Viewing Divorce as a Growth Experience

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No one gets married with a plan to divorce in the back of their mind, but divorce is the reality for nearly half of all American couples. While it’s normal to grieve the end of your marriage and the dreams you had for it, divorce can also be a fresh new beginning. Many people give up parts of themselves to help their marriage survive, and the end of the marriage is a chance to bring those parts back to life.

Learn more about treating divorce as a growth experience, and when you’re ready for help with the legal side of your divorce, call Pence Law Firm at 304-345-7250.

Societal Views on Divorce Have Changed Over Time

While divorce has never been fun, it’s definitely easier now than it used to be. In the past, divorce was viewed as such a grave mistake and dereliction of duty that it essentially ended one’s reputation and future opportunities. Now, since divorce is so common and no one’s forced to stay in a relationship that does not serve them, you won’t even get a surprised look when you tell people you’re divorced. In fact, you’ll likely find new friends who have been in the same boat and know what you’re going through. Not one do you have your already-existing support group, but you can actually use this experience to broaden your social circle.

Divorce as a Vehicle for Self-Discovery

Divorce can be a good way to propel your discovery of yourself. Think about your marriage—what did you give up? It may be hobbies, activities, or interests that your spouse didn’t like, didn’t find appropriate, or simply didn’t prioritize. You may have put your own interests to the side to support your spouse in their endeavors, resulting in a slow loss of self. This is your second chance to figure out what matters to you and how you want to use your life. It doesn’t even have to be hobbies and activities you used to enjoy; you could discover something entirely new to you.

Setting Yourself Up for Emotional Healing and Resilience

As you navigate this path, recognize that healing is not linear. You may feel great one day, only to wake up the next day feeling like you took ten steps back. That is completely normal, and you want to set yourself up with the support you need to get through the tough days. That means being gentle with yourself when you take a step backward or understanding when you need to take a day off to cry and lay on the couch. It may also mean getting the mental health support you need. Divorce is a traumatizing experience, and many people benefit from professional assistance as they work their way through it.

Creating Strong Support Networks

The people in your life likely want to support you during this difficult time. It’s normal to want to work through it on your own; some people even feel ashamed of their divorce and don’t want to let other people in. But turning to the people you trust doesn’t just help you process your divorce more easily—it also strengthens your bond with them and gives you the foundation you need for this next chapter of life. Prioritize your friends and family members and don’t be afraid to call someone when you hit a hurdle in your healing.

Building a Future You Can Look Forward To

Life without a spouse means that you have room to grow and build a life that fits your goals. You don’t have to make any life changes right now; in fact, experts often recommend that you don’t. But you do have time to start brainstorming and thinking about what you want life to look like in five, ten, and twenty years from now. You can also start planning the steps you need to take to make this chapter the best one yet.

Find Out How Pence Law Firm Can Help You

At Pence Law Firm, we are committed to helping people like you work through the challenges of divorce. From the division of assets and spousal support to child custody and child support, we’re here for all of it. Set up your free consultation now by calling us at 304-345-7250 or sending us a message online.

Coping With Lifestyle Adjustments After a High Asset Divorce

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Adjusting to life after divorce is difficult under the best circumstances—and when you’re transitioning out of a life where you became accustomed to substantial assets, it’s even more challenging. If you’re preparing for your next step in life but the transition is bumpier than expected, there are things you can do to help yourself through it.

With the right legal team by your side, you can prepare for your next chapter in life and fight for the assets you need to maintain your lifestyle. Call Pence Law Firm at 304-407-7852 to set up a time to meet with our team of divorce attorneys.

Realistic Financial Planning

During the divorce process, it is crucial that you spend some time creating a realistic financial plan. This is easier after you’ve negotiated the division of assets and debts, as you’ll know how much you have to pay each month in debt and how much cash you’ll have on hand. Using your income streams, debt payments, and other required monthly expenses, figure out how much you have left over each month. From there, you can figure out where you have room to add in services and goods that matter the most to you. 

