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It’s common for “high net individuals” to set up trusts as part of tax shelter, wealth protection measures, and estate planning, but that presents a unique set of challenges when it comes to divorce. A trust is a legal agreement in which the trustor (the person who creates the trust) gives the trustee (the person in charge of the trust) the right to hold title to assets or property for the benefit of a beneficiary (the person for whom the trust is created). The trust is usually given a different name, affording the trustor added privacy. The outcome of high net worth divorce proceedings involving trusts will greatly depend on the nature of the trust.
Several misconceptions surround Social Security and divorce, even though the program has been around for over 85 years. To get things straight, here are 7 common myths about Social security and divorce and the facts that disprove them.
Since the 1990s, the number of divorces for people over the age of 50 has roughly doubled, and tripled for adults 65 and older. Gray divorce is three times more likely for remarried couples than those in first marriages. Those who have been married for less than 10 years are ten times more likely to divorce than those married 40 years or more. Gray divorcees are also called “diamond or silver splitters.”
If a custodial parent wants to relocate with the kids after divorce, he or she must get permission from the co-parent and approval from the court that issued the original custody order. Sometimes relocating to another area is the right thing to do for the family. It could mean escaping a toxic relationship, getting a better job, or obtaining a better education.