Posted in Divorce, Domestic Partnership, Financial on Oct 7th, 2011
This post on US News’s “Money” site is actually just about a year old, but the advice is absolutely apt. I encourage you to visit the original article because there’s some good food for thought with the description of each mistake. Here they are, in brief:
Not talking about finances.
Combing accounts too early.
Sharing credit cards, real [...]
While the filing deadline for Federal income taxes passed a few days ago, this piece on Time.com offers tips on some issues that often come up for divorced folks. One highlight: In certain instances, married folks can file as “head of household”. Happy reading…and be sure to consult a tax professional for tax advice
This “Tax Talk” question on the Yahoo Finance site does a pretty good job summing up important information on dividing an IRA (”individual retirement account”) in a divorce. This is sometimes a tricky topic for clients.
In a divorce, the first issue is what is legally-appropriate division of the retirement account, if any. Sometimes it’s preferable [...]
Posted in Divorce, Domestic Partnership, Financial, Prenuptial/postnuptial on Feb 7th, 2011
This post on HuffingtonPost.com and this piece on Oprah.com (from the February 2011 issue) both have good–and similar–advice on how to handle financial issues going into a relationship.
The bottom line is that it’s best to talk about these things upfront, when you’re looking at moving in together or getting married, rather than later [...]
This story on the Seattle Post-Intelligencer’s website is about the huge increase in Clark County, Wash., divorce filings over the last several years.
Apparently, in 2006, there were 2,058 divorce filings and there were more than 3,000 in 2010. That’s a huge increase and it sounds like it’s presenting a challenge for the court–including creating [...]
This story is about the rapidly increasing rate of divorce in China: It’s up to about 20%, which is double what it was ten years ago. Speculation as the reason for the increase ranges from China’s booming economy to single-child selfishness. Very interesting!
In this post, attorney-mediator blogger Laurie Israel cautions readers to not let their attorney hijack their divorce. Interesting advice, from an attorney.
But, she has a point. Lawyers are–to borrow a term from economics–"repeat players" in the divorce process. They’ve handled many cases and can have "their" way of doing things. Personally, I aim to collaborate [...]
Posted in Divorce, Financial, Prenuptial/postnuptial on Nov 4th, 2010
This story has recently surfaced about a British Airways pilot in the UK, who has been arrested on suspicion of murdering his estranged wife. The pilot, married to heiress Joanna Brown, is suspected of killing Ms. Brown following a change in British law that would have made the provisions in the couple’s pre-nuptial agreement likely [...]
This story is about how the substitution of “inclusive” for “exclusive” majorly changed the post-nuptial agreement at issue in the divorce of the Dodgers’ owner, Frank McCourt. Making that change characterized the team as McCourt’s separate property and not as joint property. Ms. McCourt had believed that the agreement said the team would be joint [...]
This article, a Forbes blog piece, provides an interesting peek into the marital habits of billionaires.
Apparently, if you’re looking to marry Prince Charming, you need to be in the right place at the right time. According to the piece, “the serially divorcing billionaire is a unicorn, a myth. Most filthy rich men are fairly monogamous.” [...]
Jokes aside, there hasn’t been such a thing as divorce insurance.
Until now, apparently.
This story about a company that is offering to pay you a sum upon divorce based on the number of credits you buy. I can see that making sense, but I wonder: In Washington, wouldn’t that benefit be considered community property and [...]
This short piece sums up some of the financial benefits that can come from working with an accountant or financial planner. As an attorney, I can help clients be aware of some of the financial trade-offs that come with an asset. It’s great when clients decide to seek the additional input of financial professionals because [...]
Posted in Child Support, Divorce, Financial, Mediation on Jul 20th, 2010
This piece is about a couple who is divorcing, has decided to still live in the same house (because they can’t sell it) and is trying to negotiate spousal support and child support. They’re using mediation to work through these issues, which is great, although they learned that avoiding court doesn’t always mean avoiding conflict. [...]
While there was obviously speculation in the past about whether Elin Woods would choose to move ahead with divorce, the speculation now is about when the divorce will finalize and what she’ll receive. Apparently, a figure of $750 million made the rounds, but here is a story that suggests that figure is high (and explains [...]
Inc.com has this article about protecting your business from divorce. It’s got some good basic information, although I wouldn’t say that Washington is really a 50-50 state…it depends on the case. The author is a certified divorce financial analyst, and it’s great to see their expertise coming into mainstream media.
What happens when lawyers divorce?
Well, if you’re this lawyer, you laugh in the court, call your wife’s request for spousal support a “joke”, call opposing counsel “a moron” and then find yourself found in criminal contempt of court.
Edward Weltman did apologize and the results fall into the good news/bad news realm: The good news is [...]
Although it’s been up for a few weeks, this article on MSN Money is still worth reading. It sums up the change in interests from keeping the family home to being free of the family home, and it points out a fact that clients are often surprised by. I’ll cut to the chase: Signing a [...]
