Figuring out what kind of bankruptcy you’re supposed to file under isn’t easy, and figuring out which fits your situation best can be fairly tricky as well. Let’s take a look at the different ways that one can file for bankruptcy, and in what kinds of situations it would be appropriate to do so. Chapter… Continue Reading
Category Archives: Assets and Debts
Subscribe to Assets and Debts RSS FeedHow To Control Spending Splurges After A South Carolina Divorce
Posted in Assets and Debts, Divorce, Financial Issues, Psychological IssuesEveryone knows that a South Carolina divorce can be a long, hard process. Given all the emotion and anger that has been vented and the tears have been shed, it can be a very draining period of months. Once the dust has settled, many recently separated South Carolina couples will feel the urge to treat… Continue Reading
How To Watch Costs In A South Carolina Divorce
Posted in Assets and Debts, Attorney-Client Relationship, Child Custody, Dispute Resolution, Divorce, Financial Issues, Practice Tips, Trial of CasesEveryone knows how expensive a South Carolina divorce can be. Lawyers fees and court costs can be expensive enough, but complex, complicated cases involving child custody or complicated finances can see those balloon. If accountants, psychologists, custody evaluators, or mediators are required, you’re talking about serious cost. In your spouse has engaged in especially bad… Continue Reading
Millionaires Fight Over $50,000 A Month Child Support Payments
Posted in Assets and Debts, Child Support, Discovery, Financial Issues, Jurisdiction, Research & Investigation, Tax IssuesA recent New York Times article discussed an especially scandalous story involving hedge fund millionaires, a love child and a potential gold-digging, Mount Everest-climbing socialite. The story begins in Aspen, Colorado, a city full of wealthy jetsetters looking to mingle. It was there that Warren Lichtenstein, a Wall Street financier, met Annabelle Bond, a British… Continue Reading
Equitable Division of Assets in South Carolina
Posted in Assets and Debts, Divorce, Financial Issues, SeparationMost people understand that during a divorce or separation, property and debts must be divided. In South Carolina, the judge hearing your case in Family Court will divide all of your marital assets as equitably as possible. This does not always mean an even split, but it often involves taking the assets of one party and… Continue Reading
Are You on the Hook for Your Spouse’s Business Debt?
Posted in Assets and Debts, Divorce, Financial Issues, SeparationA recent Fox Business article discussed a fairly common situation where a couple was facing divorce and the husband owned his own business. The wife worried that the credit cards he was using for business expenses might become a problem for her, lowering her credit score or becoming her responsibility in the event that her… Continue Reading
The Importance of Intellectual Property in a Divorce
Posted in Assets and Debts, Divorce, Financial IssuesEveryone’s read stories about some of the nasty fights that go on when celebrities divorce. The cases can become bitter fast and can stretch on for far longer than necessary. Sure, the couples are fighting about money and children and custody time, but one of the subjects that celebrities often fight over, and that even… Continue Reading
What Does “Exclusive Possession of the Former Marital Home” Mean?
Posted in Assets and Debts, Contempt of Court, Harassment, Procedure, SafetyIn South Carolina, when people separate or divorce, one spouse is typically awarded “exclusive use and possession” of the marital home. This is usually implemented at a temporary hearing soon after the parties separate, but it is subject to change at the final hearing. In either case, an Order is issued specifying who has possession… Continue Reading
Understanding the True Value of Retirement Assets Is Key to Equitable Division of Assets
Posted in Assets and Debts, Divorce, Financial Issues, Practice Tips, SeparationSouth Carolina, unlike some states, is not a ‘community property’ or ‘50/50’ state, but rather follows the ‘equitable distribution’ model, which means the Family Court weighs many factors in dividing the marital assets and debts when spouses separate or divorce. These factors include the duration of the marriage, the misconduct on the part of a… Continue Reading
Record Breaking Divorce Settlement Possible in Oklahoma Case
Posted in Assets and Debts, Dispute Resolution, Divorce, Financial Issues, SeparationThankfully it’s not a problem faced by many couples in the midst of a divorce here in Greenville or Spartanburg, South Carolina, but one case that’s currently pending in Oklahoma could take the cake as the biggest settlement in history. The case pits Sue Ann Hamm against her oil baron husband, Harold Hamm. Harold appeared on… Continue Reading
How Do I Value My Home During A Divorce?
Posted in Assets and Debts, Financial Issues, Procedure, Research & InvestigationSomething that might seem easy but can prove to be quite daunting in some cases is valuing a couple’s marital residence during a divorce in South Carolina. Many people might assume that they can simply agree on a figure and go on about their business. However, that’s seldom the case, as the value often affects… Continue Reading
Should You Fight to Keep the House in a South Carolina Divorce?
