Your Family-Owned Business and Divorce

Married couples tend to mix many elements of their lives: friend groups, finances, and hobbies. Some couples go even further and mix their relationship with their careers by running a business together. 

A family-owned business requires unique considerations during a divorce — the two parties aren’t just spouses; they are also business partners. The team at Karen Ann Ulmer, P.C., can help you navigate these legal challenges. 

No Prenup or Postnup? 

The best way to mitigate stress and contention over a family-owned business in a divorce is to create and sign a prenuptial or postnuptial agreement prior to the divorce, agreeing on how the two parties will divide or trade all assets. 

If you do not have either of these documents, you must determine an equitable division of assets during the divorce process. This can be much more challenging, so we recommend hiring an experienced attorney to help you through negotiations. 

Unique Challenges of Family Businesses and Divorce 

Business interests are always tricky to navigate in a divorce, especially if the business owner is the sole income provider. However, a family business owned by both parties presents its own set of considerations. A court must first determine whether the business constitutes marital property and is thus subject to equitable distribution under Pennsylvania law. 

To make this determination, a judge will consider factors like the funds used to start the business and the business’s value before, during, and after the marriage and divorce.  

Who Owns the Business? 

It is crucial to have a complete understanding of who owns the business to determine whether it is a marital asset. For example, if a trust or a previous generation owns the business, and neither party technically owns it yet, it follows different rules for property division. 

Inheritance 

If one party inherited the business or received it as a gift, even during the marriage, the business is considered separate property, not marital property. Additionally, if one party may receive a portion of the business as an inheritance in the future, that portion also counts as separate property. 

Alimony and Child Support 

Many people wonder how the income from a family-owned business will be divided after a divorce. If you are pursuing a divorce, you can use your ex-spouse’s salary for alimony and child support settlements. 

What If the Business Goes Under? 

Some people try to continue co-owning the business after a divorce when considering the division of assets. Others opt to receive a business valuation and have one partner buy out the other’s portion. If you choose to do this, you can receive a lump-sum payment upfront and avoid any financial repercussions if the business goes under. 

There are always complicating factors when pursuing a divorce. Tied-up assets, like co-owning a business, can make an already-challenging process even more complex. Reaching out to a trusted divorce attorney from Karen Ann Ulmer, P.C. can help you navigate dividing a family-owned business during a divorce with confidence. Call or email today. 

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How Can You Speed Up Your Bucks County Divorce?

Divorce is a challenging process, both emotionally and legally. Many people wonder how they can speed up the divorce process. The time it takes to get divorced will vary depending on a variety of factors, including whether the divorce is contested or uncontested. Here in Pennsylvania, Act 102 changed the waiting period for a contested divorce from two years to one year. After being separated for one year, someone can lawfully file for a contested divorce and begin legal proceedings.  

However, an uncontested divorce will almost always take less time than a contested one — on average, around 4-6 months. If you are looking to expedite the process, we recommend pursuing an uncontested divorce. This means you must agree with your soon-to-be ex-spouse about the grounds and terms of the divorce, including asset distribution and child visitation schedules. 

An experienced attorney can help you navigate the legal system and negotiate a divorce agreement efficiently. You must be prepared to take a couple of steps before beginning this process. 

Commit To Negotiating 

It’s important to have realistic expectations when you file for divorce. With so many legal elements involved, like child custody agreements, child support payments, property division, and alimony, even the most amicable of divorces can lead to disagreements during negotiation. From the beginning, anticipate that you will need to make some concessions. 

Find Emotional Support 

Making compromises during negotiations can feel particularly challenging when emotions are running high. Seek out emotional support from friends, family, and loved ones. Their support can ground you when you feel stuck, making it easier to work toward settlement agreements and obtain a fast divorce. 

Do Your Research 

When it comes to child support and visitation rights, both parties in a divorce have a right to spend time with their children, as well as a responsibility to contribute financially. Your legal team must have a clear picture of your financial situation. 

