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Springfield Family Law Blog

What will happen to the family business after my divorce?

Marriages that have produced a family business are often left wondering what to expect after the division to the marriage is finalized. Will I have to divide the business? Is there any way it can continue to thrive despite the marriage failing? These are legitimate concerns to ask when separating the financial merging of former couples.  

An important starting factor when approaching this situation is securing a lawyer with a deep understanding of business laws and experience managing this and other high-asset divorces. There are complexities related to dividing a marriage with a business between them that simply do not appear in other divorce cases.

High-asset divorce: Prenup protects Georgina Chapman's interests

Prenuptial agreements can protect spouses in marriages anywhere, including in Oregon, regardless of their net worth. They can be particularly valuable in a high\-asset divorce. A perfect example may be the divorce of celebrities Harvey Weinstein and Georgina Chapman. Both spouses are highly successful in their respective fields -- he as a film producer and she as a fashion designer.

They were married in Dec. 2007, and they have two children. Weinstein is said to be worth approximately $300 million -- until several lawsuits and many more allegations were made against him of sexual harassment and abuse. It is now speculated that this may cause his financial ruin. However, although this caused Chapman to leave Weinstein last October, she appears fortunate to have the protection of a prenuptial agreement.

Grandparents' rights and child custody in Oregon

Determining child custody is difficult for everyone involved. For grandparents who are not primarily responsible for the child's care, they may feel they will lose quality time with their grandchild if they or their child is not awarded custody, or if joint custody is awarded.

It can feel helpless to not have any say in the child custody arrangements. Thankfully, in Oregon your needs can be addressed.

What are some reasons a prenup may be invalidated?

Last month, we wrote a post about prenuptial agreements and how to go about getting one of these contracts without ruining your relationship. In that post, the importance of the prenuptial agreement was central to the discussion. Today, we want to talk about the prenuptial agreement in a different context: how a spouse could actually mount a serious and successful legal challenge to a prenup.

Prenups have long had a reputation as being nearly impossible to overturn or reverse. To a certain degree, this is true. In most cases, judges will want the prenup to stand as is. However, there are circumstances where the prenup can be successfully challenged. One such circumstance is if the information contained within the prenup is illegal or false.

Divorce trends: Get a prenup without ruining a relationship

When a couple is planning a wedding in Oregon or anywhere around the nation, there is a long list of things to do. Choosing a venue, picking out a dress, selecting a caterer or planning a honeymoon are typical activities that come to mind. Getting a divorce is certainly not a topic of conversation most couples address in the midst of wedding plans. However, experts suggest that developing a prenuptial agreement prior to marriage affords couples an opportunity to logically discuss what might happen if a split occurs.

Certainly, the development of a prenup may create some frustration. However, marriage advisors acknowledge that prenuptial agreements can prove to be very useful documents in the future. They recommend several suggestions on how to create an effective prenup while preserving a relationship.

Shared parenting: A positive child custody arrangement

When a couple gets a divorce in Oregon or anywhere around the country, there are numerous issues they must address during the process. If the couple has children together, the issue of child custody is paramount in their decision making. The best interests of the child are considered the standard by which courts make custody decisions. However, some family experts contend that some courts need to update their interpretation of that standard.

Traditionally, the decision is made to award sole custody to mothers. Yet, studies frequently show that children raised by one parent are more at risk to drop out of school, become pregnant or experience other problems. Statistical evidence increasingly supports a shared custody arrangement for the children. In these situations, children spend roughly equal time with each parent.

Tax reform bill can affect alimony payments in divorce process

The tax reform bill currently in Congress is a hot topic in the state of Oregon and other states across the country. One issue addressed in the bill that is before the House of Representatives is the treatment of alimony. Since the discussion of alimony can be a potentially volatile subject in divorce proceedings, any potential changes in its handling is being closely watched.

As the law stands now, the person paying alimony may take an above-the-line deduction, whereas the person receiving it must count it as gross income. The former spouses may enter an agreement to alter their alimony's tax treatment. Typically, the payor of alimony would be in a higher tax bracket and thus would benefit from the deduction.

Avoid common financial pitfalls in divorce

When a marriage ends in Oregon or anywhere else around the nation, couples often find that their financial situation is negatively affected. Incomes are typically reduced, yet each household has its own set of expenses. Financial experts have identified several areas of concern for women involved in a divorce. However, men as well as women would be advised to avoid these pitfalls.

Advisors suggest that keeping the home in a divorce settlement is not always the best decision. Many expenses come with the house, such as the mortgage payment, repairs and maintenance. This could prove burdensome for one spouse to handle alone. Another area of possible concern is how assets are valued. Two assets may appear to be equal in a property listing, yet not be equal when potential taxes and other miscellaneous expenses are taken into consideration.

Shared parenting gaining support in child custody decisions

There are many issues to address when couples from Oregon or elsewhere around the country go through a divorce. If a couple has children, the topic of child custody is often one of the more complex issues that is discussed. Many psychologists and child experts are now citing that children fare better when parenting is shared with both mother and father, following a divorce.

Statistics show that mothers traditionally have been granted full physical custody roughly 80 percent of the time. Fathers often saw their children every other weekend and perhaps one night during a week. This pattern was supported because authorities believed that children would experience less stress because they would not observe conflict between their parents. However, more recent studies have caused many experts to question traditional custody norms.

Don't neglect financial planning in a divorce

When couples decide to end their marriages in Oregon or elsewhere around the country, there are many questions for them to address. However, the most complicated issues that arise during divorce proceedings often revolve around finances. Experts stress the need for both spouses involved to address several areas during the process.

Advisors emphasize the importance of thoroughly understanding one's financial situation. The first step would be to collect all information regarding assets and liabilities. It would be helpful for both spouses to develop a budget while going through the divorce. While it is critical to consider how immediate expenses will be paid, it is just as important to think about potential future expenditures.