For example, if you have multiple children, a meal service or house cleaning service may be non-negotiable for you. If fitness is your only “you” time, a membership at your boutique fitness studio may be at the top of your list. If you can’t keep everything, figure out what matters most to you.

Assessment of Needs and Wants

When you get used to life at a certain level, your wants can quickly start feeling like needs. If you’re like many people navigating a high-asset divorce, you’re likely in this same boat. As part of your divorce process, consider meeting with a financial planner. Bring all of the information you can, including retirement accounts, banking statements, sources of income, debts, and any agreed-upon alimony or child support. 

A good financial planner can give you a breakdown of your finances and be blunt about what you can and cannot afford. Remember, you can always add luxuries back into your life if you find that you have extra money. But trying to cut back once you’re already behind is stressful and mentally draining.

Leaning Into Your Social Circle

It’s always recommended that you rely on your social circle during divorce. It’s one of the hardest things you’ll ever go through in life, and having good friends and family members by your side can ease the transition. It’s even more important when you are also losing your lifestyle. Spending time with loved ones can help you adjust to your new normal and help you see the beauty in the life you have now. Additionally, they may be able to help you tap into resources that are available to you. 

For example, if you’ve lost access to an exclusive fitness studio you attended when you had more money, your friends may help you find another supportive group at their favorite gym. If you had to give up an expensive hobby that brought your life meaning and joy, your friends may help you find something you love just as much.

Mental Health Support

Counseling is an excellent resource for anyone going through divorce, and it is particularly helpful if you’re having a rough time acclimating. People often avoid this, as they feel like getting help for a loss of assets or income takes away services from those in greater need. But remember that therapists are there to help people through every challenge they face in life. 

A sudden change in lifestyle can be painful to work through, so why not turn to someone professionally trained in navigating life’s changes? As an added benefit, those who go through counseling during or after divorce often report better outcomes with post-divorce communication and co-parenting.

This highlights the importance of working with experienced legal counsel while navigating divorce. Even if you were not the high earner in your marriage, that doesn’t mean you should be left with nothing. Hiring a Charleston divorce attorney could help you get the assets and income streams you need to maintain your current lifestyle.

Preparing for Divorce? Call Pence Law Firm Today

The sooner you connect with an attorney, the better—divorce is complicated, especially when there are sizable assets involved. The team at Pence Law Firm is here to help. Schedule your consultation now by calling us at 304-407-7852 or filling out our online contact form.

Divorce and Its Impact on Shared Real Estate Investments

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While divorce is never easy, additional assets and income streams can further complicate this already stressful time. If you and your spouse have shared real estate investments, be prepared for a long and drawn-out division of assets. Real estate is incredibly valuable, and figuring out how to divide it fairly takes time, patience, and often compromise.

Knowing what to expect is key as you approach your Charleston divorce. With the team at Pence Law Firm by your side, you can feel confident throughout this process. Call us at 304-407-7852 to discuss your next steps.

How Real Estate is Divided in Divorce

Like most states, West Virginia is an equitable distribution state. This means that assets should be divided in a way that is fair, not necessarily a way that is equal. A number of factors are taken into consideration, including each party’s contributions to the marriage, who will be the children’s primary caretakers, the length of the marriage, and each spouse’s financial stability. 

For example, if Spouse A earns $300,000 per year but Spouse B will have their shared children 90% of the time after the divorce, the court is unlikely to accept any agreement that leaves Spouse B without the assets or income they need to meet those children’s needs. Even if Spouse A contributed the most financially, the court will also consider Spouse B’s non-financial contributions.

While the court uses the concept of equitable distribution, these decisions aren’t often left up to the court. It’s more common for couples to negotiate and come to a division agreement with the help of their attorneys.

Weighing Obligations and Benefits

As you consider how you want to handle your shared real estate, think about both the benefits and the drawbacks that come with owning real estate. Real estate is a stable investment that generally increases in value year after year, and it can also be a strong source of income if you live in an area with lots of renters. However, it also requires you to either be a landlord or pay for a property management service, keep the property in a habitable condition, and handle the taxes that come with being a landlord. For some, the benefits of owning property outweigh everything else. For others, having the other party buy them out is the more appealing option.

