Articles Tagged with community property

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Commonly Overlooked Financial Issues in Divorce

Commonly Overlooked Financial Issues in Divorce

Divorce is likely to be one of the most challenging experiences you will ever endure, and it’s important to approach the situation as informed as possible about the obstacles you are likely to encounter. Divorce is more than just terminating your marriage contract; it is also the legal process of assigning individual ownership rights over the property and debt you and your spouse jointly control.

Navigating any divorce can be incredibly difficult, but this is especially true for cases that involve complex financial issues. Do not assume that if you are not wealthy, you will not face significant financial concerns in your divorce proceedings. The following are some of the biggest financial problems that catch divorcing spouses by surprise as their cases unfold.

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It’s no secret that divorces can get expensive. The divorce between Dodgers owners Frank and Jamie McCourt exceeded $20,000,000 in fees! There are three fairly simple steps that every single person can take before and during marriage to make any potential divorce less expensive.

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Janus Friis, the co-founder of Skype, gave his Danish pop star girlfriend Aura Dione (real name Maria Louise Joenson) a $471,942 engagement ring when he popped the question in July of 2013. Among the platinum ring’s many diamonds are a 1.76 carat center diamond, two pear-shaped blue diamonds weighing in at .91 carats, and 1.75 more carats of blue and pink diamonds. Once they were engaged, he also gave her an apartment in Copenhagen and cash gifts. Unfortunately, Friis later found out that his pop star love had been sleeping around with other men and called off the engagement.

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When the marriages of most couples become irretrievably broken, the most common way to end these marriages is to file for divorce. However, certain extenuating circumstances call for annulling the marriage rather than dissolving it.

There are two distinct categories of marriages in the context of nullities. There are marriages that are void and there are marriages that are voidable.

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