What is separation?
What is a High Net Worth Divorce? By J. Turner Thornton , Partner, Varghese Summersett, Divorced Girl Smiling Trusted Professional What is a high net worth divorce?A high net worth divorce case is one in which the divorcing couple has significant assets, property, and income to divide. These cases often involve complex property division and alimony arrangements. Generally, this means at least a million dollars in assets that need to be divided. Divorce can be especially complex for high net worth individuals, requiring in-depth negotiations and property division arrangements. In such cases where significant assets are at stake, it’s essential to consider the possibility of hidden or undisclosed funds by either party. This is often a difficult task as cash is notoriously hard to trace. When marriage hits the rocks, some people may try to get creative or even go to extreme lengths to protect their financial well-being. Here are some ways people try to hide mo...
Separation occurs when a couple who is married decides that they want to try living apart. Separation is often, but not always, a precursor to divorce. However, separation can also have different meanings in different states. Some states recognize the concept of a "legal separation," and such a formal arrangement can expedite the process of divorce. Others do not recognize a state known as "legal separation" but may still enforce a separation agreement if the couple draws one up.
ReplyDeleteSeparation Agreements
Regardless of whether your state requires or recognizes "legal separation" or not, you may need a separation agreement. This becomes important because most states have a waiting period before a married couple may divorce.
In some jurisdictions, a couple has to live apart for around a year before their union can officially end under the law. During this time period, there may be many issues that need to be worked out. For example, issues of custody cannot wait a year, especially if the parents do not agree on who the child should live with or how much time the child should spend with each parent. Furthermore, if one spouse is going to need alimony or spousal support from the other in order to be able to cope financially, he or she may not be able to wait a year to get it.
In order to deal with these issues, many couples draft formal separation agreements when they decide to split up. These agreements can eventually become part of a final divorce settlement. They can also be given legal validity by a family court, if the couple needs for the court to make decisions or enforce support rights or custody rights.