Late-in-life divorce is becoming increasingly common. It seems that as America continues to age, so does the age at which people file for divorce. In fact, divorce rates for couples over 50 double. But just because your marriage has lasted the past 20 years, does not mean that you should stick it out simply for tradition or stubbornness. A marriage that works is a beautiful thing. A marriage that does not quickly becomes toxic for everyone involved.
The end of your marriage is the beginning of a new life. One way that you might be able to get the divorce finalized a bit faster is through mediation. This option puts you and your ex-wife in charge of what happens with all the assets you amassed during the marriage. You and your ex-wife also make decisions about other aspects of the divorce. Don't fall for these common myths about mediation if you are ending your marriage.
The divorce process can be emotionally challenging. Divorces involving high net worth individuals can be especially challenging in many ways. Behaving against your interests during the divorce process, however, can have significant financial consequences both during the divorce and down the road, so it is important to be able to approach the process in a thoughtful manner that plans ahead for the future. Divorcing couples may have a variety of questions and concerns regarding the handling of a high asset divorce.
As if dividing one's financial life from married to single status wasn't enough, there are sometimes hidden costs one should be aware of. One part of the divorce process is asset division. If a couple has been married for many years, they have likely accumulated assets that may be on the table during discussions of asset division. One asset in particular is usually important to both parties. That asset is a couple's 401(k), also known as a retirement account.
While most of us are aware of the divorce between Brad Pitt and Angelina Jolie, it is important to understand the general implications of divorce for a high asset couple, including couples in the East Bay. Managing a high asset divorce can present additional challenges for divorcing couples. While Pitt and Jolie have six children and will need to resolve custody concerning their children, they also have millions of dollars in assets and royalty income that can be challenging to value. High asset divorces can generally include assets that are difficult to value and many divorces involve division of assets, including investments, real estate, retirement, other types of income and taxes.
It was recently announced that Brad Pitt and Angelina Jolie are headed for divorce which immediately leads to thoughts concerning high asset divorces and the special complexities that can be involved with them. Pitt and Jolie are a particularly high-profile couple but divorce impacts all different types of couples, including those in the public eye and those that are not. As is true of many divorces, however, concerns will center on the children and property division.
While divorces may be declining generally, the number of so-called gray divorces involving couples over 50 are rising. Divorce can have a significant impact at any age but can have a particularly significant impact on women divorcing over the age of 50. Women divorcing over the age of 50 may have remained out of the workforce and generally earn less than men even if working. They also have longer life spans so it is necessary to plan for their financial futures.
From Baby Boomers to more recent generations of married couples, a strong emphasis is commonly placed on the wedding rather than the actual marriage or practical concerns such as protecting assets and prenuptial agreements. However, it is important to consider the impact a divorce might have on a business or the economic future of a couple when one or both partners are engaged in entrepreneurial pursuits such as a start-up company or others.
This blog recently discussed the impending high-asset divorce between Johnny Depp and his wife, Amber Heard. It has been reported that the couple did not have a prenuptial agreement before they married. This has created some questions concerning whether they had a prenuptial agreement and what Heard may be entitled to receive in the divorce between the couple under California law.
Any divorce process can be a challenge but knowing how to approach divorce-related issues associated with a high-asset divorce is important. Johnny Depp and his wife of 15 months, Amber Heard, are divorcing. The actress recently filed for divorce from Depp and requested that he pay her spousal support. Depp responded to her divorce filing and requested that the court not grant the spousal support. Depp is believed to have substantially more assets than Heard. In his response, Depp also requested that Heard be required to pay her own attorney's costs.