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Providence Divorce Law Blog

How is a financial planner a useful tool in a divorce?

Even when couples amicably reach the conclusion to end a marriage, divorce is never an easy process. There are numerous factors to consider, and even the most organized individuals could have their judgments clouded by emotions or can overlook important issues. Because divorce is a complex process, divorcing couples in Rhode Island should consider including financial help in the process.

How is a financial planner a useful tool in a divorce? A financial planner or a financial advisor can help uncover and address all finances involved in the divorce. They can help a spouse determine what category a piece of property or asset falls under. Even if a spouse strongly believes that an item is personal property, a financial advisor can help them understand why it is considered marital property and will be involved in the property division process.

Considering child custody mediation during dissolution

Rhode Island parents often encounter parental challenges, causing them to make difficult but necessary decisions. These situations often occur during a dissolution when parents must arrive at an agreement regarding child custody. While this is not an easy step, it is a crucial step that not only impacts the parents but the child as well. This is why divorcing parents should be aware of their options when it comes to negotiating a custody agreement.

Although there are various methods divorcing parents could uses to arrive at a fair custody arrangement, child custody mediation can be a useful tool or method. When using this method, parents should consider three important factors.

Family businesses and dividing assets during dissolution

Nowadays, couples in Rhode Island and other states across the nation together share more than just a home and a bank account. For some couples, they could own and share multiple assets and property, causing them to become marital assets. In other marriages, the couple could have a family business together. When a business is considered marital property, if the couple divorces, this could lead to disputes and complex property division issues.

When a couple seeks to dissolve their marriage and they own a business together, certain details about the business are often used to help determine how business assets are divided. While some couples utilize legal documents to dictate what would happen to the business in the event of a divorce, this does not always occur.

How are custody orders enforced when a parent moves?

With divorce comes many potential complications. When children are involved, divorcing couples in Rhode Island and elsewhere in the nation often question their child custody rights. What if their ex-spouse does not follow the agreement? What happens if one of the parents moves to another state? How is child custody enforcement applied and how are orders modified when parents live in different states?

Because divorce brings many changes, it is expected that the lives of parents post-divorce will change as well. This means that some might move to another state. This creates a lot of concern regarding people's visitation and custody rights to their child or children. Moreover, this leads to child custody modification questions and issues. How are these changes made and how are they enforced?

Postnuptial agreements can help avoid future disputes

There are various legal documents that go into a marriage. For some, this means executing a prenuptial agreement in order to disclose all their assets and property. In addition, this document could help with asset protection. While it is common for wealthy couples in Rhode Island to include a prenuptial agreement in their union in order to avoid a messy high asset divorce, not all opt to file a prenup. If a couple decides to forego a prenuptial agreement, could they file a prenup during the marriage?

While a prenuptial agreement is a document that needs to be completed, signed and filed prior to marriage, couples could choose to file a similar document during their marriage. A postnuptial agreement serves almost an identical purpose as a prenuptial agreement, and more and more couples are choosing to file this legal document to protect their assets in case of a divorce.

Addressing retirement accounts during dissolution

Most Rhode Island couples probably know that divorce could happen at any age, no matter the length of the marriage. Whether it is a spouse's first, second or third marriage, it is crucial to pay attention to their individual assets as well as their marital property. During dissolution, the property division task could evolve into a major divorce issue, especially if the couples has substantial assets to consider.

Over the years, "gray divorces," or divorces amongst people older than 50 have been increasing. Because of the surge in divorce filings of this age category, there has also been a growing concern regarding retirement accounts. While older couples ending their marriage often avoid common divorce issues such as child custody and support, they do have to tackle property division.

What are the benefits of a prenuptial agreement?

Soon-to-be married couples in Rhode Island have many important decisions to make. With regards to their marriage, some couples decide to take an extra step to ensure the protection of their property and assets. If a divorce were to occur, a prenuptial agreement could protect the finances of each spouse during the property division phase. In addition, a prenup could establish how marital property is divided during dissolution.

With a valid and enforceable prenuptial agreement, a prenuptial agreement can serve many purposes and they are not just for the wealthy. In addition, it is not a document that simply serves as a planning instrument for the worst-case scenario -- that is, dissolution.

Child support enforcement and incarceration alternatives

When Rhode Island parents decide to divorce, there are many important topics to consider regarding their children. Their financial needs and wellbeing need to be met, and while child custody agreements help outline the best interest of the child, child support helps ensure their needs are satisfied. When a parent fails to make a child support payment, their failure to pay could lead to serious penalties. Some of these penalties could be harmful to the children.

While some states vary in the usage of contempt proceedings and threatening incarceration for failure to pay child support, all states have some means for child support enforcement. In roughly 70 percent of all child support enforcement cases, payments are collected through income withholding and other automated enforcement procedures versus using civil contempt proceedings.

Working through the issues of a high-asset divorce

The divorce process often means that spouses need to consider details about their life prior to marriage, during the marriage and post divorce. Our law firm understands the obstacles divorcing couples in Rhode Island might encounter regarding the property distribution and the division of high assets.

The division of marital property is often the most contentious issue in divorce, especially when it involves substantial assets and property. Our attorneys are well versed in the steps required to reach a fair property division agreement. Furthermore, our law firm will appropriately work through the various factors that could impact property distribution during a high-asset divorce.

What are the best interests of the child regarding custody?

The divorce process requires people to make many decisions. When couples in Rhode Island determine that filing for divorce is their best option, the lives of the spouses are not the only ones impacted by. If children are involved, numerous choices must be made regarding the lives of the children post divorce and their best interests should be fulfilled when devising a child custody plan.

What are the best interests of the child regarding custody? This means that the ultimate goal of fostering and encouraging the happiness, mental health and emotional development of the child is the focus of the decisions made regarding the custody and visitation plans for the child or children.

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