The records from their 2008 separation agreement show that France, who has been married to the same woman twice, agreed to pay his wife $9 million up front, in addition to $32,000 per month in alimony for 10 years, as well as child support of $10,000 per month. France and his ex-wife have twins, born in 2006.
]]> Court documents also show that France had an estimated $564 million in total assets in 2005, including substantial business assets. In addition, he may one day inherit a tremendous sum from his parents, who have a large stake in NASCAR. It is estimated that this amount may surpass $1 billion.In light of France's tremendous wealth, $9 million up front as part of the asset division may not seem like much, but records show that he continued to fight the settlement even after he agreed to the initial deal. On two occasions, he has allegedly failed to make agreed payments to his ex. According to his former wife, he has also been verbally abusive.
France may not get a chance to revisit the divorce settlement to which he previously agreed, which shows the importance of doing things right the first time. High asset divorce requires an attorney with the knowledge and expertise in business and large asset division. With so much on the line, hiring the right attorney is an extremely important decision, especially when a disagreement turns into a dispute.
Source: Sporting News NASCAR, "Brian France divorce details released in court documents," May 8, 2013
]]>While people will likely have to wait to figure out the federal benefit issue until the Supreme Court's decision comes out regarding the validity of the Defense of Marriage Act, Maryland same-sex partners now know that they will indeed have to be married in order to receive state benefits. Earlier this month Governor O'Malley announced that domestic partners, who previously were able to get benefits such as health insurance coverage from their partner, will now have to be legally married in order to receive those benefits.
]]> The move was made in response to a perceived argument that opposite-sex couples who were not married could otherwise sue for the same benefits as same-sex unmarried couples, thus requiring the state to fork over additional money in health expenses. On the other hand, critics say that the state should not force people in to having to marry simply so that they can get health insurance benefits.Moreover, on a practical level, same-sex partners may have more difficulty in obtaining a divorce, especially if they wish to do so in another state that doesn't recognize same-sex marriage. So if a marriage borne out of a wish to keep health care dissolves, couples could find themselves in a problematic situation. An experienced family law attorney can provide the guidance and counsel needed to understand and navigate this evolving area of law.
Source: The Examiner, "Maryland: State workers must marry for partners to receive benefits," Andy Brownfield, May 5, 2013
]]>Jordan wisely had his new wife sign a prenuptial agreement prior to their marriage, which will still pay her handsomely, if the couple ever divorces. According to the prenuptial agreement, in the event of a split, his wife will receive $1 million for each year they have been married, and, if they remain married for 10 years or more, that amount will increase to $5 million per year.
]]> This is a tremendous amount of money, but for a celebrity like Jordan, who has considerable wealth and an estimated $650 million net worth, the prenuptial agreement makes a lot of sense. The agreement provides him with some peace of mind and protection in case the marriage dissolves. Jordan's first wife, who did not sign a prenuptial agreement, received almost $170 million when they divorced, as well as custody of his three children.Prenuptial agreements can take the stress out of marriage and prevent future conflict. Since both parties know where they stand financially, there is less worrying about contingencies, and, if there is a divorce, the prenuptial agreement will greatly simplify property division. No matter if you have a net worth of $650 million or $65,000, anyone looking for legal financial protection and simplicity heading into a marriage should consider a prenuptial agreement.
Source: Fox News, "NBA legend Michael Jordan marries model Yvette Prieto in Florida," April 28, 2013
]]>When it comes to spending time with their children, there isn't much that people won't do, which is why emotions can run so hot during the divorce process. This is completely understandable, but it's still important to keep a positive and objective frame of mind during the divorce process, otherwise the real loser in the child custody dispute can be the children themselves.
]]> A recent article explained several things that parents can do to promote the best interests of the child during the divorce process. The most important thing is to not look at the divorce as a zero-sum game to decide who gets the children. Divorce is never that simple, and when the line blurs between doing what is best for the children and doing things out of spite, it's certainly time to take a step back and evaluate the situation.It is also very important to try not to blame or disparage the other parent, especially in front of the children. When children sense these feelings of anger and resentment, they are more likely to have an adverse emotional reaction, especially when parents openly argue in their presence.