Here and here are short accounts of the Wynn break-up. Steve Wynn is a Las Vegas “Casino billionaire” and his wife Elaine has served on the company board.
Not only is the story remarkable for the value of the stock being transferred to Ms. Wynn–about $741 million–it’s also interesting because it’s the second time that the [...]
Entrepreneur magazine has some helpful information for divorcing business owners. It’s in print in their January 2010 issue. It’s online at Ugly Breakup.
The headline is “Governor Jim Gibbons’ divorce case: New documents show alimony, property values are sticking points“. As someone in this line of work, I have to say that there are innumerable names that could be substituted for “Jim Gibbons”. It’s not surprising when divorcing couples disagree on spousal support or property values. In this [...]
Posted in Child Support, Divorce, Financial, Mediation, Parenting on Dec 16th, 2009
Do your financial homework before divorce is a recommendation that I can’t repeat often enough. While the piece was written by a CPA rather than an attorney, it’s got some helpful general advice, including thinking through the following questions before meeting with an attorney:
If you have children, what are your wishes regarding custody, visitation, and [...]
The first story on this page is a synopsis of case in North Dakota where that state’s Supreme Court is considering whether the $5,000 that Erik Isaacson spent on breast implants for his wife should be counted in their divorce settlement.
What I’d like to know is: How would you value implants? Fair market value upon [...]
Here is a story about the highest-value divorce award in Canadian history. A 61-year-old woman has been awarded $110,00 per month following the end of her 33-year marriage. While this sounds like a lot, her husband earns $4 million per year (or $333,333 per month). The judge stated that Ms. Elgner “should not have to [...]
Here is a story that’s showing up a few places, including this story on ConnPost.com. The headline? “Govt may get billions under Forbes’ divorce decree”. It’s rare that divorce is business news!
Apparently, a Connecticut court has ordered Walter Forbes’ ex-wife to transfer ownership of two homes, as well as half their jewelry and art, back [...]
This is a story of “he said”/”she said” that must have more to it than the media is reporting.
A Pakistani court found in favor of “Zakia of Bund Road” and granted the divorce that she requested. Her allegations were that her husband, Pervaiz, was not treating her well. His version of the story is that [...]
Posted in Child Support, Divorce, Financial on Oct 14th, 2009
This story is the latest in the “Jon & Kate Plus 8″ (now “Kate Plus Eight”) divorce proceedings. While it sounds like the divorcing couple sought the services of an arbitrator to help resolve conflicts about how each used marital funds. However, Jon did not follow through on the arbitrator’s order to return $180,000 of [...]
The Huffington Post has this story about a couple who is in love and who made a decision to divorce because, for this rare pair, it’s actually financially beneficial to do so.
Following a series of incredibly costly medical issues, the couple is broke. They actually declared bankruptcy even before having to pay for her breast [...]
I remember when the “Dummies” book series first came out. I worked at a bookstore, and it did seem puzzling to me that consumers would be interested in a book whose title seemed to belittle their intelligence. However, now that the series has been out for over a decade, I do respect the authors’ ability [...]
Posted in Child Support, Divorce, Financial on Sep 9th, 2009
This story on the New York Post website claims that Jon and Kate Gosselin have made a “step forward” in their case. Considering that the story claims they’ll be finalizing the case at the end of the month, it sounds like they’ve made some significant progress in the case. (In Washington, this couple would need [...]
Posted in Divorce, Domestic Partnership, Financial on Aug 14th, 2009
Here’s a short version of some divorce budgeting tips. The longer version is here. While not all of these steps may be possible, particularly trying to stockpile savings when going from one household to two, it’s worth considering what steps you can take!
1. Make order of the bills.
2. Organize important records.
3. Determine spending each month.
4. [...]
Posted in Child Support, Financial, Offbeat on Aug 14th, 2009
“Childless man released from child support debt”
I can’t take credit for finding this story, but I will take credit for appreciating it!
As states have gotten tougher and tougher on enforcing child support obligations, Georgia has apparently taken the approach of jailing non-payors.
(By the way, in Washington, Child Support Orders include language that “The Obligor Parent’s [...]
Posted in Divorce, Domestic Partnership, Financial on Jul 8th, 2009
Here’s some good, solid financial advice. It’s refreshing after the other two posts today about divorce drama and uncertainty. Here is a rundown of the helpful post-divorce financial planning steps.
Here’s the Cliff Notes version:
Start with a financial planner.
Talk with an estate planning attorney.
Make a guardianship plan for your kids.
Plan for special needs kids.
Re-visit insurance.
Review account [...]
Posted in Divorce, Financial, Prenuptial/postnuptial on Jul 2nd, 2009
In this story, Bloomberg.com reports that a UK court upheld a prenuptial agreement between a German heiress and a former banker. The court found that the agreement was entered into “willingly and knowingly by responsible adults”. In addition, the court found that the husband–who was challenging the agreement–had a “proper” understanding of it.
