For many parents and grandparents, a key goal of their financial and estate planning centers on being able to pass along wealth to their children and grandchildren. According to CNN, individuals who make up the baby boomer generation are expected to inherit a whopping $8.4 trillion dollars and a significant percentage of boomers indicate that they also intend to pass along wealth to their own heirs. For an individual who inherits wealth, it's important to understand how inherited assets are treated in a divorce.
How are inherited assets treated in divorce?
Can your business relationship survive a divorce?
In our last post, we hinted that money (and sometimes debt) can be the root of all evil. With that, it is not surprising that money problems can lead to divorce. This is especially true when spouses are business partners; literally and figuratively. But if the romantic relationship fizzles, can two ex-spouses run a business together?
Planning to file for divorce? Do these things now
After months or even years of toiling over whether or not you should divorce a spouse, you're likely to feel a certain amount of relief when you finally make the decision to file for divorce. While finally breaking free from an unhappy, unfulfilling or abusive marriage is certainly a reason to celebrate; once a soon-to-be ex-spouse learns of a divorce filing things will never be the same and can escalate quickly.
Learning to set boundaries during the divorce process
Whether you chose to file for divorce or were blindsided by a spouse's divorce filing, once the divorce process has been set in motion; there's going to be a lot of changes that occur in your life. In addition to the general feelings of anxiety and worry you'll likely experience as you attempt to sort out matters related to child custody, finances and real estate; you'll also likely experience a range of difficult, confusing and conflicting emotions.
Divorce and discovering hidden assets
The erosion of trust can be detrimental in any relationship. When it comes to marriage and the relationship between spouses, this is often especially true and marriages in which spouses lie or keep secrets from one another are likely to become part of the 50 percent that end in divorce.
Is filing for divorce your New Year's resolution?
As 2015 draws to a close, many people have made their New Year's resolutions for 2016. While resolutions related to eating healthier and losing weight probably top the lists of the majority of Americans, filing for divorce may be on the lists of many others.
Why it can be dangerous to mix divorce and social media
Anger, fear, resentment, relief and vulnerability are all emotions that are commonly experienced by individuals who are going through a divorce. These feelings are normal and even healthy and there's nothing wrong with wanting to lean on friends and family for support during this difficult time. This does not, however, include turning to your 450 closest Facebook friends.
Taking control of financial matters during the divorce process
For anyone who is planning to file for divorce or was recently informed by a spouse of a divorce filing, concerns related to finances and maintaining your lifestyle are often top-of-mind. Fears about being left destitute after a divorce are often especially prevalent among individuals who, during a marriage, allowed a husband or wife to manage household finances.
Divorce mistakes to avoid: Not making a long-term financial plan
No one gets divorce 100 percent right. We all make mistakes. But that doesn't mean we all need to make the same ones. There are some common mistakes that family law attorneys observe on a regular basis.
Having kids before marriage no longer considered a divorce risk
We often write about the ways in which family demographics and dynamics are changing. Because of these changes, "conventional wisdom" about marriage and divorce is also evolving.
