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This is one of the questions I am asked all of the time. Of course, the correct answer is “It depends.” The home often accounts for a large percentage of the entire marital estate. Whether to retain the home after a divorce is often a very emotional issue, especially if there are children involved. It is natural that parents want to maintain as much stability for their kids as possible when going through a break up. One would assume that keeping the kids in the marital residence after the divorce is important. But interestingly, the psychological studies show that divorced children are not really affected by the retention of the marital home. The key factor is the stability of their parents, not what house they live in.

It is important to realize that unlike spousal and child support, property division terms cannot by law be changed after the divorce is completed. The first step in the analysis is to prepare an accurate anticipated budget and determine if it is feasible to pay the mortgage, taxes, and utilities. Don’t forget to consider necessary repairs and upkeep to the home. Hiring a housing inspector to evaluate these future costs often makes good … Read More... “I Want to Keep the House, But Should I?”

Antenuptial agreements, also often referred to as prenuptial agreements, are sometimes derided as taking the romance out of marriage and transforming the event and institution into a business arrangement. Some claim that the use of an antenuptial agreement is an acknowledgement that a marriage is likely to fail. However, an antenuptial agreement addresses not only the possibility of divorce, but also the distribution of premarital assets upon the death of one of the spouses. These agreements can be an excellent tool when there is a significant difference in the ages of the parties or in their respective wealth. In situations in which one or both of the parties has/have previously been married and want(s) to preserve assets for his or her children upon death, an antenuptial agreement may be an essential component of a sound estate plan.

There are several basic elements of a valid antenuptial agreement. The agreement must be entered into in writing and signed by both parties in contemplation of an upcoming marriage. Both participants must be competent and must freely and voluntarily enter into the agreement without coercion or duress by the other party or anyone else. Both parties must be fully aware of all the … Read More... “Antenuptial Agreements, An Effective Estate Planning Tool”