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Tax Implications of Property Transfers During a Divorce
/in family law/by Kirk Drennan LawThe decisions you make in a divorce can affect you for years to come. This is particularly true if your divorce involves the transfer of high-value assets, since these transfers could impact you on your taxes. However, unless you discuss your case with a divorce attorney and financial planner, it’s impossible to know which decisions […]
Trends in law: A woman’s perspective
/in Firm News/by Kirk Drennan LawThe Birmingham Business Journal hosted a roundtable discussion about trends in law. (Download PDF Version) Source: Birmingham Business Journal
Uncovering Undisclosed Assets During a High Asset Divorce
/in Divorce & Family Law/by Kirk Drennan LawJust in case divorce wasn’t difficult enough, some spouses have to worry about their ex-partners hiding assets. They generally do this because they don’t trust the court to award a fair division of assets, so they want to ensure they have what they think they deserve. This puts the other spouse in an unfair position. […]
Are Stock Options Marital Property in a Divorce?
/in Divorce & Family Law/by Kirk Drennan LawSome assets are considerably more difficult to divide than others. Stock options can definitely complicate the division of assets, largely because they are given for a number of reasons and fluctuate widely in value. If you or your ex-partner have stock options and you’re not sure how they’ll be handled in your divorce, it’s important […]
Who Pays Private School Tuition After Divorce?
/in Divorce & Family Law/by Kirk Drennan LawDivorce hurts everyone, and children are often the most severely affected. That’s why one of the primary goals of divorce court is to minimize the damage to children. As a result, questions often come up about who will pay for extracurricular activities, tutors, private school, and other child related expenses. If you are facing a […]
Will I Have to Take on My Spouse’s Debt During a Divorce?
/in Divorce & Family Law/by Kirk Drennan LawDebt in high-asset divorces plays a different role than it does in standard divorces. Debt is often used as a leverage tool by high-asset couples, rather than a survival tool. However, this fact can also make it much more difficult to divide debt during a split. If you are concerned about how yours and your […]
What Can and Cannot Be Included in a Prenuptial Agreement?
/in family law/by Kirk Drennan LawPrenuptial agreements are often a controversial subject, but they don’t have to be. When done properly, they protect both parties and limit complications if divorce were to occur. They aren’t an indication that one party doesn’t believe in the future of the marriage; they are a failsafe in case the unlikely were to occur. Knowing […]
Is My Spouse Entitled to Half My Business During a Divorce?
/in family law/by Kirk Drennan LawIn case divorce wasn’t already stressful enough, business owners have even more to worry about when they begin the divorce process. In many Alabama divorces, a business owned by one partner is considered marital property. As such, it may be subject to asset division during the divorce. If you’re facing divorce and you’re worried about […]
Advice for Stay-at-Home Moms During Divorce
/in Divorce & Family Law/by Kirk Drennan LawDivorce creates stress for everyone, but perhaps no one is more worried during this process than those who stay at home to take care of their children. Knowing that your financial wellbeing is tied up in someone who no longer wants to be married to you—or to whom you no longer want to be married—creates […]
What Happens to Retirement Accounts During a Divorce?
/in Divorce & Family Law/by Kirk Drennan LawThe division of assets can quickly become one of the most challenging parts of a divorce, particularly if a couple has various assets with substantial value. If you or your ex-partner have retirement accounts, you may wonder how these accounts will be divided during your divorce. Learn more about how the courts handle these accounts […]