A High Asset Divorce Can Become Complicated Quickly

To the casual observer, the wealthy seem to have the world by the tail. However, in the event a wealthy couple’s marriage comes to an end, the resulting high asset divorce can quickly become a nightmare for the parties involved. Regardless of one’s own personal resources, Kentucky residents who are facing this prospect may be best served by consulting with experienced professionals.

The main goal of either spouse in the midst of a divorce is to ensure that he or she receives an equitable share of the marital assets. In many unions where the marital assets equal $5 million or less, it is recommended that the two parties avoid litigation to reach a settlement, as legal fees may mitigate any advantages a spouse may gain. In a divorce where the assets exceed $10 million or more, it may be advantageous to take several steps to off-set the cost of a divorce.

Part of one’s wealth may come from ownership of a closely held company. This may pose a threat to the future of the company, and the financial well-being of one or both spouses if they are unable to agree on the best method of obtaining a valuation of the company. Financial professionals urge business owners to draft a post-nuptial agreement before there are signs of marital trouble, in order to set forth how the company would be evaluated in the event of a divorce. Ideally, whenever possible, they recommend that business owners request that stakeholders also sign an agreement, stating that they will not attempt to intervene in how the business is valued in the event of a divorce.

Lastly, in a marriage where one spouse does not hold assets of his or her own, it is suggested that he or she hire assistance to ensure that his or her interests are protected during a high asset divorce. Kentucky residents preparing to file for a dissolution have many matters to settle. An experienced attorney can provide knowledgeable guidance in reaching the best settlement agreement to meet one’s needs.

Retirement, Divorce and Your Financial Future

During a divorce, a couple will have to address all marital property, which includes money saved or assets accumulated over the course of the marriage. This also pertains to retirement assets. The division of many types of retirement accounts can be complex, but it is possible to pursue a final order that allows you to have a strong and stable future.

Will you need a QDRO? 

Any money added to retirement accounts while you were married are likely considered marital property, which means your spouse will have a rightful claim to a portion of it. A qualified domestic relations order is a document that outlines how distribution of retirement assets will work. Some types of accounts require a QDRO in order for anyone other than the account holder to receive assets from the account, but overall, a QDRO can be a helpful document. Consider the following information:

  • This type of document specifically outlines, in detail, the distribution of assets from the account.
  • It protects the best interests of both parties, ensuring both you and your ex-spouse will receive your rightful share of retirement assets.
  • A QDRO can help resolve future conflicts that may arise over retirement savings.

No matter what type of retirement accounts you have or your goals for your long-term savings during divorce, you would be wise to work with an attorney experienced in high-asset divorces and complex property division concerns.

Preserving your future financial interests

It is possible to emerge from your divorce with your financial interests intact. The end of your marriage does not have to mean the end of your retirement plans, but it requires you to be thoughtful and careful as you navigate the divorce process. You may have to adjust plans, but you can still have strong plans for your golden years.

You will find it beneficial to start with a complete evaluation of your case. This step will not only provide you with an explanation of your options regarding QDROs and your post-divorce retirement plans, it can allow you to look ahead with confidence. With support and guidance, you can secure a sustainable final divorce order that addresses your retirement assets fairly.

Video Game Under Fire For Causing Increased Divorce Filings

There are many reasons why a marriage may not survive over the long term. Though there have always been addictions that can lead to divorce, one of the newest supposedly involve addictions to video games. Kentucky residents who find that their marriage is no longer sustainable due to any addictive behavior may be contemplating a divorce filing of their own.

According to a source that follows the trends in divorce petitions, a new video game is being cited as a reason why couples are calling it quits. The game, called Fortnite, apparently does not appeal just to children and teens, as more and more adults are developing a possible addiction to the latest craze. This game apparently rewards players for the more time they spend, which leads participants to continue playing for longer and longer periods.

This particular game is purportedly causing problems in other areas of life as well. Schools and sporting organizations have been complaining that students and athletes are not as attentive to their responsibilities due to their gaming obsession. The popularity of these types of games has increased so much that some colleges here are now offering scholarships to students who excel at them.

Though there is always a tendency to pin the blame on this reason or that when a marriage ends in divorce, the fact is that there are usually many factors at play when a marriage ends. Couples who are no longer compatible are most likely much better off if they decide to seek a divorce rather than remain in an unhappy relationship. Kentucky residents who have decided to file a petition for divorce may be best served by consulting with professionals who can ensure that a settlement agreement will provide the financial stability that they deserve.

There is a High Road in Divorce That Does Not Lead to Bankruptcy

During a typical marital breakdown, the two parties often dig in and prepare for a protracted battle over money and wills. Neither side wishes to appear to lose and both are usually willing to try to ensure that the other spouse winds up suffering either financially or emotionally during a divorce. However, there may be a different way for Kentucky residents to approach their dissolution.

There are two main emotions that tend to steer people’s reactions when they are going through the divorce process. The first of these is fear — fear of the unknown and of life undergoing a drastic change. The second predominant emotion is greed. During a dissolution, it may be a normal reaction to want to obtain as many of the marital assets as possible in order to preserve one’s current lifestyle. While these reactions are typical, they do not have to dictate how one behaves during the proceedings.

An approach that may work better is to attempt to treat the other party in the same manner as one desires to be treated. This does not mean that one cannot pursue what one needs in a settlement, but it may forestall some of the bitterness that often accompanies a divorce. Furthermore, children will benefit from the reduced tension and conflict.

Some may worry that choosing to take the “high road” will equate with being a door mat or placed in a vulnerable negotiating position. However, it is possible to remain amicable for the sake of the children and one’s own emotional well-being without losing out on one’s rightful share of the marital assets. Kentucky residents who are seeking a less acrimonious divorce may wish to consult with a knowledgeable attorney.

Eddie Murphy’s Paternity Test Leads to Impressive Support Payment

Those who work in the entertainment industry face many temptations in life, including becoming involved in casual relationships. However, sometimes, those casual flings lead to a long-term commitment when a paternity test confirms one to be the father of a child. Kentucky residents who are seeking to either prove or dispel doubts concerning a child’s parentage can seek assistance from family law professionals.

It was recently reported that comedian and actor Eddie Murphy is expecting his 10th child. This will be his second child with his current partner. He has several children with his former wife to whom he was ordered to pay an astounding $15 million to settle their divorce. It was not reported what amount he may have been ordered to pay for child support.

During his divorce, the actor learned that he would be required to pay an estimated $51,000 per month for support for a daughter he had with a former singer. He initially denied being the child’s father; however, a paternity test confirmed that the child was his. He will continue making these payments until she reaches the age of 18, and over the course of those years, those payments are estimated to come to a total of $10 million.

The actor has enjoyed a long and successful career and is estimated to have a net worth around $85 million. While these payment amounts may sound extraordinary to the average person, most child support payments are based on a parent’s financial standing and ability to pay. Kentucky residents who need to establish paternity for a child in order to obtain these types of support payments may seek assistance from an experienced attorney.