Using Liquid Assets for a Fair Division of Assets

In high-asset divorces, it’s common to use liquid assets to balance out the division of assets during divorce. Imagine that you no longer want to own real estate investments and you want to strike out on your own as a business owner. Your spouse may agree to buy you out by granting you a larger share of the marital retirement funds or cash. This streamlines the process and can make it easier for both parties to get what they want out of the divorce.

Selling Shared Real Estate

What happens when neither party wants to keep the real estate? Owning real estate investments is a significant responsibility and it does sometimes happen that neither spouse wants to take that on alone. In this scenario, the parties sell the real estate and split the proceeds equitably. 

This can be a bit more time-consuming than the other solutions, as it involves staging the home, contracting with a real estate agent, and cooperating throughout the selling process for each piece of property. But once you make it through that, both parties get what they are owed and can walk away with those financial ties severed. Many divorcing couples find that selling shared real estate gives them a sense of relief and the freedom to move on with their new life.

Whether you know how you want to handle your shared real estate or you’re still not sure what the best option is, it’s good to begin planning for this step early, as it may be one of the most complex parts of your divorce.

Prepare for Your Divorce with Pence Law Firm

The Charleston divorce attorneys at Pence Law Firm are here to help you work through the division of assets, child support, child custody agreements, and the various other major decisions you must make during divorce. Let’s sit down and talk about what matters most to you. Just contact us online or call us at 304-407-7852.

Navigating the Complexities of Divorce and Pensions

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The division of assets can be a challenging part of your West Virginia divorce, particularly if you and your spouse have pensions or retirement accounts. These are often among the most valuable assets a couple has to divide, so they can be the subject of bitter disputes. If you or your spouse have a pension to split, learn what to expect and what your options are.

Having the right legal counsel during your divorce can make a significant difference in the outcome. Call Pence Law Firm at 304-407-7852 to set up a consultation with our team right away.

The Division of Marital Assets in West Virginia

As is the case with most states, West Virginia is an equitable distribution state. Rather than assuming that all property acquired during a marriage will be split down the middle during a divorce, the principle of equitable distribution aims to split up property in a way that is fair to both parties. A number of factors are considered in these decisions, such as both parties’ earning ability, separate assets they may own, and their contributions to the marriage. Since West Virginia is an equitable distribution state, your pension could be split up in any number of ways, depending on what you agree upon.

Issues to Consider with Pensions

Compared to other types of assets, pensions can be fairly complicated. It’s not as easy as splitting it down the middle and giving part to each spouse. The value of a pension may fluctuate, and pensions also have different structures. For example, a defined benefit plan gives the recipient a set monthly amount after their retirement. However, defined contribution plans may fluctuate in value, depending on the investments chosen. These can be much harder to divide. Finally, you have to consider government pensions, which are generally bound by strict laws and regulations that further complicate this process.

There are several ways you may choose to divide a pension during a divorce—we’ll explore some of those options in greater detail.

Splitting Up the Pension

Pension sharing is a popular option for those who want a clean break after a divorce. With a QDRO—or qualified domestic relations order—the person receiving part of the pension must then transfer their share into their own retirement account. If they do not roll the funds into another retirement account, they may be hit with a heavy financial penalty. 

The amount that is up for division depends on how long the pension has been accumulating and the length of the marriage. If the partner who earned the pension started there before getting married, at least part of the pension will not be subject to division. If they were married for the entirety of their career, the entire pension may be subject to division.

Offsetting Pension Shares

It’s common for the person who earned the pension to want to keep it in its entirety. Pensions can be incredibly valuable, as they often grow in value the longer you remain with a workplace. If the person who owns the pension does not want to split it, they may choose to compensate the other party by offsetting their share of the pension. For example, if they agree on the other party receiving $100,000 of the pension, the person who owned the pension may instead give up $100,000 of their share of the marital home to account for that loss. This way, they do not actually have to break up the pension and diminish its value.

