Amazon founder and CEO Jeff Bezos and MacKenzie Bezos recently announced that they are getting a divorce after 25 years of marriage. This case highlights the challenges that business owners and executives often face in equitably dividing their assets during a divorce.
Divorce And The Corporate Spouse
Behind the scenes, spouses may play an important role in the success of CEOs and other business leaders. They may serve as a sounding board, provide support and even offer suggestions about improving a business.
How To Avoid Choosing The Wrong Divorce Attorney
The attorney you choose to guide you through the divorce process will play a critical role in the outcome of your case. Choosing the wrong attorney can prove costly, time-consuming and ultimately impact the division of property, child custody and more. Thankfully, there are measures you can take to increase the likelihood of choosing the right attorney for you.
Is Divorce Public In Connecticut?
Divorce is a private matter. Most people would prefer to keep it confidential, particularly when they wish to limit the disclosure of sensitive or proprietary financial information or trade secrets. Some cases involve allegations of salacious information that could potentially harm a person's character. However, divorce is a matter of public record in Connecticut.
How Effective Are Premarital Agreements In Divorce?
People going through a divorce often assume that challenges to premarital agreements are impossible. However, not all premarital agreements are enforceable. The Connecticut Premarital Agreement Act, passed in 1995, lists a variety of factors that could potentially make the premarital agreement unenforceable in a divorce.
Are Trusts Subject To Property Division?
Trusts are complex fiduciary mechanisms designed to protect and preserve assets. Some people believe that assets held in a trust are protected in a divorce. However, depending on a variety of factors, those assets may still be subject to property division.
Is There An Alimony Formula?
People going through a divorce often want to know whether the court will award alimony and, if so, the amount and duration of the alimony award. Judges are not limited to a strict formula, which makes it challenging to predict the exact amount of an alimony award. Instead, judges are guided by numerous statutory factors.
The Tax Burden Of Alimony Has Shifted
Under the Tax Cuts and Jobs Act, starting January 1st of 2019, alimony payments will no longer be deductible from a payor's income, nor will they be taxed as income to the payee.
This change represents a dramatic change in the federal tax law as it pertains to divorcing couples. Experts have speculated that the change in the tax law could lead to several consequences, ranging from a race to resolving divorces before the end of 2018 to people simply no longer initiating actions to dissolve their marriage. In reality, these forecasts may be extreme. However, for those whose divorces involve alimony claims, also known as spousal maintenance, there will be changes.
How To Prevent Financial Devastation In A Gray Divorce
Gray divorce, the term describing couples over 50 years of age who wish to dissolve their marriage, is on the rise. In fact, the divorce rate for people over 50 doubled since 1990, and tripled for people over 65. While these couples typically do not need to address child related issues like child custody, they do face a much greater risk of drastic changes to their financial condition.
Are You Satisfied With The Status Of Your Divorce?
One of the most important aspects of your case is the relationship with your attorney. Your attorney has many responsibilities to you, and if he or she is not satisfying these obligations, you should seek a second opinion from another attorney.