Posted in Assets and Debts, Divorce, Financial Issues, SeparationOne of the most commonly asked questions by those facing divorce is what to do about the house. Prospective clients almost always want to know whether they should fight to keep it, sell it, or give it to their soon-to-be ex. The answer, however unfulfilling, is that it depends, because there are a lot of… Continue Reading
Protecting Your Retirement During & After Divorce
Posted in Assets and Debts, Attorney-Client Relationship, Divorce, Financial Issues, SeparationGoing through divorce can be devastating at any age, but after the age of 40 it can be especially difficult. Typically, clients who face divorce over the age of 40 have been married many years and must face divvying up many years worth of accumulated property and, hopefully, wealth. Even in dark economic times when couples fear their wealth… Continue Reading
Will Alimony Be Enough For You To Keep The House?
Posted in Alimony, Assets and Debts, Divorce, Financial IssuesIf you’re making or receiving alimony, you might wonder how those payments will impact your decision to either keep and refinance your current house or find a new place to live once the divorce is over. The fact is, alimony can be a deciding factor for some banks when they are considering approving you for… Continue Reading
Financial Restraining Orders in South Carolina
Posted in Assets and Debts, Financial Issues, ProcedureThough the phrase “restraining order” conjures up certain terrible images in most people’s minds, the fact is a Temporary Restraining Orders (TROs) does not have the some connotation in a divorce setting. Rather than being used to help protect a battered wife, TROs are documents that can help ensure mutual respect between spouses and can… Continue Reading
‘Gray Divorces’ in South Carolina Should Focus on Retirement Savings
Posted in Assets and Debts, Divorce, Financial Issues, Relationships, SeparationWe’ve mentioned the phenomenon known as “gray divorce” before, the increasing trend among older couples who are calling it quits. The reasons are many and complex: longer lifespans, changing societal attitudes towards divorce and the difficulties of living in an empty nest have all contributed to an era where one in four people getting divorced… Continue Reading
Divorce Among Billionaires A Costly Endeavor
Posted in Assets and Debts, Divorce, Financial Issues, SeparationThough divorce amongst billionaires is something many of us in South Carolina will never have to worry about, their cases do shed light on problems faced by ordinary couples. Though the number of zeros is much greater, even normal people have to cope with handing over large percentages of their assets to an ex-spouse, especially… Continue Reading
New York’s Equitable Division Law Means College Degrees May Be Considered Marital Property
Posted in Alimony, Assets and Debts, Divorce, Financial Issues, SeparationA recent article in the Wall Street Journal discussed a very bizarre quirk of divorce law in New York. The article focused on one woman, Tanya Finch, who began pursuing a nursing degree while married to her husband, Kenneth Quarty, who was legally blind and did not work outside the home. Tanya worked multiple jobs… Continue Reading
The Cost of Infidelity
Posted in Alimony, Assets and Debts, Dispute Resolution, Divorce, Financial Issues, Prenuptial Agreements, SeparationIt seems like we hear about cheating spouses everyday, whether it’s a Hollywood celebrity or the Director of the CIA. Though the headlines can be scandalous, the reality in court is that many times, judges don’t care. Instead, the real price paid for such cheating comes from settlements, not trials. The reason is that most… Continue Reading
Why Waiting Until January to File for Divorce Is a Good Idea
Posted in Assets and Debts, Divorce, Financial Issues, Procedure, SeparationThe commonly held notion that more people get divorced after the holidays is true and, it turns out, there are plenty of good reasons for it. For one thing, the holidays are a trying time full of family, friends, get-togethers and expectations. Making the move to divorce during the midst of all that is not… Continue Reading
The Special Challenge of Divorce Among Stay At Home Moms
Posted in Assets and Debts, Divorce, Financial Issues, SeparationThough divorce is hard for everyone, stay at home moms in South Carolina face a special problem when they think about ending their marriage: lack of financial resources. This group may much more likely to stay in a bad marriage given their fear of being left financially destitute. Many have been unemployed for years, maybe… Continue Reading
What To Do If You Divorce and Still Run a Business With Your Ex?
Posted in Assets and Debts, Communication, Dispute Resolution, RelationshipsThough it can be hard for business partners to keep personal issues out of the workplace, the trouble pales in comparison to the issues faced by partners that used to be married to one another. A recent article in the New York Times discussed what happens when a couple who runs a business gets divorced… Continue Reading
Study Reveals Surprising Number of Spouses Admit to Hiding Money
Posted in Assets and Debts, Discovery, Financial Issues, Research & InvestigationAs anyone going through divorce knows, it’s crucial that you lay all your cards on the table. You have an obligation to be open and honest with your spouse, especially when it comes to financial assets and liabilities. Only with a clear picture of a couple’s financial life can a divorce be fair and equitable…. Continue Reading
Bizarre Prenups Exposed
Posted in Assets and Debts, Divorce, Financial Issues, Prenuptial Agreements, Procedure, SeparationWhen it comes to drafting a prenuptial agreement, outlining each partner’s expectations can be a healthy move to protecting your future and ensuring that your particular concerns are addressed. Heading into a marriage fully informed about each party’s assets and what will happen in the event that the marriage ends in divorce allows both parties… Continue Reading