In our last post, we began discussing the topic of business valuation and how business owners can protect their business assets with a prenuptial agreement. Short of having an effective prenuptial agreement, business assets are divided according to the principles of state law.
We've been talking a lot about property division lately in our posts, both with respect to the case of oil baron Harold Hamm and dealing with debt in prenuptial agreements. Here we'd like to take it a different direction and discuss an issue that is important for many people going through divorce. This is the issue of how the family home is dealt with in divorce.
In our last post, we began talking about the issue of keeping the family home in divorce, an issue which can be somewhat contentious in divorce. As we noted, couples are not always able from a financial standpoint to keep their home, especially when a refinance is not possible.
Back in August, we wrote about the impending divorce case of self-made oil baron Harold Hamm. At that time, commentators were saying that the Oklahoma fracking tycoon's divorce could be one of the most expensive split-ups in history. This was being said because, according to Hamm's wife, his business has increased its wealth by $17 billion since the couple was married 25 years ago. Depending on the way Oklahoma property division was to be applied in the case, a lot was potentially at stake.
In divorce, it is not always an easy task to separate from a spouse in every way. This is particularly the case when there are children involved and both parents want to continue to be involved in their lives. It can also be the case when one or the other party wants to keep the family home but is unable to have the other spouse removed from the mortgage.
In recent posts, we've been speaking quite a bit about prenuptial agreements, particularly about their usefulness in divorce, provided they are wisely negotiated and properly executed. To understand the usefulness of prenuptial agreements in divorce, it is helpful to have a basic understanding of the default rules for property division in the state of Arizona, since these are the rules that apply in the absence of an agreement to the contrary.
In divorce, there can be disputes over many things, including the family home, specific items shared by the couple, child custody, spousal support, and so on. One of the items that is becoming more and more an object of dispute are family pets. This makes sense, being that family pets often involve deep sentiments.
Where a couple obtains their divorce can affect the divorce process, sometimes significantly. This can be seen in a couple of different ways. First, it can be seen with respect to issues like filing fees; residency requirements; waiting and separation periods; and the minimum amount of time to complete the divorce. All of these factors can make a difference in a divorce case, and a recent Forbes article ranked states according to how they measured up in these areas.
Property division is an important aspect of divorce. Along with child custody and visitation, it is one of the areas of divorce many couples fight about the most. It is important for couples-both those who are engaged and those who are considering divorce-to understand how property division works so that they can take steps to plan accordingly.
Divorce can be costly for some couples, particularly those who are determined to battle it out in court over every little disagreement. In divorce cases where a lot of money is at stake, divorce can be particularly costly. Oklahoma billionaire Harold Hamm-known for his pioneering work in the fracking industry-is currently going through what could be among the costliest divorces in history.