Share baseline truths about your finances with your divorce attorney. Come to meetings prepared with tax documents and receipts. Being honest about your finances, with documents to back it up, will help speed up your divorce by eliminating future surprises. 

Avoid a Long Battle 

Above all, don’t just accept that all divorce cases will be long, arduous battles. This does not have to be the case and is usually unnecessary. Drawing out the process will cost both parties a lot of money, time, and stress.  

By entering divorce discussions with a fully informed legal team and an expectation that you will need to compromise, you are setting yourself up for a smooth and quick divorce. 

Contact an Experienced Bucks County Divorce Lawyer 

The legal professionals at Karen Ann Ulmer, P.C., are experienced in helping clients navigate the legal systems of divorce. We prioritize clients’ peace of mind and well-being. Call or email us today for a confidential discussion to address your concerns and learn more about how we can help you speed up your divorce. 

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What Should I Ask for When Negotiating a Divorce Settlement?

A divorce allows you to start your life over, but your old, married life will impact that new one. Think about how untangling your life from your spouse will affect you legally and financially. What will you not have, or not have enough of, to start this new life?

You can break down what to ask for in a settlement agreement regarding parental roles and property rights or prioritize your ask based on needs and wants.

What Do You Need? What Do You Want?

Think about your priorities. What do you need, and what do you want but can go without? Nearly all divorce cases are settled without going to trial. That means there will be negotiations (and possibly mediation) between you and your spouse through your attorneys.

In any negotiation, there are things that a party needs (or thinks they need) to resolve the issue. Other issues are negotiable, and you should be willing to give things up as necessary to satisfy your needs. After your needs are met, try to obtain what you want. Ideally, both sides will get most of what they need and some of what they want.

State law may entitle you to certain things. If those laws address your needs, that is great! If not, and you are willing to part with the things given to you by state law (partially or totally), they can be bargaining chips to ensure your needs are met.

It is like a chess match. You must protect your king. All the other pieces are expendable if that means you win the game. In this case, winning satisfies your needs, and you are in the best position to start your new life.

What Role Must You Play With Your Kids?

If you have kids, Pennsylvania law makes your child’s interests paramount, so what you need or want takes a back seat. State law presumes a child needs both parents in their lives.

The more time you feel you need with your child, and the more significant role you wish to play, the stronger the facts and legal arguments must be to accomplish that. Unless the other parent is irresponsible or a potential danger to your child, you may have a tough time if you feel a need to be the sole parent or the other parent should have minimal contact with their child.

Most parents meet in the middle. They share legal custody (the ability to make crucial decisions), but their physical custody or parental time may vary. One parent may spend most of the time with the child, or it may be split evenly.

What are Your Financial Needs?

The distribution of a married couple’s debts and assets is supposed to be based on what is equitable and fair, given the situation. When negotiating a settlement, there is a mix of what a person may be entitled to and what they are willing to trade with their spouse to achieve their needs and wants.

You may need more financial help in the short term, so you may forego the ongoing income of spousal support to get more cash or assets upfront. If you need the marital home, what assets will you swap to get it? Ideally, a spouse who needs the home is married to someone who wants to move away and start over, so the marital home (with all the memories that come with it) is the last thing they want.

Get the Help You Need from an Attorney You Can Trust  

If you think getting divorced may be in your future or have decided it is the next step, call us at (215) 608-1867. We can discuss your situation via teleconference, on the phone, or in our Doylestown or Langhorne office.  

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Deeds, Mortgages, and Your Divorce

Retaining the family home was a divorce priority, and after all the dust settles, it is yours. Now what? You must do the paperwork and make the necessary financial arrangements to make this a reality. 

How Does the Paperwork Work? 

If both spouses own the house, one can transfer their interest to the other through a quitclaim deed, but it comes “under and subject” to existing encumbrances and liens.  Most home purchases are subject to a promissory note payable to the lender providing the mortgage. The promissory note creates the obligation to repay the loan you used to buy your home. The mortgage makes the home security or collateral for the loan. 