Divorce is a time of change, which means that all sorts of new and unique situations may be on the horizon, and it's important to keep an open mind and not become frustrated when things don't go as predicted. That being said, people have every right to do what is best for their children and should never have to settle for less than that, which is why the choice of an attorney is so important.
Source: Fox News, "4 tips for parents going through divorce," Tina Paone and Thomas Petrelli, April 21, 2013
]]>The author of the story told of a grandmother who had suffered for many years as a near-indentured servant to her husband's mother, and dutifully endured an abusive and painful marriage to a husband who did not show love or affection. Her explanation was that she did not know any differently, and, in her generation, women did not have the available resources to strike out on their own. "That's just the way it was," she says. "I didn't know it could be any other way."
]]> One of the reasons divorce can be a positive thing is that it allows people in modern society an opportunity to escape horrific situations, like the one described in the article. Rather than suffering in silence, people now have the opportunity to start over again, and get the legal protection they need to claim their fair share of marital assets and, if necessary, keep a vengeful spouse from meddling in their lives.While nobody who gets married wants that marriage to end in divorce, there are certainly times where this is the best available option. Divorce may be in turn glorified or vilified by the media, but, in most cases, the decision itself is a very personal and emotional one. People who are grappling with this decision should do what is best for them, which is why they should always understand and know their rights and legal options.
Source: The Atlantic, "Till Divorce Do Us Part: Being Married Briefly Can Be a Blessing," Conor Friedersdorf, April 11, 2013
]]>There are concrete instances in everyone's lives where technology has made information more accessible and in many ways simplified everyday tasks, so it's interesting to see a new take on the application of common technology to the realm of divorce law. However, there are a few issues about the Wevorce approach that people should be aware of before considering using this service.
]]> First of all, Wevorce relies on a computer model which is supposed to categorize people into one of 18 groups based on personality traits and make predictions on how they will react emotionally. We all know that no person fits neatly into a box like this, especially when confronted with something as emotionally taxing and frustrating as the end of a marriage.Taking a "one size fits all" approach to people like this seems misguided, as every person, relationship dynamic and situation is unique and should be better served by the presence and knowledge of empathetic and experienced legal counsel.
Another issue is that Wevorce is set up as a universal online tool, but obviously every state has its own nuanced set of family and divorce laws. It's unlikely that a computer program could account of the myriad of legal issues that inevitably arise in most divorce cases and require the specialized knowledge of Maryland law.
Source: Fatted Goose, "Getting Divorced? Wevorce Aims to Help Couples Navigate to a Settlement Through Tech," Anna Smushkovich, April 3, 2013
]]>Additionally, Stewart is claiming that Porsha has no right to any of his assets because of a prenuptial agreement the couple signed prior to their marriage. Stewart and his wife have been staples on the reality TV show "The Real Housewives of Atlanta," and as a result the media attention given to the couple's marital troubles has been widespread and sensational.
]]> Stewart has amassed a good amount of wealth over his years as an NFL player, once signing a five-year contract worth $27 million in his heyday. Now his net worth is approximately $16 million, and he still has jobs as an analyst for ESPN and other media outlets. Depending on the terms of the prenuptial agreement, Porsha may not have a claim to any assets or marital property that was restricted by the prenup.Prenuptial agreements can be a great tool for protecting substantial assets going into a marriage, and can provide stability while maintaining the flexibility needed for each person's unique marital situation. They also has the advantage of greatly simplifying property division in the event of a divorce. Kordell Stewart and countless other celebrities and regular people alike have used a prenuptial agreement to their advantage, and they can and should be considered by anyone heading into marriage.
Source: Fox News "Kordell Stewart didn't tell Porsha about divorce, media did, lawyer says," March 28, 2013
]]>High asset divorce can be trying for any wealthy couple, who have their entire financial lives at stake and may stand to lose tremendous sums in personal and business assets. Furthermore, divorcing couples with high assets not only have to face the same emotional tribulations as anyone else going through a divorce, but also have to contend with the frustration of complex asset division.
