You and your spouse have been saving for your children's college education since they were in diapers. You've managed to put away a little something on a regular basis, and the college savings accounts are reaching a respectable level. Then your marriage ended. What happens to the college savings?
Rhode Island is one of the minority of states where common-law marriage may be recognized by a court. However, whether a couple is in a common-law marriage can be a murky legal question.
Many divorce attorneys see their clients' eyes glaze over when they start talking about dividing up the couple's 401(k) and other retirement accounts. However, these assets represent years of hard-earned savings that you're counting on to help you be able to retire and live in comfort during your senior years. They may be the bulk of your assets, so you want to ensure that you receive your fair share in the divorce.
Although prenuptial agreements are becoming more common, many people still think that unless they have significant assets going into a marriage, they don't need one. That's why we want to discuss a few scenarios where those who don't have a lot of money when they wed should get a prenup to protect themselves and others when the marriage ends in death or divorce (and, face it, those are the only two options).
When a couple divorces in Rhode Island, all marital property is divided according to equitable division rules. This means that a judge will largely base their decision about how to divide up property between you and your ex by taking into consideration what they deem is fair.
When couples divorce, they often are faced with the task of selling the family home. In fact, that's the choice made by over 60 percent of divorcing couples. It's often not financially feasible for one spouse to buy out the other's share and maintain the house alone. Further, it may be simply more space that either of them needs.
One of the biggest decisions couples make in a divorce is what to do with their home. There's no one right or wrong decision that's best for every couple.
You may have noticed that prenuptial agreements are more popular with young people in 2017 than they were for those people's parents' generation. Why is this?
Property division is a very serious matter that takes a lot of planning. This is especially true if you are going through a high-asset divorce. There are a lot of things that you have to think about when you are trying to work through what you want to walk away with.
Being in the military is not just a career choice -- it's a way of life. Anyone who has been a service member or has one in their family is well aware of that. Serving in the military can also take its toll on a marriage.