The promissory note is considered a “joint and several obligation,” so the borrowers agree the lender may pursue either or both spouses if the repayments are not current.  Unless this issue is addressed, if your spouse signs over their interest in the house but the promissory note is still in effect, they may be liable for mortgage payments for a home for which they have no ownership interest. 

Typically, a property settlement agreement states the spouse with the house will “indemnify and hold the other spouse harmless” from the promissory note’s obligations. But, the lender is not bound by or a party to the agreement. If the lender seeks money from your ex, they could sue you for breach of the divorce agreement because you agreed to indemnify them. But if you lack the money to pay the mortgage, you probably lack the resources. 

How Will Refinancing the Mortgage Help? 

One way to prevent this from happening is to refinance the house. It ends the mortgage you and your ex signed and substitutes a new one in your name. The promissory note used to buy the house is canceled, and the mortgage is officially satisfied. You get a clear title, a loan to pay what is left, and a promissory note and mortgage in your name. 

 If you cannot make the payments, your ex is not responsible because the old promissory note is no longer an issue, and the current one only applies to you. 

However, refinancing may be difficult if you lack a good credit history and a regular income. Each lender has its own rules covering to whom they will lend and the amount. This can vary also with the type of loan. An FHA mortgage will probably have lower lending standards but will cost more than a non-FHA loan.   

If you have not started already, work with a mortgage lender or broker even if the divorce settlement is not final.  Establish child and spousal support payment histories so the lender will view them as income sources to help pay the debt. Try to improve your credit score so it is at a level a mortgage underwriter will want to see. It is much better to prevent the problem of being turned down for a refinance than to deal with it afterward. 

Get the Help You Need from an Attorney You Can Trust   

Whether you are thinking about divorce or you have decided it is the right step for you and your family, call Karen Ann Ulmer, P.C., at (215) 608-1867. You can start a new chapter in your life, including owning a home yourself. We can discuss this over the phone, via a teleconference, or meet in our Doylestown or Langhorne office.   

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Post-Divorce Dates to Abide By

Obtaining your final divorce order signed by a judge is a big moment, but there is still more to do. You will need to deal with several issues to finally put the process behind you. There are many pieces of “clean-up” to take care of before you can wash your hands of the matter. 

What Dates Do I Need to Worry About? 

Your divorce judgment requires you to take several actions and meet specific deadlines. You may need to:  

  • Sell or refinance your home 
  • Transfer car titles and property deeds 
  • Divide bank, investment, and retirement savings accounts 
  • Get or give back personal property 

Take another look at your divorce agreement and order. What actions must you and your ex perform, and what deadlines or time frames are spelled out? Create a checklist of what you and your spouse must do and when. You will be better prepared to get things done on time and be aware of what your ex may be failing to do. 

What Happens if Deadlines Are Missed? 

Missing a deadline may cost you legal remedies to which you otherwise are entitled. You do not want to be in front of the judge again, explaining how disorganized you are or, worse, stating why you should not be held in contempt of a court order. 

Your ex probably has deadlines, too. We can discuss them and what might happen if one or both of you fail to meet them. For example, your spouse may have a given time frame to retrieve personal property from the former marital home. If they do not, the order may allow you to keep, throw away, or sell the items. 

Other issues are more serious. An ex-spouse could be held in contempt for failing to comply with the court order’s terms. The other party could ask the court to enforce the judgment. If found in contempt, an ex would be ordered to comply, may need to pay a fine, and, if the situation is severe enough, spend time in jail. 

What Is the Right Response to Missed Deadlines? 

Both parties should prioritize compliance, and there must be good faith efforts to comply. But sometimes stuff happens, and someone becomes ill, bureaucracies are not responsive, there are issues at work, elderly parents may need help, and deadlines are missed.  

No matter which party is not getting things done, the issue is often whether someone is genuinely trying to get everything done on time or there is a conscious effort to refuse to do things or delay getting them done. If the process is dragging on or a party is hostile, it may be time to get the court involved. 

