Many things change during and after a divorce. Your living situation, how often you see your children, and your finances are just a few of the things that adjust in your life due to a divorce. One thing that many do not think about until they are working through it, though, is how filing taxes will change as a result of a divorce.
In November, 2019, Attorney Darren Oglesby completed his mediation training certification, adding to his repertoire of creative ways to craft peaceful resolutions in the domestic relations sphere. Mr. Oglesby has always explored agreed-upon solutions where possible, even in highly contentious divorce matters. He looks forward to working with clients who wish to avoid the stress and heartache of contentious litigation.
In 2019 Wilder Mahood McKinley & Oglesby completed the latest hardbound edition of Pennsylvania Family Law Practice and Procedure. This newest edition of the leading treatise on Family Law in Pennsylvania is now available. The Firm has updated our book to encompass the latest decisions and trends in family law, especially in the area of same-sex relationships.
While every divorce is different, one thing is certain – high net worth divorces have an extra layer of complication since there is so much at stake in these types of situations. Most high net worth divorces have an extensive division of assets that can include real estate, property, stocks, businesses, investments, retirement accounts, trusts, and other valuable property.
Many changes will occur in an individual’s life after a divorce is final. One of those things may be how you spend time with your children. Unless there are negative factors involved–such as domestic violence or substance abuse–you may be in a position where you are now a co-parent sharing custody of your children with your former spouse. Co-parenting means that both parents play an active role in their children’s lives and that the parents can effectively communicate to enable joint decision-making. This is ideal in most cases because the children can keep a close relationship with both parents and the parents are actively involved in the children’s care and upbringing.
There is a lot of information out there about divorce – how do you file for a divorce, what is the divorce process like, what are the laws in my state; however, there is not much discussion regarding the events that occur after the divorce has been finalized. After the divorce decree has been issued, what happens next?
Going through a divorce can be complicated, emotional, and stressful. Not only are you separating from your spouse, but you are determining many critical aspects of your future. Will there be an award of alimony? How will the assets, including a family business, be valued? How will the ownership of the family business be decided? All these issues are important, and when your divorce is considered a high net worth divorce, they are taken to a whole new level because the stakes are even higher.
One of the most stressful and emotional parts of a divorce may involve the children and the possible battle over custody of the children. Not only does the custody battle decide how you will spend your time with your children, but it can also have a major effect on your finances – especially if child support is involved. If children are involved in your divorce, you need to have an experienced lawyer, who is skilled in custody litigation, by your side to guide you through the process.
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Divorces are emotional and complicated, and the last thing you want is to settle your divorce and feel that you were not treated equitably. Each divorce is unique and there are many ways they can be exceptionally complicated such as adding family businesses, high net worth individuals, or complex support or alimony to the equation. Regardless of how complex your divorce is, one of the most important things you can do is consult with an experienced divorce attorney to help you through the process and ultimately get a fair divorce settlement.
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When you think of a divorce, one of the main worries that comes to mind is the loss of income and assets. This is especially true for a high net worth divorce since there are such high stakes in the division of property. The uncertainties that come with this can be stressful, but educating yourself and leaning on the expertise of an experienced divorce attorney can make a world of difference.
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