One thing you never want to do is hide assets during a divorce process. A legal requirement for divorcing couples is disclosing each and every asset they have, including income, expenses, and debts, if applicable. People may hide assets during this process for a variety of reasons, with money being the main culprit. So, what…
A married couple’s house is often one of their biggest assets. If the home was purchased during the marriage, it will be considered a marital asset that must be divided in the event of a divorce. This will be the case regardless if one or both spouse’s names are featured on the deed. Let’s take…
Finalizing a marital settlement agreement does not mean a couple is now legally divorced. Only a divorce decree that is signed by a judge can finalize a split. Let’s take a look at the differences between a marital settlement agreement and a divorce decree. What Is A Marital Settlement Agreement? A marital settlement agreement is…
A marital settlement agreement is known by several different titles across the U.S. Some states refer to this arrangement as either “separation agreements” or “divorce settlement agreements”. Let’s take a look at what these agreements include and how to ultimately finalize one when going through a divorce. What Does A Marital Settlement Agreement Include? A…
You cannot sign a prenup following a marriage. However, when there’s been a considerable economic change for either your spouse or you, you have the right to sign a postnup to obtain more safeguards in the event of divorce. Picture this: You’ve recently married your forever partner. You’re still savoring in the post-wedding radiance when…
Although not always enforceable, they could spare spouses expensive cases of divorce Prenuptial agreements, or prenups, have long been an alternative for couples that are engaged. They make future spouses mediate the separation of assets, in addition to the responsibility for liabilities they possess, should their marriage lose its way. Nevertheless, those same questions can…
For a lot of couples, estate planning in a first marriage can be exhausting and challenging for planning out. Nevertheless, in the event of a second marriage, the process becomes even more challenging. While in the first marriage both spouses usually have the same objectives, a second marriage can create differing objectives on inheritances, financial…
Many people consider estate planning and creating a will the same, however one is just part of the other. Basically, an estate plan is a more widespread plan of action for your assets that may apply throughout your life in addition to after your passing. A will, however, dictates where your assets will go after…
Essentially, portability in estate planning is a tax provision that allows the surviving spouse to add any unused estate tax exemption of the deceased spouse to their own. What Does Portability Mean In Estate Planning? As mentioned above, portability is an estate planning tax provision that allows the surviving spouse to add any unused estate…
In an estate plan, the executor of the estate is an individual responsible for administering the last will of a deceased person, ultimately carrying out the instructions to manage the affairs. What Is An Executor? The executor is appointed by either the testator or the court. Their role is to ensure all assets in the…