Regardless of how you decide to split up a pension, securing a fair valuation is crucial. While some types of pensions are easy to value, others change with time and with changes in the stock market. Both parties benefit from a fair valuation from a qualified professional.

Get the Legal Support You Deserve with Pence Law Firm

Divorce is never easy, but the right legal team can streamline the process and help you move forward. At Pence Law Firm, we help divorcing individuals all over the Charleston area prepare for their next steps in life. To find out how we can help you, call us at 304-407-7852 or send us a message online.

Minimizing Reputation Damage During High-Profile Divorces

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Navigating a divorce is challenging for anyone, but when you’re a public figure who attracts the attention of the community and the media, there’s another layer of difficulty. When everyone is watching your every move, trying to get through a divorce with your privacy and dignity intact can seem like an impossible challenge. It’s crucial to work with an attorney with experience in high-asset, public divorces. We can put your privacy first and work towards resolutions that allow you to move forward with ease.

It’s time to learn more about your options as you move forward with divorce. Call Pence Law Firm at 304-407-7852 to set up a consultation with our team right away.

Prioritize Maintaining Privacy for You and Loved Ones

For many high-profile individuals going through a Charleston divorce, privacy is of the utmost importance. Having the dirty details of your divorce aired in the media is perhaps the easiest way to tank your reputation and ensure that it’ll come up every time someone Googles you. Name for the rest of your life. Even if you and your spouse are ending on especially contentious terms, this is hopefully one area where you can come to an understanding—especially if you have children who could be harmed by eventually seeing the details of their parent’s divorce. Even if your children are young now, the Internet is forever. It’s worth it to put privacy first.

As you work with your attorney, consider utilizing confidentiality agreements that bind everyone who works with you during this process. While you are already protected by attorney-client privilege when it comes to your lawyer, any PR specialists or financial professionals you bring in may not have the same professional standards in their field.

You should also limit your public statements. In most cases, saying nothing is better than saying something that you haven’t carefully planned out and scripted. This is one area where you want to choose every single move carefully.

Figure Out Your Approach to the Media

The media will take any scrap of information it gets and run with it. Engaging with the media will almost always come back to bite you, so you should always be a few steps ahead of them. Communicate with media selectively and on your own terms. Working with a spokesperson or media liaison is one way to limit the amount of speaking you personally have to do, which lowers the risk of unintentionally saying something the media can spin against you.

In many cases, making a brief statement to the media and setting clear boundaries can limit the chatter around your divorce. A good statement addresses the divorce, gives no exciting details, and outlines your wish for privacy for your family during this time.

If unfortunate details of the divorce have already reached the media, this may be a good time to consult a PR specialist about limiting the damage to your reputation and putting your best face forward.

Work Through Issues in Mediation to Avoid Public Court Battles

Settling the key decisions of your divorce in mediation is one of the best ways to limit the information available to the public. When you let the judge make important decisions in your divorce, those court records become public records—and it won’t be long until the media starts picking it apart for details they can use to shape public opinion of you. 

Agreements reached in mediation are private and sealed, helping both parties to protect their and their loved ones’ privacy. Additionally, navigating complex issues in mediation allows you and your spouse to maintain control over the decision-making process. This is especially important when there are sizable assets being divided. Many divorcing couples find that discussing these issues during mediation paves the way for a strong co-parenting relationship and prevents the divorce from becoming too adversarial.

Prepare for Your Divorce with the Team at Pence Law Firm

If you’re concerned about preserving your reputation throughout the divorce process, the team at Pence Law Firm is here to help you. Call us at 304-407-7852 or fill out our online contact form to find out how we can support you as you prepare for the next chapter in life.

The Impact of Divorce on Executive Compensation Packages and Stock Options

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When you’re navigating a high net worth divorce, you’ll face challenges and complex issues that rarely arise in other divorces. In these splits, the division of assets and the topic of spousal support often lead to the most bitter disputes between the divorcing spouses. If one spouse is a high-powered executive, navigating the division of assets and alimony requires even more experience and knowledge. The multiple types of compensation received by executives and the schedule on which they’re paid out can make this step of the process drawn-out and stressful.

