Articles Posted in High Asset Divorce

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According to a recent article in Forbes, judges all over the country are beginning to shy away from alimony orders during divorce proceedings.

Permanent alimony awards especially are becoming a thing of the past, the article said, as more judges are deciding to limit the length of spousal support and taking a more strategic approach with the amount of support they are awarding.

Even some women who spent years at home taking care of their children are being told to get a job instead of being promised a lifetime of spousal support payments, which would have been the norm several years ago.

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Welcome back. In our last post, we introduced the concept of “appreciation” in terms of defining marital property during a divorce case. We explained that in the divorce case of billionaire oilman Harold Hamm and his estranged wife Sue Ann, the difference between active and passive appreciation could be worth billions.

That’s because Hamm started the massively-successful oil company Continental Resources prior to marrying Sue Ann, which would seem to suggest that the value of the company is separate property, or his alone. However, the amount in which a piece of separate property increases during the marriage can be considered “marital,” so long as the appreciation was active and not passive.

Active appreciation means that the property increased in value at least in part because of efforts or contributions made by one or both spouses. Passive appreciation, on the other hand, occurs because of outside market forces and not because of efforts or contributions made by either spouse. Passive appreciation means that the property remains separate in nature.

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Sherri Shepherd and her estranged husband have been in the middle of a dispute over child custody and finances. Most Alabama fans are aware that Shepherd and her estranged husband enlisted a surrogate to carry their newborn baby boy. Shepherd recently offered him a divorce settlement for $100,000, but he refused.

According to reports, Shepherd’s estranged husband refused to accept a lump sum payment of $100,000. He also refused to accept $3,000 in monthly child support payments, even though the baby is not biologically Shepherd’s. Instead, the estranged husband is requesting $10,000 a month in child support payments. Shepherd has refused to pay the amount that her estranged husband is requesting.

The couple has a prenup, and under the terms, the estranged husband waived his rights to spousal support. In addition, Shepherd’s offer of the one-time payout is reportedly more than what he would have been entitled to receive based on the prenup. Shepherd claims that he was not honest with her in regard to the conditions of the surrogacy and his intentions of suing for child support.

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Divorce is a challenging experience for most spouses. Not only is divorce emotionally challenging, it can also be financially challenging for Alabama spouses. There are ways that divorcing spouses can protect their credit and survive divorce.

It is essential for spouses to have accounts in their own names and have their own credit once their bank accounts have been separated. Spouses may also want to make sure they know how to handle their debt, and another thing to consider is their credit. It is recommended that spouses get in contact with the credit bureaus to obtain copies of their credit reports. If it’s discovered that there are cards with a zero balance, it would be wise to cancel those cards. Creditors are less concerned with the divorce and more concerned with whose name is listed on the account, and they will go after the account holder if the bills are not paid.

Another aspect to consider is if the spouses wish to keep or sell their home. In spite of houses normally appreciating in value, the property may not appreciate as significantly as funds that are put aside for retirement. Lastly, when it comes to retirement funds, spouses may need a Qualified Domestic Relations Order to divide the assets. For those who are unfamiliar, this is a legal document that is forwarded to the benefits department of the retirement plans provider and acts as a guide on how assets are to be separated.

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It has been reported that Beyonce and Jay Z’s marriage has been over for a while, but they have maintained an image for years. The spouses reportedly agreed to engage in an open relationship, and their marriage may have included affairs with other individuals and Jay Z’s wandering eye. Alabama fans may be interested in hearing that the couple might be headed for divorce.

The image that Beyonce and Jay Z have been maintaining for years may be crumbling, and the marriage may not be able to withstand it any longer. There have been reports circulating that the couple has been trying to work on the marriage. They are expected to possibly make an official announcement regarding their marriage after completing their tour together. According to reports, Beyonce has stated that she is done with the marriage and drained from acting as if their marriage is going strong.

In addition, Beyonce and Jay Z may already live separately and have retained legal support. This may not be something that just happened out of the blue, and clearly, both of them might have made this decision a while ago. Reportedly, Jay Z has stated that he is also done with the marriage and that, in fact, he is the one who initiated the divorce.

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Believe it or not, the older generation is more prone to divorce when they start their retirement years. A divorce for Alabama spouses could mean a difference in their Social Security benefits. Sometimes, the amount received and the timing could be influenced by several factors.