Get the Help You Need From an Attorney You Can Trust   

If you are considering getting divorced, have decided it is the right step, or are facing challenges after your divorce was finalized, call us at (215) 608-1867. We can discuss your questions and what is going on over the phone, via a teleconference, or meet in our Doylestown or Langhorne office.   

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Bad Divorce Advice

If you are divorcing, you need the support and understanding of friends and family to help you through the process. What you do not need is bad advice that, if followed, can harm your interests and increase the cost and complexity of the process. 

If you talk to someone about your divorce and the issues that come with it, you could get a variety of reactions. The other person may want to change the subject. They may have been divorced in the past and provide you with helpful insight.  

They could also be well-meaning but give you misinformation or inappropriate suggestions based on what they have read on social media or the supposed experiences of their friends and family members. You need to filter out the wheat from the chaff. 

Bad divorce advice:  

Over the years, clients have told us plenty of incorrect, illegal, and just plain whacky ideas they have heard. Here are a few that are worth avoiding: 

  1. You Should Lie to Get the Best Divorce Possible 

It could be making up abuse by a spouse, hiding assets, distorting important conversations with your spouse, or claiming you do not remember something that you clearly do. Chances are this will poison whatever goodwill is left with your spouse. The case will head to litigation, not a settlement, and your duplicity will probably be exposed. 

You may have been in a good position to reach your goals, but your dishonesty may effectively set your case on fire. Judges have enough to deal with and do not have patience for liars. Neither do we. We have enough honest clients to serve. We do not want to work with dishonest ones. It is not worth the grief. 

  1. You Should Save Money and Represent Yourself 

Representing yourself may be a good idea in limited circumstances. If the two of you are childless, have low incomes and few assets, and want the relationship to end, then representing yourself is worth considering.  

However, while you may think you are saving money by representing yourself rather than hiring an attorney, more than likely it will cost you in the long run.  The legal process can be complicated and you could waive rights, trust your ex a bit too much, or not take care of details causing you headaches and significant issues in the future.  

You may qualify for help from legal aid organizations, depending on your circumstances. You may also receive financing to help pay for our services. 

Anyone thinking about a divorce should at least talk to an attorney. When we talk to prospective clients, we often spot issues they did not know about or thought were unimportant. If an attorney is not protecting your rights and interests, you may end up with a divorce that is not in your best interest. It may cost you far more in the long term than what you saved in legal bills. We can help you keep your costs down. 

  1. Spend Money While You Can 

Going on shopping sprees, enjoying an expensive vacation, or showering friends and family with gifts sounds like great fun, but it is not a good idea if you are getting divorced. It comes with equitable or fair asset and debt distribution. There will be a formal moment when you and your spouse decide to divorce. Once you establish that point, you will be responsible for your spending.  

By spending money owned by the two of you, you will end up with less when all is said and done. That wasted money will be subtracted from what you may have received. It will not come out of your spouse’s pocket. You also risk being cut off from funds if your spouse asks a court to freeze assets you might abuse, and you, not the two of you, may end up with your credit card bill. 

Get the Help You Need from an Attorney You Can Trust  

If you are considering getting divorced or have decided it is right for you, call us at (215) 608-1867 or schedule a consultation online now. We can discuss your situation over the phone, via a teleconference, or meet in our Langhorne or Doylestown office. 

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International Divorces and Some of the Challenges the Parties Face

Bucks County and Central New Jersey have large immigrant communities, so it is not unusual for another country’s laws to impact the divorce of someone living here. No matter where the parties are or whose laws are used, the more reasonable and cooperative the spouses are, the easier the process.  

If you believe your spouse may file for divorce and/or child custody in another country, it is critical that we speak immediately to protect your rights as soon as possible. In the meantime, it is best to gather all of your IDs (and those of your children) and place them somewhere for safekeeping. Do not allow your spouse to take your children out of the country. 

What is an International Divorce? 

