We have said many times that divorce is one of the most difficult challenges that an individual can face. Unfortunately, it is common for couples filing for divorce to also have financial issues, which may even be the basis for the split. In addition, the fallout from the divorce can also prompt one or both parties to file for bankruptcy protection. Regardless of how divorce and bankruptcy are connected, the divorce gets even harder and more complex when bankruptcy is involved before, during, or after filing for divorce.
There is a period of time during the divorce process where each side works to prepare and exchange information for discovery. In the past, this meant financial records, proof of deceit or misbehavior, depositions (sworn statements), interrogatories (your recollections) and requests for admissions, production of documents and tangible things, and disclosure of basic information about claims and witnesses in the lawsuit.
The divorce of Jeff and MacKenzie Bezos is notable for many reasons, but most focus on the fact that world's richest couple is dividing their estate in half despite Jeff's business interests and earnings. This is obviously by choice - there was no prenup or postnup. While there is a $137 billion estate to divide in half, per community property rules where they filed in Washington as well as here in Texas, it may not take nearly as long as many predict.
In a move that leaves some wondering if he is insane and leaves others tipping their hat, Mr. Bezos plans to split the family's $137.1 billion fortune in half as part of an amicable divorce. The couple filed for divorce in Washington State, which like Texas adheres to community property law in the state. This means that all marital property is divided in half, putting MacKenzie Bezos's settlement at $66 billion.
You may have heard the acronym "ATROS", and may think the speaker is talking about baseball, but which actually refers to standard "standing orders" issued in several counties in Family Law cases. However, Automatic Temporary Restraining Orders (ATROS) consist of an actual restraining order based on issuance of citation usually related to a divorce, suit affecting the Parent-Child relationship, annulment or paternity action. Rather than the physical and emotional protection provided by a conventional restraining order, ATROS essentially freezes the couple's marital estate if any, and mutually restrains each party until the matter is finalized in court or further order of the Court. In some counties these are automatically issued,. Protecting finances for both sides
A University of Minnesota professor made national news in September when a jury convicted him of three felony charges. The 57-year-old man was guilty of falsification of the amount in one retirement account and the omission of the existence of another account in efforts to cheat his wife out of an equitable share of the couple's assets. As we pointed out at the time, the wife stood to lose an estimated $353,649 if he had been successful in his scam to perpetrate a fraud on the Court while he cheated his wife.
A spouse may act mysteriously sometimes, perhaps indicating that a marriage is heading toward trouble. In recognizing this odd behavior, some may feel the need to check on the other spouse to see what they are doing. And in the information age, this is now easier to do than ever. With a few keystrokes, a spouse could conceivably open a laptop, go through emails or check browsing history.
Couples who file for divorce are obligated to negotiate in good faith as they go through the process. Ideally, they look at a complete list of their marital assets and then divide them in a fair and equitable manner. Sometimes it does not work that way and they end up in court. Occasionally, one of them ends up court for trying to cheat the system.
Acclaimed documentary filmmaker Michael Moore is famous for such films as “Bowling for Columbine” and “Fahrenheit 9/11.” He generally projects an anti-capitalist or left-leaning political point of view tinged with a flair for comedy.
The impact divorce has upon families is serious and wide ranging. Many have written about how parents can pick up the pieces or how to make the transition go more smoothly for the children.