Do wealthy people face unique issues in a divorce?

A recent article suggested that not only do ultra-wealthy people have more money than the average person, they also face some unique issues pertaining to matters of family law. According to the report, a divorce can lead to the utter derailment of a wealthy couple’s family legacy plan. Apparently, even when both spouses wish to hold the best interest of their whole family at heart, complications and battles sometimes arise during divorce proceedings. Alabama residents may wish to take note of the information provided in the article if they, or someone they know, is currently considering filing for divorce. A panel comprised of professionals from various backgrounds and perspectives, including a psychologist and a family law specialist, recently agreed to be interviewed to discuss some of the issues that seem to be unique to super-wealthy spouses entering into divorce. One of the discussion participants said that it is crucial to set up … Continue reading Do wealthy people face unique issues in a divorce?

Tax issues sometimes affect division of assets in divorce

Alabama residents who are in the process of ending a marital union will want to take note of a recent article that discusses the various issues that may arise pertaining to different types of taxes. As couples negotiate the division of property and assets during the divorce process, they may have need of formulating agreements when it comes to issues involving federal tax refunds or liabilities with regard to jointly owned assets during the marriage. According to the article, seeking professional financial advice is advisable for those who wish to keep things as uncomplicated and amicable as possible. Various tax issues can surface during divorce proceedings. The article noted that family law courts do not typically render final orders with regard to things such as income tax because the IRS is typically not bound by state court rulings. Couples are advised to come to an agreement about whether to file jointly … Continue reading Tax issues sometimes affect division of assets in divorce