]]> In this case, Hamm could be forced to shift ownership or break up a portion of the company in order to satisfy his wife's claims to their property. Hamm has a 68% ownership of Continental Resources, and if he is forced to liquidate or turn over a portion of these shares to his wife, the stock price could take a blow. It is likely that Hamm's wife, who has also been an executive within the company, will be entitled to an equitable share of the business, which could mean a period of uncertainty for the corporation and its shareholders.Stock prices can be extremely volatile, which makes valuation for purposes of property division very complex, especially when the couple's asset division may be tied to this inexact figure. When it comes to complex asset division in a divorce, the difficulty often lies in how to negotiate an equitable split without unnecessarily jeopardizing or hindering business assets. However, both of the Hamms are likely to be striving for a divorce agreement that won't interfere with the company's profitability or send shareholders heading for the hills.
Source: CNBC, "Will the Hamms' Divorce Pressure Continental's Stock?" Robert Frank, March 22, 2013
]]>Child custody is often the most contentious issue in a divorce. Even in an amicable divorce, parents can differ about what is in the child's best interests, which can lead to bitter conflict. By default, Maryland courts will consider joint custody between both parents as the norm, or name one parent the primary residential parent and grant the other parent visitation and family time. Of course every situation is different, and if good cause is shown the court may also grant sole custody to one parent.
]]> Many parents focus primarily on the child custody situation, but don't take into account how the outcome may impact their household finances. In most cases, the parent who is the primary financial breadwinner may be required to pay child support to the other parent, even in joint custody situations.The parents also need to factor in the living situation, such as whether the parent with primary custody is going to keep the house. The cost of upkeep of a home for a parent with one salary or an income based primarily on child support can be overwhelming, and should be considered as part of the bigger picture in the divorce settlement.
Everyone wants what is best for their children, but doing so within reason is equally important to a child's long-term stability and comfort. With so many priorities and concerns in a divorce, having experienced family law counsel can provide people with the stability and guidance they need to make such important decisions.
Source: Forbes, "5 ways divorce takes your money," Kenneth Rapoza, March 12, 2013
]]>Most people in the United States get married to enjoy the stability and unity that comes with being married and having a family. However, that certainly isn't to say that finances don't play into the decision to marry, and if things go south in the marriage, the divorce. Divorcing couples have to worry about property division and spousal support, things that could seriously impact a person's financial well-being if not considered carefully.
]]> Marriage comes with tax benefits and benefits that married couples can share, such as pensions and social security. Of course, owning a home also comes with financial benefits, but when a couple divorces, all of these benefits can go away as well.When it comes to dividing marital property in a divorce, people need to understand how their new financial situation will affect their lives in the coming years. People obviously will put sentimental value on certain things during the property division process. Letting sentimental value dictate the terms of the property division, though, can be devastating to a person's finances in the long run.
Property division should be based on sound valuation of assets, and making sure the divorcing person is financially secure as they begin their new life apart from their spouse. An experienced divorce attorney can help people make sound decisions and get the full amount they are entitled to from property division in a divorce.
Source: Yahoo Finance, "Divorce Filings in China Surged Like Crazy This Week," By Joe Weisenthal, March 10, 2013
]]>The most tried and true method for determining a home's value is to hire a professional appraiser. A licensed appraiser can provide a reliable assessment of the property's worth. An professional assessment may be especially important if it has been several years since the home has been appraised, since property values can change rather dramatically over time. The downside of an appraisal is that it is more expensive than other methods, and it may take some time to get an appraisal scheduled depending on the level of activity in the local real estate market.
]]> Other valuation methods include doing a comparative market analysis, which is not as comprehensive as an appraisal but can still get ballpark figures. Another way to value a home is through self-research, but this is not recommended unless the parties will be able to agree to the figure they reach.Of course, some couples might not want the house at all. Upkeep expenses can be extremely costly and the practicality of keeping a marital residence, not to mention the emotional aspects, might make selling the house or letting an ex have it seem like a more attractive option.
Every divorce is different, so being prepared to make the decision that makes the most financial sense is important. Courts strive for equitable division, but having an experienced family law attorney on your side can mean getting the most value out of your share of property division.
Source: Huffington Post "Three Ways To Value Your Home In A Divorce," by Joseph E. Cordell, March 1, 2013
]]>People who plan for their divorce financially may be able to avoid a good deal of extra stress. Because property division and the split of marital assets often doesn't happen until the end of the divorce process - or, in some cases, until months afterwards - people who plan for this potentially rough financial period may well be better off.