Another country’s laws may apply to a divorce, depending on the circumstances. When this happens, it is considered an international divorce. International divorces involve spouses married in another country or one or both of them: 

  • Live in another country 
  • Own property in another country 
  • Are another country’s citizens 

If you think you fall into this situation, contact our office immediately. International divorces can be like a complex machine. You do not want to get caught up in the gears, and what you do and when may impact the outcome. 

Why File for Divorce in One Country and Not the Other? 

Part of a country’s culture is its view of marriage, parenthood, and the equality (or lack thereof) between the sexes. That affects their laws. A country may provide less legal protection and rights to a wife than a husband when they divorce.  

Someone may file for divorce in their home country, not the US because they think the laws there are tilted in their favor. They believe it will be easier to get what they want through a trial or they believe the foreign country’s laws will give them negotiation leverage. 

Who Has Jurisdiction? 

The courts of more than one country may claim jurisdiction or the ability to decide the matter. Each country has its own laws and court processes. Every divorce issue can be impacted, whether that is child custody, child support, alimony, or division of assets and debts. 

One factor is where the initial filing was made. But it is not just a race to the courthouse. To have jurisdiction, the country where papers are filed must meet two requirements: 

  • It must recognize your marriage exists. In the US, most marriages that are legally entered into in another country are recognized. That is not always true in other countries, especially if a spouse wants a divorce in their same-sex marriage.  
  • The party filing the divorce must satisfy the country’s residency requirements. For example, if you do not live, and never have lived, in France, filing for a divorce in France would be a waste of time.

A “dual filing” occurs when one spouse files in the US and the other files in another country. US courts will consider several issues when they decide if they have jurisdiction: 

  • Where is the property at issue?  
  • Does the foreign court have a greater interest in the divorce? If so, what is it? 
  • Does at least one spouse live in the state where the divorce was filed? 
  • If it is a fault-based divorce or if evidence is needed in the case, which jurisdiction is where more evidence is located?  
  • Will the spouse living in the US face considerable hardships if forced to participate in the foreign jurisdiction? 

International divorces can involve complex issues, and judges may be forced to make difficult decisions.  

Jurisdiction is Only the Beginning 

No matter where proceedings occur, jurisdiction only allows a court to make decisions. What is left are the other issues in dispute. After the divorce is finally adjudicated, there are other potential problems when a party tries to enforce a divorce order from one country in another country. 

Get the Help You Need from an Attorney You Can Trust  

If an international divorce might be in your future, call us at (215) 608-1867 or schedule a consultation online now. You do not have time to waste, and you must make informed decisions to get the best outcome. We can discuss your situation over the phone, via a teleconference, or meet in our Langhorne or Doylestown office.  

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The Mental Health Impact of Divorce and How You Can Cope

Ending a marriage can be emotionally devastating, leaving individuals grappling with a range of complex feelings. Divorce can trigger a rollercoaster of what may be overwhelming emotions. If you are in an abusive relationship, divorce may result in feelings of relief and happiness. On the other hand, the abrupt change in life circumstances and the end of what you once thought would be a life-long relationship can lead to a profound sense of loss. You may experience grief, anger, guilt, sadness, and fear. 

A sense of rejection and failure can contribute to damaged self-esteem. You may find yourself questioning your worth and struggling to redefine your identity outside your marriage. This emotional turmoil can extend to various aspects of life, seeping into your personal and professional lives. 

Mental Health Consequences 

One of divorce’s most challenging emotional aspects is a sense of isolation. Family and friends may not understand the depth of your emotional pain, and you may be hesitant to open up. The result can be profound loneliness, which may lead to more serious mental health issues. 

Divorce’s emotional toll can have lasting effects on mental health, contributing to anxiety and depression. The stress and uncertainty surrounding divorce proceedings can lead to sleep disturbances, appetite changes, and difficulty concentrating. 

