An appeals court in Pennsylvania has agreed that a man and a woman, despite their 22-year relationship, do not have a common-law marriage. This comes after the woman reportedly asked for a divorce and then wanted the man to give her alimony payments.
You've likely heard that couples often fight about money and that it can ultimately push them toward divorce, but now you're wondering exactly what those issues look like. Are there some financial red flags you should watch out for?
You and your spouse had a terrific business idea. Five years after you opened your doors, the company is worth $2.5 million.
Technically speaking, an inheritance that your parents gave you may already be protected during divorce, especially if your parents' will specified that the money was not for your spouse.
You and your spouse have a retirement fund, and you thought you'd get to use it to enjoy your golden years without worrying about money. You dreamed of vacations in the winter and long summer afternoons on the porch.
You own a business. You know that a chief executive officer (CEO) in your position would be paid about $100,000 per year. Your company makes enough, but you don't want to pay yourself so much. You'd rather make $40,000 and put the other $60,000 back into your company.
A prenuptial agreement is an important element to any marriage -- and divorce, should it get to that point. However, some people may mistakenly think that prenuptial agreements are only for couples that have a lot of assets. This isn't true. Any couple can utilize the protections offered by a prenuptial agreement, though it obviously is more helpful for couples that have more assets to protect.
When a couple chooses to part ways in Philadelphia, there are many divorce legal issues that must be hashed out. Any divorce can be difficult, but the concerns are magnified in a high asset divorce. Whether there were prenuptial agreements or not, numerous factors must be accounted for when a wealthy couple with an extensive financial portfolio decides to end their marriage.