It’s crucial to work with an attorney with experience in this type of divorce. Whether you are the executive in this equation or the lower-earning spouse, it’s important to fight for fair and equitable treatment. Call Pence Law Firm at 304-407-7852 to set up a consultation with our team now.

How Executive Compensation is Structured

Executive compensation may be structured in several different ways, depending on the company involved and what the executive in question negotiates for. Elements commonly found in an executive compensation package include:

  • Base salary: Executives do earn a base salary, but in comparison to the rest of what they bring in, it is a relatively small chunk of their income.
  • RSUs and stock options: Restricted stock units, known as RSUs, are shares of company stock given to executives with significant restrictions. Stock options allow an employee or executive to buy stocks at a predetermined price.
  • Bonuses: Bonuses, which are generally dependent on changes made by the executive and the company’s performance as a whole, can be a sizable part of an executive’s income each year.
  • Deferred compensation: Deferred compensation is generally paid out at retirement. It allows the executive to hold off on receiving part of their income until they retire, at which point they will have to pay taxes on it.

It’s clear that these types of income can lead to a drawn out division of assets. It’s easy to determine spousal support, child support, and an equitable division of assets when both parties earn a set annual salary or hourly wage. It’s much harder when their income may change by millions of dollars each year or hinge on the performance of the stock market.

Calculating Executive Compensation

One of the main challenges in this type of divorce is figuring out how much should be paid in child support and spousal support. Again, when there’s an annual salary or hourly wage being paid, it’s just a matter of plugging the numbers in and going from there. But how do you determine what’s fair when the high-earning spouse’s income is split across different assets, stock options that may not vest for years to come, and bonuses that are dependent on future performance?

Your attorney may look at what the executive has actually received in income throughout their time with their company. If they have held that position for a number of years, it’s easier to calculate the average income even with varying bonuses and stock options. The attorneys may also look at the standard of living that both spouses have come to expect, which gives them a guideline of how much the lower-earning or non-working spouse should receive.

For child support, it’s important also to think about the lifestyle that the child is accustomed to. It’s common for children of executives to be enrolled in private school, participate in costly extracurricular activities, and have other expensive needs. The court will likely want the child to maintain that standard of living even after a divorce.

Valuing and Dividing Stock Options

This is a huge hurdle to clear in a high asset divorce. Stock options are often a major part of an executive compensation package, but their terms and value may differ quite a bit. The vesting schedule may come into play, especially if the stocks cannot be purchased or accessed for several years. It’s also important to consider the tax implications of exercising stock options and determine how that may affect their division. When it comes to the valuation of stock options, the Black-Scholes model may be used or your attorney may recommend another option.

Choose Pence Law Firm for the Legal Support You Deserve

As you start to look ahead to life after divorce, make sure you have the financial support you need for a fresh start. Find out how Pence Law Firm can fight for the assets and support you deserve. Call us at 304-407-7852 or get in touch online now.

Understanding QDROs and the Division of High Value Retirement Accounts

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In many divorces, the division of assets is the most complex and time-consuming part of the entire process. It’s especially hard in long marriages where both partners have built up assets and completely intermingled their financial futures. Retirement accounts can be particularly challenging to divide, due to their significant value and their propensity for growth. The use of Qualified Domestic Relations Orders can streamline the division process and ensure that the divorcing couple doesn’t incur any unexpected penalties or taxes.

If you’re preparing for divorce in Charleston, working with an experienced divorce attorney can save you time, money, and stress. Set up a consultation with Pence Law Firm now by calling us at 304-407-7852.

What is a QDRO?

A Qualified Domestic Relations Order is a legal order that specifies the way in which pensions and retirement plans are divided during a divorce. This is due to the fact that you often cannot simply withdraw from your retirement account and give your ex-spouse the amount they’re entitled to under your divorce agreement. 

