One of the biggest parts of any divorce process is the division of assets and debts. Unfortunately, many times one spouse (or both) may be somewhat unaware of the other spouse's financial dealings. That's why the court requires both parties to put all their "financial cards" on the proverbial table before the divorce can be settled.
In the modern age, divorce can get tricky. The emotional aspects of a divorce are, naturally, difficult -- and dividing tangible goods can always be problematic. But it can really get rough when couples start to try to figure out how to handle digital assets like credit card points and airline miles.
The longer a couple is married, the more they tend to acquire together -- so it's hardly surprising that the billionaire developer Harry Macklowe and his wife had amassed a lot of assets in their 57 years together.
You're a creative individual with a lot of passion and drive, so it's no wonder that you attracted someone else with similar characteristics. Now, you're about to be married to a person you can absolutely see as your lifelong partner both in business and in your private life.
Prenuptial agreements are no longer considered an uncomfortable subject and only for the uber-wealthy.
In today's world, digital assets have increasing value in almost every aspect of people's personal and financial lives -- which means that they're also increasing in importance during divorces.
Marriage and divorce are as much about economics as they are matters of the heart. In fact, a lot of divorce attorneys encourage their clients to try to put their emotions on hold during a divorce and concentrate purely on the financial decisions that need to be made -- because the repercussions of a bad decision during a divorce can last for decades.
If you either have already inherited, or expect to inherit, any significant assets, it's important to consider how marriage -- and divorce -- could affect those assets. You risk losing them in divorce if you don't take steps now to protect them.
Most marital property has to be divided during the divorce process. That said, separate property is often protected from this division.
You and your spouse are going to get divorced. You don't have much, so the property division process seems simple. You'll sell the house, split up what you earn and easily divide your other assets.