One factor that can have an effect is divorcing prior to the 10-year anniversary. This can cause individuals to not be able to receive a portion of their ex’s benefits. However, if spouses keep the marriage going for a minimum of 10 years, they can be eligible for benefits as long as they are at least the age of 62 and have not remarried. Another example is the death of a former spouse; when an ex-spouse dies, the other spouse may still be able to collect under divorced survivor laws, based on the same 10-year marriage requirement.

In addition, the widow is also still entitled as long as the individual did not get remarried before reaching the age of 60. If the former spouse filed for Social Security benefits at the age of 66, the other would be entitled to receive 100 percent of those benefits once he or she passes. Individuals may also be entitled to collect delayed retirement benefits if the ex-spouse waited until later in age to file.

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Recording artist, Mariah Carey, and the host of America’s Got Talent, Nick Cannon, have been married for several years, and they seemed inseparable to most. Many Alabama residents may be aware that the couple is on their way to a divorce. In fact, Nick Cannon has stated that he cannot wait.

The couple became ready to call it quits after Nick Cannon publicly admitted to sleeping with reality star, Kim Kardashian. According to reports, Cannon grew weary of Carey’s unreasonable demands and wanted the marriage to end. Cannon stated that Carey wants him to wait on her hand and foot, and he’s sick of having to cater to her. Currently, both Carey and Cannon live separate lives, and when Cannon is not around his wife, he pretends that she does not exist.

Reports indicate that Cannon acts like he’s single and does not hesitate to buy drinks for attractive women when he’s out of town. Furthermore, the couple has been at each other’s heads for months. Now, the couple may need to divide up their assets and have a court decide on who will have custody of their children.

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Ending a marriage is by far no easy task, especially when kids are involved. Even if it was the last resort, kids tend to take a divorce as a devastating occurrence. There are things Alabama parents should consider before breaking the news to their children.

The first thing parents may want to do is to write out a strategy on which they can both agree. Also, it could be beneficial if parents agree to not play the blame game and to not pressure the children to pick a side. Another thing parents may want to do is to schedule a time to break the news to their children, and they will want to have enough time so that the kids have the opportunity to ask questions about the divorce. It is important for parents to avoid telling their children about the divorce if they are contemplating working out their relationship.

Once the kids are informed of the divorce, parents may want to keep them registered at the same schools and involved in the same activities that they enjoy after school. Lastly, parents may want to use the strategy of thinking like a child. It is important that the kids are informed that neither parent will stop being there for them even though they will not be living in the same household together.

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Most of the time when couples divorce, their main concerns are child custody and finances. Alabama courts will tend to seek out the children’s best interests before addressing property matters. When property matters are addressed, the court is required to have a fair property distribution for spouses. However, there are mistakes some may possibly make during a divorce.

One of the mistakes one could make is not making sure unsecured debts are settled before the divorce is finalized. Credit card debts and other loans are under federal jurisdiction, and creditors are not concerned with whether the other spouse does not pay off outstanding balances. Creditors will still go after any spouse who is listed as responsible for the debt. Another mistake some make is not safeguarding their rights to financial entitlements of life insurance or other benefits.

Furthermore, spouses may not properly plan financial challenges, including modifying account ownership and transferring pension benefits. It is generally beneficial when these issues are handled prior to the divorce being finalized. Lastly, some tend to make the mistake of undervaluing their financial needs by thinking they will just decrease their budget without factoring in other expenses.

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In regard to ending marriage, divorce parties have been increasing in popularity. The average divorce party in Alabama can cost approximately $25,000. Instead of moping around, recently divorced individuals have started to celebrate their newfound freedom.

Specialists, including bakers and event planners, have observed the increase in divorce parties throughout the years. People getting a divorce have used different cake themes, including brides with weapons and black frosting on the cakes. In some cases, former brides do the opposites of what they did on their wedding day by having comments on their cakes saying “just divorced” or “free at last.” Surprisingly enough, some individuals will go all out to order an actual wedding cake to help celebrate.

A marketing professor has attended quite a few divorce parties and even had one of his own that was co-hosted with his ex-wife. He refers to this as conscious uncoupling, and the ex-wife baked a gluten-free cake with lemon, which both of them considered their favorite flavor. They wanted to celebrate that they were moving on from their relationship into co-parenting and continuing to work together in a business.