Early withdrawals from retirement accounts can result in heavy penalties and taxes. In this situation, you aren’t taking from your retirement account to use it prior to retirement—you are just giving your ex-spouse what they are entitled to. For that reason, you want to protect the value of your accounts and avoid mishaps by using a QDRO. Furthermore, both state and federal laws have specific rules about how retirement funds can and cannot be accessed. A QDRO ensures that your division of these accounts is compliant with all relevant laws.

When a QDRO Is and Isn’t Required

While a QDRO is a useful tool in a divorce, it isn’t always necessary. It’s crucial to work with a knowledgeable divorce attorney who can use the right tools and legal orders to streamline your division of assets. In general, accounts that are governed by the ERISA (Employee Retirement Income Security Act) do require a QDRO. Per ERISA, retirement interests can be split up only if there is a judgment, decree, or order that can be considered a Qualified Domestic Relations Order. If your retirement account is from an employer-provided retirement plan, there’s a good chance you’ll need a QDRO to split it up without legal or financial issues.

However, there are retirement accounts that do not require a QDRO. In these situations, you can split up your retirement account as long as it is specified in your divorce agreement. Retirement accounts not requiring a QDRO include IRAs, some government retirement plans, and some specific types of pensions and annuities. However, there are rarely hard and fast rules when it comes to money and divorce, so it’s best to discuss your specific accounts with an attorney.

Note that whether or not your accounts require a QDRO, the money transferred between spouses will likely need to be handled in a very specific way to avoid financial penalties. For example, an IRA must be divided up in the divorce decree. The funds that are transferred must then be transferred into the receiving spouse’s own IRA. If the receiving spouse simply takes their share in cash and holds onto it, they will likely owe federal income taxes on it and pay a 10% penalty.

Determining Each Party’s Share

A big part of this is determining what each spouse is entitled to during divorce. Much depends on when the account was created and when money was added to it. If one spouse came into the marriage with money in their retirement account, that amount may be considered a separate asset. However, the rest may then be subject to division. If the entirety of the account was earned while the couple was married, the whole account will likely be subject to division.

Plan for Your Divorce with Pence Law Firm

Divorce can be complicated, and you’re bound to have lots of questions. When you choose Pence Law Firm, you’ll have quick access to experienced attorneys who are ready to help you with your West Virginia divorce. Get started now by calling us at 304-407-7852 or reaching out to us on our website. We’ll get your free consultation scheduled and start planning.

Mitigating the Risks of Business Depreciation During High Asset Divorces

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When a couple owns a business together, protecting that business during a divorce can be a top priority. It’s not uncommon for businesses to be negatively affected during a divorce. Stockholders worry about the future of the company, are uncertain about whether a massive stock transfer will affect the company’s value, and wonder if consumers will follow the company on its new path. A business’s value tanking during a divorce can make it incredibly hard to divide it fairly and leave both parties without the assets they need to move forward.

As you navigate divorce in Charleston, it’s important to work with a legal team you trust. Call Pence Law Firm at 304-345-7250 to set up a time to talk to our experienced team.

Valuation Strategies for Business Assets

It’s important to get a fair valuation of a business as part of your divorce. This ensures that the business is divided equitably and helps you verify that your efforts to protect the business’s value are successful. There are several different strategies you may consider.

Some couples opt to go for the market value of the business. This involves looking at what the business would sell for on the open market. This is in comparison to the book value method, which is what shareholders would get if the company’s assets were liquidated and debts paid off.

Another option that may make sense is income-based valuation. Income-based valuation can be fairly complex, as it looks at the company’s earnings and applies factors like amortization, depreciation, and taxes.

Regardless of which option seems to make the most sense for your needs, it’s important to work with a financial professional.

Protecting Your Business and its Assets

There are different ways that individuals can protect their business assets in the event of a divorce. Unfortunately, most of these methods rely on premarital or at least pre-divorce planning. Once you’ve reached the point of divorce, your options have already decreased significantly.

Prenuptial and postnuptial agreements are obviously useful in this situation. If one party owned the company prior to the marriage, a prenup or postnup may ensure that the business stays with them after a divorce.

