When most people are getting married, they’re not thinking about the possibility of a divorce. A decision to marry is generally primarily based upon love and affection, not finances. However, the NY State views marriage as a financial contractual union. In light of the fact that roughly 40 to 50% of all marriages end in divorce, it makes sense to consider the financial ramifications in the unfortunate event of divorce. Although generally an unpleasant topic during the period of time that you are excited about starting a life with your partner, a prenuptial or postnuptial agreement may save a great deal on legal fees and time in the future while lessening the stress of wondering what will happen to your finances in the event of divorce.Continue reading “Why Get a Prenup or Post-Nup”
Founder and lead shareholder of Amazon.com Inc., Jeff Bezos, and wife, Mackenzie, have recently announced via social media that they will be divorcing after 25 years of marriage. Recognized as the wealthiest man in the world, Jeff Bezos possesses a net worth of nearly $137 billion, most of which he acquired during the course of his marriage. Many have been wondering what the outcome will be, considering that Bezos did not have a standing prenuptial agreement in place. As a result, the terms of their divorce may vary depending upon the state in which they dissolve their marriage.
Being self-employed during a divorce may lead to some contentious issues. For this reason, here are a few important tips to keep in mind:
Protect Your Assets and Resources
Be sure to maintain adequate income records if you are self-employed. A former spouse may allege that your income is greater than you are actually claiming. This may negatively impact your financial future, because you may then be required to pay more in spousal maintenance, among other things.
Continue reading “Getting Divorced While Working For Yourself”