Divorce is complicated process, and while it does resolve many conflicts in marriages that cease to function, it is not the only option that couples have under the law. In some cases, couples may find that pursuing a legal separation allows them to "restructure" their marriage to create a stronger, lasting relationship. In others, a legal separation may simply create a civil, responsible preamble to a successful divorce, offering couples time and space to consider the divorce carefully and ensure that each party receives fair consideration.
Does a business owner need a prenuptial agreement?
Regardless of how much you love and trust the person you wish to marry, if you own a business, you should strongly consider creating a prenuptial agreement. In the lead up to a wedding, the excitement of marriage can cloud the judgment of one spouse or the other, leading him or her to think a prenuptial agreement to protect a business is not truly necessary, because the marriage will go the distance.
Getting off the roller coaster and on the right track in divorce
No one can deny the fact that divorce is an emotionally trying time for those involved. From the parents to the children to extended family, the end of a marriage takes its toll on everyone. Dealing with the emotional roller coaster that can occur at this time is absolutely essential, but you and your soon-to-be former spouse may want to consider how emotions can affect the divorce process.
How much of your marriage's debt should you take in a divorce?
When couples with significant complex assets choose to divorce, reaching fair agreements surrounding property division is often very difficult. This is even true in instances where both spouses prioritize a peaceful divorce process and fair property division terms. While those who have relatively few assets or debts between them may find it possible to quickly divide up a handful of things and go their separate ways, divorces involving robust estates often require complicated assessment and negotiation.
Keep careful records of alimony payments
If you pay alimony or anticipate ongoing alimony factoring into your divorce, then you want to make sure that you keep proper documentation of your payments, as well as a number of other documents and types of information. By maintaining good records, you can avoid unnecessary conflicts with your ex-spouse and make the most of any tax benefits.
High asset divorce, taxes and avoidable expenses
Divorce is rarely simple, but when a couple with significant assets chooses to divorce, both spouses may have a number of issues to consider that other couples never encounter. In the eyes of the law, divorce is more or less the same as dissolving a business partnership, and requires spouses to agree on a fair way to divide their marital property, including both assets and liabilities. While any couple who divorces must address marital property, spouses in a high net-worth marriage may find that they face significant tax burdens once the divorce finalizes.