Buy-sell agreements are another way to plan for divorce before a split actually happens. They lay the groundwork for how the business will be handled if the marriage ends. This takes a lot of guesswork out of the equation; should the couple decide to divorce, the terms of the buy-sell agreement simply go into effect.

If you did not make any sort of legal agreement before deciding on divorce, protecting your business assets may be more complicated. In these situations, it’s important to work with a high-net-worth in Charleston. They understand the factors at play and can provide different solutions that allow you to keep the business safe and growing.

Continuity Planning During Divorce

While navigating your divorce, you’ll also need to engage in continuity planning that secures the future of the business. Clear protocols regarding day-to-day operations ensure that important tasks do not fall by the wayside as the owners handle their personal issues. A contingency plan may name people to take on the owners’ daily tasks when personal issues arise.

You can also plan for the future success of the business by carefully handling how the divorce is announced and handled. A couple should decide when and how to announce their divorce, rather than letting the media get a hold of the news and control the narrative. This gives them the chance to present a united front, calm shareholders’ worries, and clarify the future direction of the company.

In the time between deciding to divorce and announcing the divorce, the couple can come up with their continuity plan. It can be difficult to work together under these circumstances, but remember that you both rely on the financial stability provided by the business—handling these matters together is best for everyone involved.

Facing Divorce? Choose the Pence Law Firm for Your Family Law Needs

As you prepare for your Charleston divorce, choose a legal team that you can rely on through the entire process. Call the Pence Law Firm at 304-345-7250 or fill out our online contact form to connect with a team member.

Mistakes Happen: How the Law Treats Mistakes in Marital Settlement Agreements

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You work hard to come up with a marital settlement agreement that you and your ex can agree on. You often reach this point after multiple rounds of negotiations, significant compromises, and stressful disputes. What happens, then, when there’s a mistake in your marital settlement agreement? Do you have to go back to square one or are there other options for divorced couples?

As you navigate your divorce, it’s crucial to have an attorney you can trust. That’s where we come in. The team at the Pence Law Firm is committed to helping individuals fight for their best interests during a split. Call our firm at 304-345-7250 to set up a time to talk now.

Enforceability of Marital Settlement Agreements in West Virginia

Per state law, when a couple reaches a settlement and writes a settlement agreement, that agreement is legally enforceable in the same that any other written contract is. However, there are circumstances under which the court will find the agreement to be unenforceable. If the agreement was agreed upon when one party was under duress, the court will not uphold it. They will also refuse to uphold it if either party engages in fraud or other egregious conduct to secure a settlement. For example, if one party fails to disclose assets or income for their own benefit, the court may step in.

Common Marital Settlement Agreement Mistakes

There are numerous ways that mistakes may arise in marital settlement agreements. Ideally, these mistakes would never happen—one of the benefits of working with an experienced attorney is that they are aware of these mistakes and do everything they can to avoid them. Common mistakes include:

  • Miscalculations: For example, if a couple agrees on $100,000 of alimony split over five years, that would be 60 monthly payments of about $1,666.66 each. If the calculation is done incorrectly and divided over six years or the total amount is entered incorrectly, the order may need to be amended.
  • Ambiguous language: When a court order can be interpreted in multiple ways, it is generally meaningless since it can be interpreted in favor of either party.
  • Omitted terms: When the attorneys involved in a divorce fail to address specific assets, custody needs, or other issues in a divorce, it can lead to disputes about parenting time, asset division, and more.
  • Fraud, coercion, and duress: Marital settlement agreements formed under duress, with coercion, or after fraud are unenforceable. This is egregious misconduct on the part of the party trying to benefit from coercing their spouse.
  • Obvious typos or errors: Consider a couple that agrees to $500 per month in child support. A typo leads to a court order for $5,000 per month in child support for someone making that much monthly. Obviously, this error would need to be corrected.

Legal Remedies for Mistakes

There are situations in which the court will relieve a party or their legal representative from a final order. Under state law, clerical mistakes can be corrected by the court of its own volition or by either party. Mistakes, inadvertence, excusable neglect, fraud, and other issues may excuse the parties from the agreement. However, certain conditions must be met. For example, newly discovered evidence is only a reason for a new court order if the new evidence could not have been discovered by due diligence in time to request a new trial. If an attorney is simply inefficient, that may not be enough.

