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Some financial points to consider about divorce

On Behalf of | Jun 24, 2016 | High Asset Divorce |

Pennsylvania fans of actor Johnny Depp may also know that he is headed for divorce after just 15 months of marriage. However, observers say that his divorce from Amber Heard is not likely to be the reason that he is selling off a portion of his art collection. The two were married in California, a community property state, and since Depp has been building the collection since the 1990s, it would probably not be considered marital property.

In many cases, a couple in a high-asset divorce will try to avoid going to court because they want the process over with quickly. A desire to avoid publicity may also drive this. In 2003, a former head of General Electric found that his retirement package attracted the attention of the Securities and Exchange Commission after details about it appeared in media reports about his divorce, and he ultimately gave it up.

Older Americans, who may have more assets than younger adults, are more likely to divorce than ever before. However, in other cases, people may be unable to afford going through with a divorce. They might not be able to maintain health insurance payments or maintain two households.

The end of a marriage does not have to be financially disastrous, and a person who is considering a divorce might begin by meeting with an attorney and discussing the family’s income, debts and assets. Tax forms, bank statements and any other documentation may be helpful at this point. An attorney could provide advice regarding child and spousal support and other issues such as property division as well as how to best preserve financial security.