Divorce is one of the most difficult challenges that many of us will face. So regardless of how hard we try, it is likely that one's divorce will impact his or her ability to do their job. Along with taking off time for court or meetings it will also be harder to focus as well as meet deadlines or sales goals.
It can be challenging to keep one’s personal life from intersecting with one’s professional life during a divorce. The task becomes impossible when a spouse loses their job while going through the process. Regardless of whether it is a client or their spouse, there are immediate concerns about how this affects negotiations as well as the final settlement.
Divorce rates have flattened out or gone down in most age groups. However, couples over the age of 50 are the exception – in the 1990s, 1 in 10 couples in this age group filed for divorce, but now it is 1 in 4 with experts predicting it will become increasingly common. Known as the “grey divorce”, this phenomenon involves couples who raised a family, grew apart over the years or have different goals for how to spend their final years, whether it is starting a business, traveling more, relaxing or maintaining the current course.
People react to the pressure of conflict in different ways, and it may not even be consistent with who they are. For example, a calm and logical person may become irrational and angry during a high-conflict divorce.
The Bezos divorce has been followed by many around the world for a good reason. As the world's richest couple, the settlement is a massive division of $138 billion in assets. However, the complexity of the Bezos divorce means that it impacts business interests in Amazon, the Washington Post, Whole Foods and other businesses in which the couple has an interest. There is also the fact that the couple, who had been married for 25 years, had no prenuptial or postnuptial agreement. Finally, there was the division of marital assets in the couple's home state of Washington, which like Texas, is a community property state where assets are typically divided equally.
The circumstances surrounding divorce are as unique as the individuals involved. While one couple may approach it as the end of a business partnership, others end up in court because the two sides cannot agree on one or several important issues. If there are disagreements, it may be necessary to use an expert witness to either provide knowledgeable information to a judge or strengthen a case during the discovery process.
There are a million details that need to be ironed out when one gets divorced. While determining a parenting plan and dividing the assets are at the top of the list, it is a mistake to put the task of changing your passwords at the bottom of the list. We have recently talked about being aware of one's digital footprint during the divorce process, but digital security experts believe it is also a smart idea to change passwords for any digital account that your ex-spouse no longer needs access to.
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.