One of the parties involved must file a motion to request relief from the judgment. This may lead to an unwinding of the agreement in cases involving fraud or duress, or a modification or correction to fix more basic mistakes. The parties may also negotiate or bargain to agree on necessary modifications.

When these situations arise, time is of the essence. You must connect with your Charleston divorce attorney immediately to discuss your concerns and come up with a plan.

Considering Your Options During Divorce? Call The Pence Law Firm Today

Whether you’ve uncovered errors in your marital settlement agreement or you’re just starting to work through the beginning stages of your split, we’re here to help. Call our team of Charleston attorneys at 304-345-7250 to set up a consultation immediately.

Divorce and Philanthropy: How to Handle Shared Charitable Endeavors

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If you and your spouse have built a legacy of charity and philanthropy, divorce may be especially painful for you. You may worry that the end of your marriage means an end to your charitable efforts, which you likely find very meaningful and fulfilling. You may also wonder if you’re financially tied to causes and agreements that don’t make sense to you after divorce.

You can discuss these and other issues with your Charleston divorce attorney. The team at the Pence Law Firm can help you find solutions that pave the way for your future. Call us at 304-345-7250 to set up a consultation now.

Understanding Your Current Obligations, Commitments, and Initiatives

You should start with a full analysis and inventory of your current charitable obligations and commitments. If you and your spouse have committed yourselves to financial donations, volunteer work, or official partnerships, there may be contractual requirements that will keep you locked in for a set period of time. Inventorying these gives you a foundation from which to start negotiating. 

If you foresee yourself having a lot of free time after divorce, you may agree to take on volunteer obligations while your ex takes on the financial commitments you’ve made. You may also want to find out if divorce is a valid reason to break or amend a contract. Keep in mind that you may damage your reputation within the charitable community if you do so—this is a decision to make after extensive research and contemplation.

Financial Contributions and Responsibilities

Your financial life after divorce will look very different from married life. Your charitable commitments must fit within the framework of your new life. This may mean adjusting your financial commitments or terminating them completely. You and your spouse may opt to split these commitments to ensure that one partner doesn’t bear the full load. 

In these cases, it often makes sense to have spouses take on the causes that matter most to them. If you and your spouse have substantial assets, you may choose to fulfill the financial terms of the contract in full immediately in order to sever the tie and start anew.

For some, it makes sense to tie ongoing financial contributions to the division of assets. For example, if one party takes on the financial obligations of a charitable agreement, it may make sense that they receive slightly more of the marital estate to make up for that. This is often a viable option if one spouse wants to wash their hands of philanthropy entirely and start completely anew after divorce.

Navigating Disputes

Disputes may arise as you and your spouse try to figure out your charitable goals and efforts after divorce. Try to maintain open communication during this time; even if you’re on opposite sides of your divorce, you both want to fulfill the terms of your charitable agreements and do good work in the community.

If disputes seem impossible to overcome, consider working with a mediator to develop decision-making protocols related to your philanthropic efforts. They can also help you negotiate an agreement that benefits both parties. Coming up with decision-making protocols before issues arise can make it much easier for everyone when problems inevitably come up.

Finding Your Own Independent Charitable Path

As your divorce winds down and you begin looking ahead to the future, think about what you want your presence in philanthropy to look like. Do you want to stick with the same causes you prioritized when you were married, or are there causes you weren’t able to explore because your spouse didn’t care for them? Are you interested in creating a charitable organization, donating money, or offering your time to the causes that matter most to you? There are lots of options to consider, and what you decide depends entirely on the obligations you’ll have after your divorce is finalized.

Explore Your Divorce Options with Pence Law Firm

If you’re planning on a divorce in Charleston, having the right legal team working for you can make a big difference. Let us help you figure out your next steps. Call Pence Law Firm at 304-345-7250 or get in touch online to set up a consultation right away.