While this is [...]
Posted in Divorce, Domestic Partnership, Financial on Jun 26th, 2009
I like simple, helpful and easy-to-understand advice. MSN Canada features that in this story about how our global financial troubles are affecting newlyweds. Let me take their advice and make it even more simple…
Should a couple be:
Discussing financial compatibility before marriage?
Good idea!
Becoming more cautious about excessive spending that leads to high debt?
Good idea!
Averting problems that [...]
If you haven’t heard by now, Robyn Moore has filed for divorce from her very famous husband, Mel Gibson. US News is reporting the story with the headline “Mel Gibson’s Divorce: Priciest in Hollywood History”. Gibson’s wealth is estimated at $900 million, which gives the divorce case the dubious honor of being the highest asset [...]
Posted in Divorce, Domestic Partnership, Financial on Apr 6th, 2009
As of the end of the week, the stock market ended on an upturn. It gained for the fourth consecutive week, and it’s doing better than it has for the last seven weeks. I’m happy to hear this and I hope the trend continues.
Still, the market is down from its 2007 high of around 14,000 [...]
Does seeing something everywhere make it “news”?
Lately there have been many stories about the George David divorce trial, including this one in the Hartford Courant and this older one on the CBS News site. The back story on the case is that 67-year-old United Technologies Corporation Board Chair George David is divorcing 36-year-old Swedish countess [...]
The Hockey News is not the place I expected to find content for this blog, however this hockey headline is a reminder that folks who divorce are as diverse as our society as whole.
New Jersey Devils goalie Martin Brodeur just recently made headlines for breaking the NHL record for wins by a goalie. (It’s 552 [...]
The main premise of SplitsvilleNews.com is that there is life after divorce. I suppose it’s a little like the notion “You can get there, we can help”.
However, a Canadian attorney has seen such hurdles for couples seeking divorce in Ontario that he decided to help in a virtual way. Robert Berman’s site MyOntarioDivorce.com is [...]
From time to time clients ask “What should I be sure to not do”?
Typically, these are very conscientious clients who are concerned about making wise decisions in light of the changes that come with a decision to divorce. Here’s a new one for that list, from the “truth is stranger than fiction” category:
Don’t declare that [...]
Posted in Divorce, Financial, Mediation, Parenting on Feb 16th, 2009
Although the story isn’t new, I think it’s worth connecting back to a Washington Post story from December 2007 with tips for a good divorce. Here are the tips, all smart ideas and cost-effective ones:
1. Face facts.
2. But get second opinions…about your options and about the law.
3. Set the tone: Be rational and save the [...]
Posted in Child Support, Divorce, Financial on Feb 16th, 2009
With the passage of the stimulus bill, there is hope that the American economy will start to show improvements rather than decline.
Some interesting news over the last few months has been that the bad economy doesn’t necessarily lead to divorce and that couples will stay together during difficult economic times. Gary Nickelson, president of the [...]
In Washington, an important part of dividing up the assets and debts is first determining what’s community and what’s not. (While clients often have a sense of what’s fair, and what they’d like to get out of the divorce, it is still important to understand the legal backdrop against which they’re making that agreement.)
In New [...]
Title isn’t controlling. What does that mean?
According to the law in Washington, property acquired after marriage is considered to be community property. Clients can sometimes find this surprising, especially when the legal title is held in just one person’s name. The determining factor, though, is not what the title says but when the item is [...]
In Washington, a couple can choose to file for legal separation or for dissolution of marriage. The paperwork for the two processes is nearly identical, and the outcome for both kinds of cases will include a division of property and liabilities, orders of spousal maintenance (sometimes referred to as alimony), and orders regarding parenting and [...]
Reason #3 why I think mediation is a good idea is a simple one: Cost. Even judges acknowledge that working with the court system can be very expensive for clients. Each side may choose to hire a lawyer, then each side may choose to hire his or her own expert, and then each side puts [...]
Posted in Divorce, Financial, Prenuptial/postnuptial on Sep 22nd, 2008
A prenuptial agreement, or “prenup” is a contract that you would sign in advance of the wedding. It can be smart planning for the future because it gives you and your honey an opportunity to decide now how you would like assets and debts to be handled in the event of divorce or death later.
In [...]
You can open your own bank account at any time, however…
Washington is a community property state, which means that–with a few exceptions–income and property acquired during marriage is considered to belong to both people in the marriage. (The exceptions are gifts, inheritances and compensation from a lawsuit for pain and suffering.) As long [...]
Washington’s law about spousal maintenance (which people sometimes call “alimony”) is written without respect to gender. Sometimes men will pay spousal maintenance to their ex-wives and sometimes women will pay spousal maintenance to their ex-husbands.
So, high-earning ladies, if you’re thinking about getting married: Choose wisely. In life after divorce, it could be that you [...]