Upon the dissolution of marriage, marital assets are divided in a fair and equitable manner. Like it or not, a business qualifies as a marital asset unless it fits into one of the following categories:
Parenting plans can be as unique as the family involved. Often it reflects the needs of the children while ideally balancing the schedules of the parents. Traditionally speaking, weekly arrangements can be broken down by alternating blocks of days, a weekday at one home and weekends at the other, or perhaps there are holidays and several weeks in the summer if the parents no longer live near each other.
Divorce is stressful for every family as everyone adjusts to a new way of life. Children may have the hardest time with this period of adjustment, especially when the parents are going through a high-asset divorce.
A University of Minnesota professor made national news in September when he was convicted of providing his wife with several forged papers as part of their divorce. These documents reduced the stated size of their retirement account from the actual amount of $891,116 to $745,012. He omitted the fact that there was a second retirement account. All told, the wife would have lost about $353,649 if she had not notified the police that he was providing false numbers.
There are many reasons for couples to create a postnuptial agreement, but the most common is to smooth over or formalize an issue that is a source of tension in the marriage. With financial issues being a top reason of why a marriage ends in divorce, often these documents address financial matters.
Couples with kids traditionally wait until after the holidays to file for divorce. Unless the divorce is drawn out, this will be the last holidays as a couple, which can prompt both parents to think about how they want to celebrate the holidays with their kids in the years to come.