Coping Strategies 

While the road to a post-divorce recovery may seem long and winding, you can take steps to safeguard your mental well-being: 

  • Professional therapy can provide a safe and non-judgmental space for you to explore your emotions and develop coping strategies. Therapists specialized in divorce-related issues can offer valuable insights and guidance. Many of our clients benefit from therapy, and you should not see it as something to fear, avoid, or be ashamed of. 
  • Sharing your thoughts and feelings with trusted individuals can alleviate the burden of loneliness and provide a sense of connection. Do not be afraid to rely on supportive family and friends.  
  • Engaging in self-care, such as exercise, meditation, and hobbies, can promote mental, physical, and emotional well-being. Taking time for yourself is not a luxury but a necessity during this challenging period. 
  • Acknowledge that healing is a gradual process because there is no quick fix. Set realistic expectations for your recovery so you can navigate the emotional ups and downs without becoming discouraged. 
  • Dwelling on the past is a normal reaction, but fixating on red flags you missed, past mistakes, or choices you made will not get you far. Dwelling on what went wrong can hinder your progress. Shift your focus to the future and set new goals so you can feel empowered and enjoy a sense of purpose. 

Acknowledge your emotional challenges, get support, and implement coping strategies. You will start your life over with newfound strength and resilience. Though your journey may be difficult, with the right mindset and support system, a brighter future awaits you on the other side of your divorce. 

Get the Help You Need from an Attorney You Can Trust  

If you are considering getting divorced or have decided it is the right step, call us at (215) 608-1867. You can start a new chapter in your life regardless of your age. We can discuss this over the phone, via a teleconference, or meet in our Doylestown or Langhorne office.  

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I Own a Business, and I am Getting Divorced. What Will Happen? 

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Divorce outcomes are fact-driven. What will happen in your case depends on what is going on with your spouse, your business, and state law. We work with business owners to handle their unique situations fairly and protect their personal and business interests. There are “business owner gets divorced” horror stories, but your situation may be resolved so that the impact on your company is manageable (if not minimal) and you are able to start a new life. 

Part of the divorce process is the equitable distribution of assets, including determining which should be divided. After that, the judge decides whether a spouse is entitled to an asset (like business ownership, or at least part of it) based on their discretion and applicable law. Most divorce cases are settled through negotiations. Your spouse may accept other assets and/or spousal support in exchange for not pursuing claims related to your company. 

There are several factors in how your case may be resolved, including whether: 

  • You have an enforceable pre- or postnuptial agreement: Ideally, you both engaged with attorneys and worked out an agreement covering business ownership issues. If this is the case, the outcome may already be set. Time has passed, and with the benefit of hindsight, one or both of you may regret its terms. Unless both of you do not want to enforce the agreement and start all over again in the divorce process, how the issue will be handled has already been agreed upon. 
  • You have an unenforceable pre- or postnuptial agreement: There may be issues surrounding you or your spouse fully disclosing your business or financial situations and whether the agreement was voluntary. If your handwritten and mutually signed “contract” is not legally enforceable, it will not do you any good. Instead of contractual language, state law and its application to the facts will determine the outcome. 
  • You owned the business before your marriage, and your spouse has no ownership interest: Separate, personal property brought into the marriage is not subject to equitable division in divorce but any accrued value may be.   If your spouse had their own business or was fully occupied with their career and played no role in helping you or your business, they are not in a good position to claim they should be awarded partial ownership or part of its increased value during the marriage. Their claim becomes stronger if they gave up a career or spent substantial time and energy supporting you and your business.  
  • You started the business during your marriage: If the two of you co-own the company, hopefully, you have terms in a postnuptial or ownership agreement with a buy-sell provision that covers divorce. If so, it should state that in case of a divorce, one buys out the other’s interest with the price determined fairly and neutrally. Without an agreement, and if only you own the business, it can come down to whether your spouse helped you and your business, and if so, to what degree. The more your spouse sacrificed their life and career, the better argument they have to be awarded part ownership and/or a share of its increased value during the marriage 

The more organized, well-documented, and “by the book” you operate your business, the better off you will be in the divorce process. The more you run it by “the seat of your pants,” “under the table,” and engage in questionable practices to avoid taxes, the worse off you will be. You do not want to be in front of a judge insisting you are telling the truth if the evidence shows you are lying to the IRS. Credibility is critical if you cannot reach a settlement agreement with your spouse and your case goes to trial. Parties without credibility normally do not do well. 

