Equitable Distribution

Divorce Financial Tips (3 of 5)

Published on: May 31, 2011 | On behalf of Arnold & Smith, PLLC

This is the third of five divorce financial tips discussed in the article Getting a Divorce? 5 Ways to Ensure It’s Not a Financial Disaster on Yahoo.com. You should pull your credit reports from all three credit reporting agencies before and during your separation and divorce.

There are several good reasons for doing so:

1) This can allow you to spot and correct errors early.

2) You will likely need to do an inventory of your assets and debts as part of your separation and divorce, this will give you one more resource for doing so.

Equitable Distribution of Virtual Assets?

Published on: February 17, 2011 | On behalf of Arnold & Smith, PLLC

Think you’ve seen some unusual divorce settlements in the United States? A recent judgment out of China might take the prize for the most unusual. In December, a judge in China denied a divorcing woman’s claim that she owned half of the “virtual assets” accrued during her marriage.

View and Print our Charlotte Divorce Lawyer Blog Family Law Newsletter – Summer 2010

Published on: July 27, 2010 | On behalf of Arnold & Smith, PLLC

In this issue of our Charlotte Divorce Lawyer Blog Family Law Newsletter, we take a look at how difficult it can be to divide property in equitable distribution. We also take a look at the legal impact of signing a legally binding document without reading and understanding it. Finally, we take a look at relocation issues in child custody cases.

Click here to view and print our Charlotte Divorce Lawyer Blog Family Law Newsletter – Summer 2010:

CHARLOTTE DIVORCE LAWYER BLOG FAMILY LAW NEWSLETTER SUMMER 2010

Divorce Will Cost Tiger Over $750 Million

Published on: July 23, 2010 | On behalf of Arnold & Smith, PLLC

As reported by the Charlotte Observer, reports coming out this week indicate that Elin Nordegren, the soon-to-be-ex Mrs. Tiger Woods, will receive over $750 million from her husband in their divorce settlement. Although Elin estimated that her legendary golfer husband was worth approximately $1 billion, her attorneys uncovered several additional assets owned by Woods which served to increase his net worth. Elin will also receive sole physical custody of the children and will share legal custody with Tiger.

In exchange for her large payout, Elin is banned from publicly speaking or writing about Tiger’s reported affairs and any aspects of their divorce. Thus, unlike many wronged celebrity spouses, Elin must maintain a dignified silence for the rest of her life, regardless of whether Tiger predeceases her. For his part, Tiger is also banned from allowing any future or current mistress or girlfriend near his two children – unless he is marrying one. Under this deal, only married women not romantically linked to Tiger and female members of the staff known to Elin are allowed near the children.

Elin’s receipt of over $750 million is by far the biggest celebrity divorce payout in U.S. history. The previous record was a $168 million payout to Juanita Jordan – otherwise known as the former Mrs. Michael Jordan. Other celebrity divorce settlements rounding out the top twelve include: Neil Diamond and Marcia Murphey ($150 million), Steven Spielberg and Amy Irving ($100 million), Harrison Ford and Melissa Mathison ($85 million), Kevin Costner and Cindy Silva ($80 million), Madonna and Guy Ritchie ($76 to $92 million), Paul McCartney and Heather Mills ($60 million), James Cameron and Linda Hamilton ($50 million), Michael Douglas and Diandra Douglas ($45 million and two homes), Lionel Richie and Diane Richie ($20 million), and Mick Jagger and Jerry Hall ($15 to $25 million).

Lack of Financial Stability Contributes to Divorce

Published on: February 20, 2010 | On behalf of Arnold & Smith, PLLC

According to an article entitled Five Ways to Save Your Marriage published last week by CNBC, positive financial behavior contributes greatly to the long-term stability of marital relationships. Certainly, this does not come as a surprise to married couples in Charlotte working through these tough economic times.

Conversely, and also not surprisingly, according to reports by the National Marriage Project at University of Virginia, the negative effects of poor money management are one of the leading causes of divorce. Couples who do not manage their money well and contribute to savings together are more likely to accumulate marital and individual debt, which puts a great deal of stress on a marriage.

The National Marriage Project’s 2009 State of Our Unions report indicates that debt accumulation contributes to a sense of financial unease, which in turn increases a couple’s likelihood of fighting over both financial and non-financial matters.

Does Charlotte have a High Rate of Divorce Cases?

Published on: February 3, 2010 | On behalf of Arnold & Smith, PLLC

According to a recent report from divorce360.com, Americans who live in the South are much more likely to get divorced than residents of the Northeast. This study, conducted by the Barna Group, reports that 27% of people who were married in the South get divorced, as compared to 19% of those in the Northeast. The Midwest also boasts a comparable 27% divorce rate, closely followed by a 26% rate in the West.

Although the results of this study may seem atypical to those Southerners who generally consider themselves to be more traditionally conservative, the National Marriage Project at the University of Virginia has an explanation. People who live in one area and do not move or relocate are much more likely to stay married over people who move, such as residents of the Midwest, the West, and the South.

One wonders whether there might be other explanations, or at least other factors, involved in these elevated divorce rates other than migratory trends. Does it make a difference at what age couples are married? Perhaps employment status or work conditions are impacting the divorce rates. Similarly, maybe there is an economic element which correlates to the higher divorce rates which relates to the economic and financial strength of the area. Family history and demographic trends may also play roles in the equation.