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Once divorce proceedings start, parties will sometimes change their spending habits. For some, it is an act of revenge. For others, it is a strategy they employ to increase their overall settlement amount. In either case, excessive spending habits could lead to serious financial consequences in the divorce. Learn what you can do to combat excessive spending in a pending divorce, and how a seasoned divorce lawyer may be able to help with the process.
For some, the phrase “excessive spending” applies to all frivolous or luxury purchases (i.e., going to the salon, wine subscriptions, etc.). However, in a legal setting, it is only applied when a party’s purchases go above and beyond their normal spending habits.
As an example, consider the divorcing spouse who recently spent $400 at the hairdresser. While such expenditure may seem excessive, it would only be regarded as such by the courts if such appointments were not “typical” for the party. For the spouse who has routinely gone to the hairstylist throughout their marriage, this is considered a regular, reoccurring expense. Because of this, it would likely be factored into their cost of living.
No two families are the same, so it stands to reason that no two breakups are exactly alike. As such, the attorney that worked for your sister, friend, or colleague may not be the most suitable for your situation. Increases the chances that you will find the right divorce lawyer for your case by checking out the following five tips.
Divorces used to take place in a courtroom. Today, there are numerous options for those who want to end their marriage. Litigated divorces follow the traditional path, which involves hiring lawyers, discovery, and a court date. Collaborative divorce options include a myriad of methods, including mediation and arbitration. These allow parties to work toward an amicable ending in their marriage, which may be more suitable for couples with children or high net worth.
According to data from the National Coalition Against Domestic Violence (NCADV), as many as one in three women and one in four men will experience at least some level of domestic abuse in their lifetimes. Of those, one in three women and one in nine men will experience severe abuse. As alarming as these statistics are, victims can lead a normal, healthy, and functional life after a violent relationship. The first step is recognizing that there may be a problem.
Contrary to what some people may believe, abusive relationships rarely start out violent. In fact, most abusers are quite skilled at being charming, and while they may come on strong, their actions and behaviors seem loving and genuine. In time, things change and these early signs of domestic violence start to emerge, such as:
When it comes to protecting wealth, affluent families typically focus on matters pertaining to tax and estate laws. Unfortunately, there is another major (but often overlooked) threat to any large estate: the divorce.
Almost half of all U.S. marriages end this way, yet only a fraction of the affluent have an existing prenuptial agreement in place. In lieu of one, the estate is valued and then divided equitably among the divorcing parties.
Unfortunately, the untangling of a marital estate can be a complex and difficult process. Foreign held assets pose even bigger challenges and greater consequences. Learn how to overcome them, and how a seasoned Illinois divorce lawyer can improve the outcome in your case.
Titling and ownership of assets may be different in another country. As an example, consider the TBE (tenants by the entireties) titling option in the United States, which prevents creditors of only one spouse from attaching the property.
When parents divorce, they must prioritize what is best for their children. More often than not, this means that each parent should stay emotionally and physically involved in their child’s day-to-day life. How do you do that while living in separate households? In most cases, the details are outlined in a document known as a parenting plan.
Parenting plans are legal court documents that are used to outline each parent’s roles and responsibilities as it pertains to meeting the needs of their child.
Parenting plans cover more than just parenting time allotment. Designed to address all the needs of a child during the divorce, parenting plans cover a host of child-related issues, including:
Whether your wedding plans have been delayed by the virus or your big date is quickly approaching, now is the time to lay down financial plans and boundaries. One way to accomplish this is through a prenuptial agreement. Not just for the rich, this legal document can protect you in the event of a divorce, and encourage an open conversation about money management before you tie the knot. Still, there are some important mistakes to avoid when drafting your prenup.
When it comes to romantic gestures, discussions about prenuptial agreements are likely the last thing to come to mind. You may even view such discussions as a threat to your impending marriage. Rest assured that a prenuptial agreement is unlikely to be the reason a would-be marriage ends. Instead, it is far more plausible to assume that the parties reached an impasse and realized they were financially incompatible. While such a discovery could be painful, it may also save you from years of heartache and a financially devastating divorce.
The coronavirus shutdown may have been a reprieve for the overworked and disconnected. Still, for the victims of domestic violence, the entire experience may have more closely resembled an inescapable nightmare.
Trapped at home, nowhere go when arguments erupted. The potential loss of finances, elevating tensions within the home. The realization that you are no longer safe in your marriage.
If this was more along the lines of your experience during the quarantine period, it might be time for you to move forward with the divorce process. However, the next steps need to be cautionary and guided. Your safety—and perhaps even the safety of your children—are on the line.
Before you take a single step, contact a divorce lawyer. They can assess your situation, offer seasoned advice, and assist you in developing a strategy to help keep you and your children safe. They can also assist you with taking preventative and precautionary measures, such as an order of protection, and help you determine when to file the documents.
In an ideal world, divorcing parties would have all the financial aspects of their lives in order before they file. Of course, few things in life go as planned. Such is often the case when an indebted business is a part of the marital estate. Learn how a seasoned divorce lawyer can help you protect your financial interests, even if your business is currently in debt.
Indebted businesses pose a number of challenges in divorce. First, if your spouse denies having any knowledge of your company’s debt, they could be excused from any financial consequences. As a result, you may be ordered to pay alimony or a larger settlement amount, which could compromise your ability to pay back the company’s debt.
Using marital assets to keep an indebted business afloat could also make it more difficult to untangle assets. Hiring a forensic accountant can help, but even still, you could face challenges when trying to determine the value of both the business and your marital estate.
With most of the country on lockdown, couples who are at odds in their marriage are feeling the pressure. Add in potential job losses, the possibility that parties have had to move back in together to save money, and the minimal court operations and you have the perfect formula for an all-out marital explosion. Thankfully, parties do not have to wait to proceed with the divorce process. In fact, it is recommended that you not wait and, instead, start moving forward.
Divorcing parties often underestimate just how much time it takes to complete the divorce process. At a minimum, most go through at least 60 days of preparation and paperwork before seeing a judge. Complex cases and high conflict situations can take much longer to resolve.
While no one can say for certain how long the stay-at-home orders will last, parties do not have to delay the process. Instead, start the process now and you can expedite the court process and complete your case sooner once the orders have been lifted.
If you are considering divorce, odds are that you have already started exploring your options. Two of the most commonly pursued paths are litigation and mediation. Gain a better understanding of the differences between these two divorce methods, and discover what our seasoned divorce attorneys can do to improve the outcome in your case.
No matter which path you choose for divorce, you will likely face and deal with the same core issues: allocation of parental responsibilities, parenting time, child support, alimony, and the division of assets. How these matters are resolved - the approach and process - are greatly varied, depending on the path you choose, however.
In litigation, parties are placed at opposite ends, like warring sides. Each presents their case and evidence. The judge then makes a ruling, which is final (unless appealed). In contrast, Mediation encourages couples to work through their issues with an eye toward compromise and mutual respect. Upon further inspection, these core differences dramatically alter the divorce process.
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