A 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
Category Archives: Financial Issues
Subscribe to Financial Issues RSS FeedNew Jersey Follows Florida’s Lead Toward Ending Permanent Alimony
Posted in Alimony, Divorce, Financial IssuesAs we recently discussed, Florida’s legislature took up a measure that would end permanent alimony in that state. Following hot on its heels, the New Jersey legislature recently began considering a bill that would make a major change to its state divorce law. Some states, including South Carolina, still permit “permanent” alimony, meaning after a… Continue Reading
Failure to Pay Child Support on the Increase – Possibly Leading to Jail Time
Posted in Child Support, Contempt of Court, Financial IssuesSeveral articles have appeared in newspapers across the country discussing parents who have fallen behind on their child support payments. Not only have the parents accumulated substantial arrearages, but several are now facing jail time as a result of their actions – sparking a discussion about whether this approach helps or hurts the situation. In… Continue Reading
Open a Bank Account and Support the Upstate Fatherhood Coalition
Posted in Financial Issues, Miscellaneous, Other Resources, TechnologyThe Upstate Fatherhood Coalition is a non-profit organization whose sole mission is to help fathers overcome barriers which may be present in their lives which prevent them from being a responsible and involved father in their children’s lives. They have locations in Spartanburg and Greenville, South Carolina, but serve fathers from all the surrounding counties… Continue Reading
What Is the Impact of Divorce on Social Security Benefits?
Posted in Divorce, Financial IssuesMany spouses wonder what the consequences would be on their Social Security benefits if they were to get divorced. Experts at the AARP and the Social Security Administration provide this information: If you are age 62-plus, were married 10 years or more, and are currently unmarried (and you are not entitled to receive a higher benefit based on your own work), you… Continue Reading
The Impact of Divorce on Children’s Costs for Higher Education
Posted in Child Support, Children, Financial IssuesWhen going through a South Carolina divorce, couples find themselves stretched thin both emotionally and financially. The costs of getting divorced, paying for a South Carolina family law attorney, alimony, child support, along with the burdens of establishing a new household with extra bills and extra responsibilities can be not only tiring, but expensive. Even… 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
Florida Senate Votes to Overhaul Spousal Support Laws
Posted in Alimony, Financial IssuesThe Florida Senate recently passed important divorce legislation that would drastically change how spousal support is handled in that state. The law, backed by the group known as Floridians for Alimony Reform, would end permanent alimony and allow for long divorced couples to reopen their divorce settlements and change long established financial arrangements. The measure,… 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
Facebook Post Leads to Deadbeat Dad’s Arrest for Failure to Pay Child Support
Posted in Child Support, Contempt of Court, Financial Issues, Research & Investigation, TechnologyAs previously discussed, people say and do stupid things on Facebook. More importantly, experienced attorneys are finding and using evidence obtained through Facebook posts more frequently, particularly in family law cases. Using a person’s own words (or photos) against them can be particularly damaging, especially when it harms their credibility by exposing their lies. For… 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
New Prenatal Paternity Test Could Lead To Legal Changes
Posted in Child Support, Financial Issues, Medical Issues, Paternity, TechnologyThe issue of paternity is an important one. Not only does it matter emotionally, but it is also an incredibly important legal (and financial) issue that impacts significant rights and obligations. In cases where paternity is not definitively known, determining who the father is as quickly as possible can be crucially important. Until recently those… Continue Reading
Important Steps To Take If You’re Preparing For A Divorce
Posted in Attorney-Client Relationship, Divorce, Financial Issues, Practice Tips, Procedure, Research & Investigation, Separation, Tax IssuesThe process of deciding whether to seek a divorce can be a long and difficult one. There are many emotional and financial calculations that go into making this decision, and many couples wrestle with the issue for a considerable amount of time before feeling confident with their conclusion. Taking the necessary time to know that your… 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
Tax Tips For Those Going Through A Divorce in South Carolina
Posted in Alimony, Child Support, Financial Issues, Tax IssuesThough everyone agrees that tax season is painful enough by itself, adding a divorce to the mix makes a bad situation even worse. No one wants to face a whopping tax bill in the midst of an expensive or exhausting divorce battle. To avoid costly mistakes, consider following these tips provided by Forbes magazine. First things… Continue Reading
Hollywood Star Sues To Lower Alimony and Child Support Obligations
Posted in Alimony, Child Support, Financial Issues, ProcedureOnce a divorce is filed, the couple’s assets and debts, basically their entire financial life is cataloged and recorded, fought about and agonized over. Eventually, this monetary snapshot is used to determine everything, from child support to equitable division of joint assets to alimony. In South Carolina, in most cases where alimony is awarded, there are… Continue Reading
How To Keep Costs Down During A South Carolina Divorce
Posted in Attorney-Client Relationship, Dispute Resolution, Divorce, Financial Issues, Psychological IssuesEveryone already thinks divorce is an expensive proposition. In fact, many people think that “money-stealing attorneys bleed clients dry”. The reality is that divorce can actually be quite affordable and usually only becomes expensive when couples lose their cool and use the legal process as a tool to exact revenge on former spouses. There are… 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
Ohio Man Behind On Child Support Ordered Not To Procreate By Family Court Judge
Posted in Child Support, Children, Contempt of Court, Financial Issues, PaternityA recent incident in Ohio shows the frustration one judge felt when dealing with a father who was in arrears on the support owed to several children. Even court orders didn’t appear to be enough to get the man to keep up with his obligations, and the judge was pushed to the brink. Sometimes there… Continue Reading
How Might the American Taxpayer Relief Act Affect Your Divorce?
Posted in Divorce, Financial Issues, Tax IssuesWhen Congress passed the recently enacted American Taxpayer Relief Act on January 1, 2013, the goal of the legislation was to keep the economy from falling off the proverbial “fiscal cliff.” In an attempt to avoid what would have been a massive rise in tax rates in conjunction with a massive drop in government spending,… Continue Reading
Tax Tips For Those Facing A South Carolina Divorce
Posted in Alimony, Child Custody, Child Support, Financial Issues, Tax IssuesAs tax season rapidly approaches, those going through a divorce (or those thinking about doing so) may have some questions about how a split can affect your taxes. The first, and most commonly asked question is how does a divorce affect your filing status? This is thankfully an easy answer. Your filing status is determined… Continue Reading
The Problems With Permanent Alimony
Posted in Alimony, Financial IssuesThough most people intend to stay together forever, it doesn’t always work out that way. Despite the best of intentions, marriages sometimes end with couples going their separate ways. It may surprise people to discover that even when the marriage ends, you could still be tied to your former spouse forever. One way you might… Continue Reading