorter, especially with the news that Kim Kardashian and Kris Humphries were calling it quits after only 72 days of wedded bliss, clients often ask whether their “short” marriage can be annulled.
The last thing a couple about to be married should be worried about is that one day they may be getting divorced. However, as Benjamin Franklin said, “An investment in knowledge pays the best interest.” Although the overall rate of divorce in the United States is said to be declining (a notable exception, according to the National Center for Family & Marriage Research at Ohio’s Bowling Green State University, is divorce among people over the age of 50, 25% of whom are getting divorced now compared to 10% in 1990), it’s pretty safe to say that 1 out of 3 marriages ends in divorce.
A frequently asked question in cases of divorce is; what has to be divided with my spouse? The general rule is that property acquired after the ceremony and before the filing of a summons is marital property. The general exceptions are property from an inheritance, a gift from someone other than your spouse, or the result of a personal injury recovery.