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High Asset Divorce Archives

Divorce and the 401(k)

A married individual's 401(k) is generally split between the spouses in the event of a divorce. As with all marital assets, the amount of the division is meant to be equitable and is based on a variety of factors including the length of the marriage, the contributions each spouse made to the marriage and the way the rest of the marital assets are divided.

Property division during a divorce

Those in Connecticut who are contemplating a divorce may have an interest in learning more about the process. Though many people are aware that divorce can indeed be an emotional affair for all involved, some may fail to also consider the financial implications that a divorce can have. As such, they may inadvertently invite a degree of complication into the divorce process than would otherwise be necessary.

Legally ending a marriage in Connecticut

There are various ways of ending a marriage in Connecticut. One of the ways is a dissolution of marriage, a second way is a legal separation and a third way, which applies in very limited cases, is an annulment. In Connecticut, a divorce is legally termed a dissolution of the marriage. It is applied when one or both spouses in a legal marriage seek a court process to end the union Within a dissolution proceeding, court orders dealing with child custody, visitation and support, alimony, division of property and name changes are made.

Ex-wife may get more than $4 billion in divorce

Connecticut investors may be interested to learn that the ex-wife of an oil magnate may score the largest divorce settlement in history. According to the report, the 68-year-old Oklahoma man was estimated to be worth $20.2 billion, with much of that wealth being accumulated during his 26-year-old marriage.

Approaching divorce with a goal-oriented outlook

Some people in Connecticut facing the end of a marriage might feel that the person who walks away with the most money in the property settlement is the winner. This is a common approach to divorce but not often an ideal strategy for several reasons. Some couples own assets that are not liquid and therefore cannot be easily sold and divided. Furthermore, divorce settlements can affect the remainder of people's lives, especially their retirement. A settlement with a larger short-term financial gain may not be what is best for the future.

Frank McCourt victorious in divorce fee fight

Connecticut fans of the Los Angeles Dodgers may be familiar with Frank McCourt, the team's former owner. McCourt split from his wife of nearly 30 years, Jamie McCourt, in 2012. As part of their divorce settlement, Jamie was awarded $131 million, and she also was awarded ownership of several of the luxury homes the couple owned together. However, in their divorce agreement, the couple added in a somewhat unique clause stating that if either of them later chose to challenge the agreement in court, he or she would be responsible for paying the other's court costs and attorney's fees.

Pet custody in divorce cases

Melanie Griffith and Antonio Banderas recently announced plans to divorce. However, the difficulties they face in deciding who gets custody of their dogs highlights an emerging issue in divorce cases in Connecticut and around the country. Due to their daughter's age, Banderas and Griffith don't need to worry too much about child custody issues. However, determining who gets custody of their pets is another matter. According to sources, Griffith hopes to retain custody of the couple's three dogs.

Divorce property division

A subject that may interest Connecticut residents, asset protection in divorce, is addressed in a recent Forbes article. Prenuptial agreements are one way people protect their assets from possible division at divorce, but these may be contested. Even if a prenup is upheld in court, litigation to defend it can be expensive.

Spitzer's postnuptial deal provides generously for ex-wife

Spouses in Connecticut pursuing a high-asset divorce may be interested in former Governor of New York Eliot Spitzer's divorce, legal documents from which were recently obtained and reported by media sources. According to those documents, Spitzer's ex-wife will receive a lucrative financial package thanks to the couple's postnuptial agreement. The couple filed for divorce in January 2014.

Where to look for potential hidden assets in divorce

Many Connecticut readers contemplating divorce may have concerns about their spouse potentially attempting to hide assets. If assets are hidden or otherwise unknown during a divorce, it can be difficult for one party to secure an equitable divorce settlement. However, it may be possible to determine if these assets exist by using information from a number of different sources.

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