Sentences with phrase «assets upon divorce»

The press has today reported upon a divorcing couple namely Mr Ray and Dr Sekhri, a lawyer and a doctor who have between them spent more than # 850,000 in legal costs litigating how their assets upon divorce should be divided.

These techniques can include hiding assets to minimise the allocation of marital assets upon divorce.

Not exact matches

Older couples with adult children might specify certain assets or income streams as reserved for children from a prior marriage to avoid confusion upon divorce or death.

I have many years experience in divorce and resolving financial disputes upon relationship breakdown to include assets overseas and business interests.

This document addresses any assets owned by either or both parties and identifies properties exempted from the property division upon divorce.

When divorcing a spouse, the choices made prior to the divorce being finalized will impact most areas of your life, including your last name, address, and your assets upon leaving the marriage.

When valuing a business for purposes of division upon divorce, all states agree that the hard assets and liabilities of the business are marital property.

Courts are protective of marital assets and do what they can to maintain the integrity of marital assets throughout the divorce proceedings so that the parties are in as well of a position as possible upon the dissolution of the marriage.

History of Financial misconduct: In a contested divorce financial restraining orders preventing the transfer of assets can be obtained automatically upon commencement of the case.

This differs from states that split marital property 50/50 upon divorce and relies more on factors relevant to both spouses when dividing assets and liabilities.

As you may guess, determining how your assets are distributed upon your death can be complicated like many other aspects of your life when you file for divorce.

In most cases, todays divorce proceedings are based upon no - fault, where the process focuses on dividing assets and not the marriage problems.

Because Arizona is a community property state, family law courts generally distribute marital assets equally among spouses upon divorce.

Although he had read online that an alimony claim could be «bought out» at the time of divorce as a non-tax event, he didn't realize that the source of funds they were using were assets that could be liquidated only upon incurring capital gains taxes.

This is money you receive from your ex-spouse upon divorce if you are unable to support yourself with your income and assets alone.

This is equivalent to hiding them in the eyes of the court, so attempting to shelter assets from a property distribution upon divorce will result in severe penalties if discovered.

In the divorce process an actuary may be called upon to calculate the current assets of marital property and project what the worth would be at some future date, the enduring period if equally split, or financial result of dividing current assets.

With the advice and assistance of counsel, coaches, financial planner, parties generally agree upon a full settlement of all issues relating to the children, finances, assets and liabilities and a divorce judgment incorporates that agreement as part of its order.

A party marrying later in life with few retirement assets may worry about waiving rights that a court might grant upon divorce or to which he or she would be entitled at death.

In making an equitable apportionment of marital property, the family court must give weight in such proportion as it finds appropriate to all of the following factors: (1) the duration of the marriage along with the ages of the parties at the time of the marriage and at the time of the divorce; (2) marital misconduct or fault of either or both parties, if the misconduct affects or has affected the economic circumstances of the parties or contributed to the breakup of the marriage; (3) the value of the marital property and the contribution of each spouse to the acquisition, preservation, depreciation, or appreciation in value of the marital property, including the contribution of the spouse as homemaker; (4) the income of each spouse, the earning potential of each spouse, and the opportunity for future acquisition of capital assets; (5) the health, both physical and emotional, of each spouse; (6) either spouse's need for additional training or education in order to achieve that spouse's income potential; (7) the non marital property of each spouse; (8) the existence or nonexistence of vested retirement benefits for each or either spouse; (9) whether separate maintenance or alimony has been awarded; (10) the desirability of awarding the family home as part of equitable distribution or the right to live therein for reasonable periods to the spouse having custody of any children; (11) the tax consequences to each or either party as a result of equitable apportionment; (12) the existence and extent of any prior support obligations; (13) liens and any other encumbrances upon the marital property and any other existing debts; (14) child custody arrangements and obligations at the time of the entry of the order; and (15) such other relevant factors as the trial court shall expressly enumerate in its order.

Massachusetts is an equitable distribution state, meaning all marital assets must be divided fairly upon divorce.

In other words, a quick sale might indicate a fire sale situation, a previously agreed - upon price between a seller and buyer, an underpriced listing manipulated by a trusted but nevertheless unscrupulous Realtor in search of a quick commission, a low price designed to settle up a disposition of assets during a divorce proceeding, a sale designed to settle up a Will proceeding etc., etc..

• In terms of using Trusts to reduce Estate Duty, Capital Gains Tax, Executors Fees and other related costs upon death — this would remain intact (unaffected) • In terms of using Trusts to provide for a virtually seamless transition of wealth upon death to the next generation by avoiding frozen Estate issues and bureaucratic delays — this would remain intact (unaffected) • In terms of using Trusts to reduce exposure to asset loss through litigation / divorce and so on — this would remain intact (unaffected) • In terms of using Trusts to reduce Income Tax using the «Conduit Principle» — this would not be possible any longer, but there are several other methods that can be used to reduce Income Tax.