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Cheyenne Family Law Blog

Shared credit card debt: Who has to pay it after divorce?

Are you getting ready to work through the divorce process? Have you thought about what you want to get out of it? A lot of Wyoming residents who are preparing to end their marriages think about what assets they want to keep as part of their divorce settlements. However, many forget to consider who will get stuck paying back the shared credit card debt.

Most Americans have credit card debt. Reports indicate the average amount per household is thousands of dollars. Ideally, couples would pay off this debt before filing for divorce, but realistically, most couples cannot make that happen. That is okay, but it is something that needs addressing during the property division phase of the divorce proceedings.

The impact of divorce on a Wyoming small business

When a Wyoming couples decides to move forward with the process of ending their marriage, they will have to divide marital property. Property division is often one of the most complex aspects of divorce, and it can be even more complicated when the couple owns a family-run business. Deciding what will happen to a small business is not easy, but it will likely work one of three ways. 

Business owners will find it beneficial to learn what to expect from the property division process and various scenarios for how they can address their business assets. One option is for a couple to sell the business and then share the profits from the sale. This can allow both parties to have a clean break and perhaps even invest their share back into a new business.

Child custody important issue, regardless of income level

When Wyoming parents choose to divorce, it can have a significant effect on the mental and emotional well-being of the children. Recently, Amazon founder Jeff Bezos and his wife announced their divorce, yet despite their millions of dollars and extensive success, they will also have to carefully navigate issues related to child custody. Having a significant amount of wealth does not preclude children from suffering negative consequences as a result of their parents' divorce.

One of the most beneficial steps parents can take for their children is to ensure they do not suffer undue emotional and mental stress during a divorce. The process of ending a marriage can take parents' time, energy and focus, and as a result, children can feel alone during this difficult time. No matter the wealth of the parents, it is in the interests of the kids that they feel secure and stable. 

Preparing for a divorce proceeding early on is a wise move

The marital dissolution process is usually difficult to navigate, not only emotionally but also from a paperwork standpoint. Nonetheless, people who are planning to get divorced can control their levels of preparation ahead of their divorce proceedings. A couple of steps can make the process of preparing for divorce seamless in Wyoming.

First, people who are going through divorce may want to gather several essential documents as quickly as possible. For example, they can collect their deeds to real estate and their financial statements. They can also obtain copies of their mortgage documents, trusts, wills, insurance policies and credit card balance statements.

Who can be one's life insurance beneficiary after divorce?

Divorce changes everything. Just about every aspect of life is altered in some way. With so much to adapt to and so many details to work out, things get overlooked. One commonly forgotten detail is life insurance. In a Wyoming divorce, does the ex-spouse still get to be the beneficiary of one's life insurance policy?

Normally, married couples name each other as beneficiary on their life insurance policies. If a spouse is employed, the policy helps take some of the financial burden off the remaining spouse in the event of his or her death. If a nonworking spouse passes away, the remaining spouse may have sudden, unexpected expenses as well. He or she may have to work less or take a lower-paying position once functioning as a single parent. He or she may also suddenly have the expense of child care, elder care or assistance with housework, and the life insurance policy will ease some of this burden.

Study shows that divorce has many causes

When people in Wyoming get married, they usually expect their marriages to last decades. Unfortunately, this does not always happen. The reality is that nearly 11 percent of people who are above 14 years old in the United States have experienced divorce and have yet to remarry. Although couples end up divorcing for a variety of reasons, there are a few common causes of marital breakups.

A recent research study showed that the most frequently cited reason for getting a divorce is not feeling committed to one's spouse. A total of 75 percent of participants acknowledged this in the study. The next most common reason cited is infidelity at nearly 60 percent.

Konmari Method can be used to make divorce more positive

Ending a marriage is often fraught with negativity. When two people decide to divorce, it is not typically a choice that comes with happiness; however, there are ways to focus on the positive. Two authors recently wrote a book that advises readers to apply techniques from a popular Netflix series "Tidying Up With Marie Kondo" to their divorce. Here's how the home organization method from the series can be adapted for divorcing individuals here in Wyoming.

First, the basic tenant of the "Konmari Method" - the technique developed by Marie Kondo and promoted by the two authors – is to discard any household items that do not create a sense of joy. The book's authors say that people can take this idea and apply it to the negative thoughts they might have in relation to their divorce. It can help readers propel themselves forward through their divorce and emerge on the other side with more happiness.

Determining child custody after the death of a parent

When a custodial parent dies in Wyoming, there is an immediate concern about the children that parent had custody of. Hopefully, there will be at least one family member or family friend who would be a viable candidate as a guardian. Time is of the essence as a delay in determining child custody can cause the children unnecessary additional stress.

There are several groups of people who can be good candidates to take over as the guardian of a deceased parent's children. If the second biological parent is still living, he or she may be the best option to assume guardianship. If that parent didn't have custody due to a history of violence, drug use or simply lack of interest, he or she may not be a viable option. Other family members, including grandparents, aunts or uncles, may be interested in obtaining child custody. If there are no family members who want to raise the children, a family friend may be a good option.

Overcoming grief after divorce

Whether one lives in a bustling eastern city or on the prairies of Wyoming, the emotions associated with divorce are the same. A wide range of emotions are normal, including anger, loneliness and disappointment, among many others. Grief can be thought of as the accumulation of all these. Working through grief after or during a bitter divorce can be tricky, but it can be done.

The first step is to accept in one's mind that the divorce is going to happen. It is a fact and there's no ignoring it, so it's time to deal with it. At that point the next step starts, and that is dealing with the grief that can come in like a tsunami, washing over one's body and mind, flooding into every void that has been opened up and left vacant by the missing spouse. It can be quite an initial blast, but once it's finished rushing in it will begin to subside, and the rescue and recovery can begin.  Like dealing with the remnants of a tsunami, each stage of grief is important, and each must be given its own time to process before moving on to the next.

The most expensive divorce ever may be coming soon

Amazon founder and CEO, Jeff Bezos, and his wife of 25 years, MacKenzie Bezos, have announced that they are getting divorced. Amazon shareholders in Wyoming and around the world will be watching to see how this enormously wealthy couple's assets will be divided and the impact that division will have on the value and future of the company. As the world's richest man, Jeff Bezos's divorce will likely be one of the most expensive, if not the most expensive, ever.

Jeff and MacKenzie Bezos married in 1993, and Jeff founded Amazon soon after in 1994. Since that time, the couple has welcomed four children, and Amazon has become one of the largest companies in the world. Jeff is credited with being the world's richest man with a net worth of over $136 billion. He reportedly owns over 16 percent of Amazon's 477 million shares.

Zubrod Law Office, P.C.
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