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What couples with a business should do during divorce

65947284_S.jpgHigh net worth divorces, especially those that involve businesses and business assets, can mean additional complexities beyond a typical divorce. How a business and business assets will be handled is a common and understandable concern during a divorce when a business is involved.

High asset divorces can require specialized attention and expertise. When the couple are business owners, the divorcing spouses will likely be concerned about how the business will be impacted by the divorce and the divorce process. How the divorce impacts a business has an impact on the couple's livelihood and the business they likely spent years building. How property division impacts the business in a divorce impacts control of the business and the income and assets of the business.

How to handle a business during property division

68026067_S.jpgThe division of marital property can be one of the most contentious aspects of a divorce, and for good reason. The outcome of this matter often sets the stage for one's post-divorce finances, which means that a poorly negotiated divorce settlement or improperly handled litigation of the matter can lead to long-term financial strife. This is why it is often advisable for Midwesterners who are considering divorce to work closely with a legal advocate who can help them advance their position and secure a firm financial foundation for their life post-divorce.

This help may be especially useful when a business is involved in a divorce. Generally speaking, there are three ways a business can be dealt with through the marriage dissolution process. The first way is for one spouse to keep the business by buying out the other spouse. Although the spouse who plans to buy out the other spouse may not have enough cash up front to settle the matter, a divorce agreement can specify payments to be made over time or more lopsided division of other assets to even things out.

Unpaid child support can result in serious penalties

9949954_S.jpgIt goes without saying that child support is meant to ensure that a child's best interests can be met and that the responsibility of raising a child is shared as equally as possible amongst a child's parents. Yet, while the focus of child support is on a child, and rightfully so, the issue can have serious ramifications for adults. The amount of child support owed can cause financial strain to either a custodial or noncustodial parent depending on the circumstances and the specifics of a child support order, but those who accumulate arrearages can face additional penalties that can wreak havoc on their lives.

One Missouri man's case serves as an example of how devastating child support issues can be. The man, who served 12 years in prison, secured a job as a trucker which, due to his criminal record, was one of the better jobs he could obtain. While the man was in prison, though, his child support obligation to his two children remained unchanged. As a result, he acquired significant arrearages.

Child custody and parental relocation

35992728_S.jpgChild custody and visitation can be two of the most hotly contested family law issues. When parents split, each often has a different idea about how to raise a child and what actions further that child's best interests. Disputes may arise with regard to a parent's activities, such as domestic violence and substance abuse, and financial consideration may also come into play.

Another common issue that arises is parental relocation. In today's mobile society, it's not uncommon for individuals to regularly move to be closer to family, secure new job opportunities or acquire new life experiences. When that move involves a child who is subject to a custody order, though, moving isn't as easy as packing up and hitting the road. Instead, notice must be given to the child's noncustodial parent. If, after 60 days, the noncustodial parent fails to file an objection to relocation, then the move can occur.

Determining the best interests of the child

31245832_S.jpgKnowing how child custody decisions are made is important for divorcing parents to understand and be familiar with. Child custody is determined based on what is in the best interests of the child which is based on a variety of factors.

Each child custody situation is unique and the family law court will evaluate the factors to determine what is in the best interests of the child . Though the family law court can determine child custody and what is in the best interests of the child, divorcing parents are encouraged to reach a child custody agreement that is in the best interests of the child themselves. Regardless of who is making the child custody decisions, they should always be based on what is in the best interests of the child.

Facing child support dispute? Consider legal assistance

40324922_S.jpgWe've devoted a little bit of time on this blog to discussing child support. Child support can include many expenses, from day-to-day living costs to extracurricular activities and medical expenses. Although the state implements guidelines that serve as a starting point for child support considerations, the circumstances often justify a deviation from those recommendations. Of course, the facts of each case are often disputable, which could have a profound impact on a child support obligation.

These arguments are not just powerful on the front end of child support disputes, either. Instead, as we discussed recently on the blog, child support modification can be warranted if an individual's circumstances change substantially. So, a lost job, the onset of a medical condition or an increase in a child's needs may all warrant a child support modification.

Understanding divorce and legal separation

21622254_S.jpgWhen a couple has made the difficult decision to divorce, they may wonder what the divorce process will look like for them. In addition, couples considering divorce may wonder what options they have and how the process will play out in their situation.

There is no requirement in Missouri for a couple to legally separate prior to divorcing. Once they have filed for divorce, however, there is a 30-day waiting period that requires them to live apart. The laws and requirements differ in Illinois and in Kansas. In Kansas, there is a 60-day waiting period to divorce. In Illinois, a marriage is considered irretrievably broken after the couple has lived apart for 6 months. Because divorce laws vary by state, it is important to be familiar with the divorce and family laws in the state where the couple plans to file for their divorce.

A primer on child support modification

49639031_S.jpgChild support often plays a significant role in marriage dissolutions. After all, the outcome of this issue can result in serious financial ramifications. For custodial parents, a favorable resolution can ease the financial strain of raising a child alone. For noncustodial parents, an overwhelming child support obligation can be a financial death knell. With so much on the line, Midwesterners sometimes find themselves aggressively fighting over this issue. Yet, even once a child support order is in place, life changes may warrant a child support modification.

Generally speaking, child support can be modified when there has been a change in circumstances. For example, if a noncustodial parent loses his job, then his lack of income or decreased income, if he finds a lower paying job, may justify a change in a child support obligation. There are two sides to every coin, though, so a support obligation may be increased if a noncustodial parent obtains a higher paying job. Other justifications for child support modification may include the sudden onset of a child's or parent's medical condition and a change in childcare costs.

Property division sure to be tough in singer's divorce

105035816_S.jpgThe extremely popular torch singer Adele and her husband recently announced that they are seeking a divorce. Though they appear to be splitting on relatively good terms, the property division phase of their divorce could be highly complicated.

According to reports, the couple did not enter into a prenuptial agreement, and so they will have to agree on the division of their marital property as part of their divorce settlement. Adele's estimated worth is somewhere near $180 million, and they own property in the United States and the United Kingdom. The couple will likely have other issues to address, too, such as child custody, child support and perhaps alimony.

Legal help with the complexities of a high-net worth divorce

25768427_S.jpgIt is important for parents who are considering divorce in the St. Louis County and Missouri area to understand how child custody is determined where they live. This can help improve the outcome when divorcing parents need to sort out one of their most precious concerns regarding custody of their children following a divorce.

When making child custody determinations, certain factors are used to determine what is in the child's best interests. The child's best interest is the governing consideration for child custody concerns. The factors the family law court uses to determine what is in the best interests of the child includes the child's need to maintain close relationships with both parents; any planned relocation; the wishes of the child; the mental and physical well-being of each of the parties; the child's wishes; the willingness of each of the parents to help foster a healthy relationship with the other parent; each parent's proposed parenting plan and wishes for the child; and any history of abuse or neglect.

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