| Lump Sum Spousal Support |
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| Spousal support can be one of the most difficult issues to resolve in divorce. Spousal support, which is also referred to as alimony, involves an obligation by one spouse to make financial payments to the other spouse. Permanent spousal support involves the payment of support after a divorce is granted and until a further court ruling modifies or terminates the obligation. Permanent spousal support may be ordered in situations involving long-term marriages or in situations where one party cannot earn a living due to a disability or injury. Such spousal support can be paid in lump sum or on monthly basis. More... |
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| Domicile and Residence Issues in Divorce |
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| In order to obtain divorce, domicile and residence are important factors. One party must be resident and domiciled in the state where the divorce is sought. In order for the court to obtain jurisdiction, the requirements are "actual residence" and legal domicile. Jurisdiction is determined at the time the divorce petition is filed. More... |
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| Property Division in Divorce: Partition |
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| For purposes of divorce, "partition" is a legal process that divides property, usually real property, into fractional shares for the spouses. Divorce or legal separation establishes grounds for partition in a divorce for jointly-owned marital assets of the spouses. More... |
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| Property Division in Divorce: Valuation of Marital Property |
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| In divorce cases, courts usually must divide the parties' marital property between them. Marital property usually includes both marital assets and marital debts, and generally consists of all property acquired by both or either of the spouses during the marriage, other than property acquired by inheritance or gift from a third party. State divorce laws handle marital property differently depending on whether the state follows equitable distribution, straight community property, "all property," or dual property rules. More... |
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| Valuation of Closely Held Businesses in Divorce Proceedings |
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| Generally, divorce cases involving thorny property issues can be complicated to resolve. This especially is true when the marital estate includes a closely-held business. A closely-held business usually presents one of two scenarios in the divorce context. The business may be tied to one spouse who is responsible for the business's success. Distribution of the business to one spouse often creates asset allocation and business valuation issues. It presents the problem of valuing the business and structuring the parties' assets and liabilities in order to provide the other spouse with a comparably valued property distribution. If the business depends on the operating spouse's good will and management, which many closely-held businesses do, then the true value can suffer under the emotional stress common in divorce even if the business is distributed to the key-person spouse. A business having one value when operated by the key-person spouse can have a far different value when distributed to the non-operating spouse. More... |
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