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High Asset Divorce: Are milliennials influencing divorce changes?

Experts have learned over the years that every generation is impacted by countrywide or worldwide events and circumstances. The millennial generation is frequently discussed because they are generally different than previous generations. As millennials have married in recent years, Pennsylvania attorneys have seen some changes in how millennials may handle a high asset divorce.

Although data indicates that the divorce rate is lower among millennials, attorneys report an increased request for prenuptial agreements. Attorneys and researchers believe that the increase in prenuptial agreements may also be related to many millennials choosing to marry later in life. Some individuals are able to acquire wealth when they wait longer to marry and may wish to protect assets in case of divorce with a legal agreement. In addition, some individuals may use prenuptial agreements to specify how a couple plans to handle significant debt acquired prior to marriage, such as student loans.

Couple argues over selling art collection in high asset divorce

Half a century is a long time to be married, and many in Pennsylvania would speculate that a marriage that lasts that long is strong. One couple in another state is proving that marriages are not always what they seem to be. Because of their significant wealth and disagreement on the value of shared assets, processing their high asset divorce has been a difficult process.

The couple in question had been married for 58 years, and they began their divorce process in 2016. A recent hearing for the couple revolved around their art collection valued at approximately $700 million. The collection includes artists such as Andy Warhol and Alberto Giacometti. Reportedly, the couple desires to liquidate their art collection and intend to split the proceeds. The process of selling the collection has been difficult because the couple has not agreed on its value and an individual to help them sell the collection.

Deployed father granted temporary reprieve from child support

Pennsylvania parents who pay or receive financial support may be interested in a recent ruling in another state's family law court. The father of two children was granted a temporary reprieve from making child support payments following an order for deployment through the Army National Guard. The case is unusual because the father will continue to receive pay while he is deployed, and his children will continue to require financial support.

The formerly married couple share two young children both under the age of 10. Reportedly, their divorce finalized in 2017, with the mother receiving full custody of the children and the father paying $1,059 a month in financial support from the income he earned as a firefighter. Both were not happy with some of the terms of their divorce agreement, and both had filed for amendments in their divorce decree. Before decisions could be made on their requests, the father received orders to deploy to another country through the National Army Guard.

Attorneys can help achieve a amicable high asset divorce

Pennsylvania residents contemplating ending a marriage may fear the pain, turmoil and upheaval of their life as well as the disturbance it may cause for any children or pets. Despite stereotypical cases of hostile high asset divorce cases, many couples achieve amicable separation of their married lives. Certainly, choosing the right family law attorney can help with the process.

In addition to choosing the right lawyer, there are other tips offered by experts to keep the peace between separating adults. Couples who wish to achieve a loving separation may start with mutual respect for the other spouse. Respect of the soon-to-be former spouse may be displayed by refusing to speak negatively about the other spouse in front of shared children and family. When children are involved, it is recommended that the details of custody and living arrangements be determined quickly and prior to any discussion of a financial division. Ensuring the children have stability prior to financial discussions may help keep the peace.

Establish boundaries with an ex to protect your future happiness

The chance of divorce in a second marriage is even higher than the first, which makes the healing process essential for future happiness. Despite being legally divorced, many couples still interact with each other as they did when they were married, making it hard to shake off resentments, emotional patterns, and anger. If this pattern is not corrected after divorce, it will continue and often negatively impact any subsequent relationships you form with a new partner, your children, and stepchildren. So, what can you do to increase your chances of a successful second marriage? 

Does death of a parent end child support payments?

Following an unexpected death, the shock may make it difficult to process the changes that may result for surviving family members. In addition to settling the estate of a loved one and filing insurance claims, surviving family members often face the reality of surviving without a loved one's income contribution. The adjustment for some significant others and dependents can often be very difficult. Pennsylvania parents may be interested in one mother's suffering, following the sudden death of the alleged father of her child and whether or not his estate will continue child support payments. 

According to the mother, she and the deceased father gave birth to a daughter 18 years earlier while they were not married. Without the assistance of family law court, the parents worked out an agreement between the two of them. According to the mother, the father was faithful to provide child support payments and additional expenses when needed, and had agreed to assist with college expenses. Two years prior to his death, the father remarried.

Estate planning and blended families

Have you moved on since your divorce and met someone new? If you have entered into a subsequent marriage, have you updated or had a whole new estate plan drafted? A new relationship after divorce is certainly reason to celebrate. But avoiding difficult conversations about end of life planning is a recipe for disaster in a blended family. 

Child custody considerations during divorce month

For many Pennsylvania families, the holidays are a time of being together and making memories. For others, it is a season that often emphasizes a couple's need or desire to move forward with the divorce process. This is one of the many reasons why divorce filings spike in January. If a couple is preparing to end their marriage, it may be helpful to go ahead and start considering important issues, such as child custody.

When a couple has minor children, the decision to divorce can be difficult. One of the main concerns of parents is how to protect their children from undue hardship and emotional distress. It can be helpful to take time to consider all options, laying the groundwork for a sustainable child custody order. Rushing into major decisions can have negative implications down the road.

Top 3 ways to care for yourself after a divorce

Divorce is often the single most difficult event in our adult lives. There's so much to worry about, so many changes to deal with, and often a gaping emotional hole that seems unfillable.

Sometimes we fear we will never feel "normal" or whole again. Anxiety and stress run at an all-time high. But there are things we can do to handle it in a healthy way.

A couple of tips may help those headed for divorce

When people decide to marry, they may feel that they and their significant others are matches made in heaven. However, as time progresses and conflicts happen, they may start to second-guess their marriages. Eventually, they may end up pursuing divorce, during which they will have to tackle issues like property division. However, it may behoove them to take a couple of steps to address their relationship issues prior to going the divorce route in Pennsylvania.

First, it may be wise to seek the assistance of a counselor as soon as possible. Unfortunately, many couples wait until their negative behaviors and emotions have already taken root. When this happens, it can be a lot more difficult for counselors to guide spouses in developing positive communication skills and to untangle the resentment that has grown over time.

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