Many small businesses are also family businesses, owned by a couple who shared the same dream and tried to make it a reality. Regardless of how the business does, things can become very complicated if the marriage between the owner breaks down. Suddenly you have two business partners who are ending a very personal relationship and trying to decide what that means for them professionally.
With divorce looming, your spouse may have started stashing money aside, trying to hide it and keep it out of the divorce. While people are legally required to disclose all of their assets, many try to hide those assets if they fear that the other party is going to get 50 percent in court.
In a divorce, when there is more to gain, there is also more to lose. This is why going through a high-asset divorce can be particularly stressful. High-asset divorces make it more likely that spouses will become ruthless and sneaky in terms of the strategies that they play against each other.
In the United States, the law differs significantly from state to state on the law in regard to the division of marital assets. In Pennsylvania, equitable distribution law is recognized. This means that all property within the marriage is separate. Therefore the assets should be generally divided to in a fair way that recognizes the contribution of each spouse in the marriage.
If you are a divorcing couple and you are reaching retirement age, retirement accounts could be some of the most valuable assets that you have. Therefore, before you take action in filing for a divorce, it is a good idea to take the time to understand how the law works in the state of Pennsylvania when it comes to dividing assets such as retirement accounts.
If you are contemplating divorce or starting the process of going through a divorce, it may have occurred to you that there is a lot at stake when it comes to dividing assets. Generally, the more assets that a household has, the more complicated it is to successfully and fairly divide them during a divorce. This is because there is more to lose, and high asset couples tend to be more lucrative in terms of wanting to get a successful outcome for themselves.
If you declined to draft and sign a prenuptial agreement before marrying your spouse, you might think that there is nothing else that you can do at this point. But that may not be the case.
Going through a divorce in Philadelphia is never easy. Even if you are going through your second or third divorce, it can still be difficult to handle. You need to make informed, smart decisions during the entire process. That includes figuring out how your retirement assets are divided between you and your soon-to-be ex. The best way to protect your rights is through a Qualified Domestic Relations Order (QDRO).
It is more common than ever for married couples to also be partners in business. This can be great when things are going well, enabling you to form a strong and united front. However, it can also mean that when the marital relationship is suffering, the business takes a hit as well.
You might not be thinking about it now but your business could become a focal point of your divorce. Never thought you'd get divorced? That's a common sentiment by millions of people who file each year across the country.