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Nov 27
2007
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Tips to Avoid Financial Divorce MistakesPosted by Dads Divorce in tips , finances , divorce , division , discovery |
Your marriage is going though a divorce and that can be personally and financially messy. During the divorce proceedings it is important to avoid making financial mistakes. Forbes came out with a list of tips in helping to avoiding making those financial mistakes.
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Nov 29
1999
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Ask a Lawyer: Diability Insurance MoneyPosted by Dads Divorce in settlement , Maintenance , Maintenance , insurance , income , IL , division , disability , Child Support , asset , Ask A Lawyer , alimony |
Question:
Are payments from a private disability insurance considered as part of a settlement? I had to sell my practice due to disability. I receive a monthly payment from insurance for the rest of my life. Is my wife entitled to a portion of this income?
Answer:
It depends. Will your wife ask for alimony/maintenance? If so then the disability may come into play as to whether you are able to pay her maintenance. Otherwise, generally disability is not considered property for purposes of division of assets. The proceeds from the sale of your practice would be viewed differently though.
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Nov 29
1999
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Ask a Lawyer: Can affairs affect financial settlement punitively?Posted by Dads Divorce in TX , Property , misconduct , Infidelity , Infidelity , fees , division , assets , Ask A Lawyer , affair |
Question:
My brother is going through a divorce. His wife is bound and determined to take him to court and put on a show with a parade of "witnesses" to publicly humiliate him with claims of an affair. She is actually exacting a type of extortion on my parents and my brother to get him to agree to take all the bills and sell his horses and personal property to give her more money OR ELSE she will take him to court where he will surely lose and be punished by having to pay everything! It's hard to stand up to something when you don't really know how things work in our court system. I understand that affairs or claims of affairs can not adversely affect custody unless it can be shown that it interferes with the ability to parent. But, his soon-to-be-ex-wife wants to saddle him with all the debts and lawyers' fees as a just punishment. And believe me, she could put on quite a show... I think she is a professional victim! She makes more money than he does, and neither one of them makes more than 45,000. Do you have any words of wisdom?
Answer:
I cannot answer your question specifically to the laws of Texas as I am not licensed in that State. In some jurisdictions, misconduct does not affect any aspect of the divorce. In my jurisdiction, the Court can consider the misconduct of a party when dividing the property and debt. Not all affairs are misconduct. The affair (or other misdeed such as excessive drug use, alcoholism, abuse, etc.) must be shown to have contributed directly to the breakdown of the marriage. Therefore, if a relationship begins after the parties have filed for divorce, it is an affair (as they are still married) but not misconduct. If misconduct is shown, the successful party will get a higher percentage of the net assets. For example, instead of a fifty-fifty split it will be sixty-forty or seventy-thirty.
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Nov 29
1999
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Ask a Lawyer: Income &Debts treated after separation.Posted by Dads Divorce in Rules , Property , Procedures , post seperation income , MN , division , debt , Ask A Lawyer , allocation |
Question:
How are income and debts treated by Minnesota law? Does income after separation belong to both spouses or the one who earn it?
Answer:
I cannot answer your question directly to the laws of Minn. as I am not licensed in that State. Generally, a physical seperation does not make any income earned or debts incurred seperate. The income and debts are marital debts until the divorce is final. Many courts can consider the fact that you were separated when allocating the property distribution, but that is often discretionary with the judge.