Get the Help You Need From an Attorney You Can Trust 

The last thing you want is your marriage and your business to end at the same time. Whether you and/or your spouse own a business and want to learn more about how a divorce may impact you, call our office at (215) 608-1867 or book a consultation online. We can speak over the phone, via a teleconference, or meet in one of our offices in Doylestown or Langhorne.

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Divorcing When Wealthy: Please Use Common Sense

Divorce is never an easy decision, but when wealth enters the equation, it adds layers of complexity that can make the process more challenging. High-net-worth individuals face unique issues and considerations when seeking to dissolve their marriages. Nearly all divorces are resolved through negotiations, and negotiations are especially important when a couple is wealthy.

Legal Representation

The more the two of you have, the more is at stake in a divorce. High-net-worth divorces require specialized legal representation and the use of outside experts. You rely on other professionals to run your business or manage your wealth. It only makes sense to retain a Karen Ann Ulmer, P.C., attorney to protect your interests during this critical time in your life. We will help you negotiate the best resolution possible for you and your family.

Equitable Asset Division

One of the most significant challenges in a high-net-worth divorce is the division of assets. The greater the assets and the more complex they are, the more difficult it can be to unwind the financial relationship between the two of you. Once we get all the information about the assets you hold, we can begin to negotiate a fair and reasonable division that will work for both parties.

Prenuptial Agreements

Prenuptial agreements are legal documents specifying the division of assets if the couple divorces. These agreements are especially useful when one or both parties have substantial wealth. If the two of you signed an agreement, we can review it.

If it is properly written and executed, it is binding. All that the agreement covers cannot be disputed or litigated during the divorce. That is good if the agreement is favorable to you, not so much if it is not.

Spousal Support

Depending on the circumstances, wealthy individuals may be required to pay substantial spousal support (alimony) to their former spouse. The marriage’s length, the income disparity between the parties, and the lifestyle to which the spouses are accustomed play a role in determining the amount and duration of spousal support.

Negotiating this aspect can be contentious, and often, the party potentially paying the support may be able to lessen or eliminate it if the other party receives certain assets or other issues are negotiated in their favor.

Business Interests

For those owning businesses, divorce can significantly impact a company’s operation and ownership. It is vital to consider the implications of a divorce on the business, including issues like stock ownership, control, and valuation. Depending on which side you are on, you want to protect your business interests and ensure its continuity, or you want your fair and equitable share of the company. Negotiations concerning the ownership of a family business can become emotionally charged, but it is something we have successfully handled many times.

Take the Best Approach

Litigation involving high-net-worth individuals can be very complex, time-consuming, and expensive. Those with more resources can spend more on litigation, but that is not necessarily a good idea.

In addition to spending hard-earned family wealth in the courtroom, divorce trials are open to the public. Whatever “dirty laundry” aired at trial can become public knowledge. You also lose control of the divorce’s outcome when it is put into the hands of a judge or jury.

Reaching a divorce settlement is like negotiating a business deal. It is all about costs, benefits, risks, and how to best manage them. Your divorce will be resolved one way or another. If the parties are reasonable, common sense will dictate the give and take between the parties. Once both parties know all the facts about your assets and other relevant issues, it is best to start negotiations sooner rather than later, because they could take a long time.

If your spouse is unreasonable when negotiating or sees the divorce as a way to get “payback,” litigation may be inevitable. Whatever path your case takes, Karen Ann Ulmer, P.C., attorneys will protect your interests and defend your rights.

Get the Help You Need from an Attorney You Can Trust 

If you are thinking about getting divorced or you have decided it is the right choice for you, call us at (215) 608-1867 or schedule a consultation online now. No matter your income or assets, you can start a new chapter in your life. We can discuss your situation over the phone, via a teleconference, or meet in our Langhorne or Doylestown office. 

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