]]> People should plan for life with a single income, whether that income is derived from work, spousal support or another source. Single life may mean paying more in household expenses, as well as a bigger squeeze at tax time. If people don't adjust their spending habits accordingly, they could find themselves in an unsustainable financial situation. By knowing what to expect in the future, a person going through a divorce can tailor the divorce settlement to best ensure their future financial security.It's also important to keep some emergency funds on hand for expenses both leading up to and during the divorce. Joint accounts may be frozen or blocked during a divorce, so keeping a separate "divorce" fund is always a good idea. With a little planning people can make the divorce process much easier on themselves.
Source: Sitnews, "After the divorce - so, now what?," Mary Lynne Dahl, Feb. 24, 2013
]]>After a divorce, there are plenty of new expenses to consider. This is why keeping the house and the accompanying mortgage payment might not make the most sense for some people. Yes, there may be emotional attachments and convenience-related issues that make keeping the house seem like a no-brainer. However, it really comes down to dollars and cents.
]]> The house is one thing that is factored into property division. However, it is also more risky than many other tangible assets that are often sought in a property division dispute. As the last decade has shown, property values can be extremely volatile. Divorcees who are stuck in an underwater mortgage, owing more than what the house is worth, may have found that winning the house in a divorce settlement was more of a curse than blessing.Before going headlong into a divorce settlement to obtain the house, people need to consider their overall financial status. Things like a monthly mortgage payment, insurance, taxes and the inevitable repairs and maintenance all need to be considered. If it creates an uncomfortable financial squeeze or requires that a person negotiate for less alimony or a smaller chunk of more stable assets such as retirement accounts, then it just might not be worth it.
Source: The Huffington Post, "Keeping The House After Divorce," Kathleen B. Connell, Feb. 20, 2013
]]>A recent study has shown that roughly 115,000 women lose their health insurance each year because of a divorce, and more than half of those women remain uninsured for months or even years after the end of their marriage. This could leave women vulnerable to exorbitant medical costs, which can be impossible to pay without insurance.
]]> On the other hand, private insurance can expensive too, and many divorced women simply cannot afford it. In fact, it's predominantly middle-class women, especially in the age range of 50-64, who lose their health insurance after a divorce. The problem is that they may make too much to qualify for Medicaid, but still not enough to afford their own private insurance premiums.Many women are dependent upon their spouse's health insurance, and after a divorce, their options may be limited. There's the COBRA plan, but not everyone is eligible or able to pay the costs for COBRA. Many employers simply don't offer affordable insurance, and private insurance can be impossible to obtain for at-risk and older individuals.
For these reasons, it's important to consider health insurance options well before signing the divorce papers. Health insurance should factor into property division and spousal support negotiations because it can mean a major increase in expenses. Depending on the individual situation, this cost could add up tens of thousands of dollars over the years after a divorce.
Women who rely on their soon-to-be-ex's health insurance should not hesitate to propose a spousal support payment that will meet their health insurance needs in the years to come. A legal professional can help ensure this and many other needs are taken into account during divorce settlement negotiations.
Source: Fox Business "Ladies: Protect Your Health Insurance During Divorce," by Barbara Marquand, February 7, 2013
]]>Of course, addiction can be a tricky thing, one that can take many busy parents and spouses by surprise after many years of use build up to dependence. Alcohol is far and away the biggest substance abuse problem in the United States today, so people struggling with their own addiction or a spouse's addiction are not alone, and have a number of support mechanisms available to them if they are willing to confront and address the problem.
]]> If a family is unable to deal with an alcohol problem, sometimes a divorce is inevitable, which, unfortunately, can exacerbate alcohol use as people try to cope with the emotional turmoil of losing a spouse.Divorcing spouses with children need to be able to work out a plan for their children after the split, but alcohol abuse can compromise this as well if a judge finds that legal custody with an alcoholic parent could endanger their safety. However, child custody is a sacred right, and not one that the court is likely to deny to a parent without a strong showing of evidence.
Source: Huffington Post "The Relationship Between Alcoholism And Divorce" Susan Saper Galamba, Feb. 1, 2013
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