Tag Archive for: divorce

Crafting Prenuptial Agreements for Blended Families

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A strong prenuptial agreement can explain how money and property will be divided if the couple gets divorced or if one partner passes away. While these contracts are widely recommended for engaged couples, they are particularly important for blended families where both parents want to protect their children’s best interests. However, drafting a prenup for a blended family does bring up some unique questions—and that’s why it’s important to talk to an attorney.

At Pence Law Firm, we know how important it is to you to ensure a smooth transition into life as a blended family. We can help. Learn more about our prenuptial agreement services by calling us at 304-345-7250.

Special Factors to Consider When Finalizing a Prenuptial Agreement for a Blended Family

Blended families face specific challenges that complicate financial planning. One major concern is ensuring financial security for children from previous relationships. Each partner may have distinct financial obligations and expectations regarding their children, and addressing these concerns upfront is essential.

Clear communication and planning are important. Partners need to openly discuss their financial situations, expectations, and obligations to prevent misunderstandings and conflicts later on.

It’s also important to address the division of assets brought into the marriage. Blended families often involve different sets of financial histories and assets, which can make the division of property more complicated. Being specific about what belongs to whom and how assets will be managed can prevent disputes.

Additionally, consider how to handle ongoing financial responsibilities like child support from previous relationships. These obligations must be clearly outlined to avoid any future conflicts.

Essential Components to Incorporate in a Prenuptial Agreement

When creating a prenuptial agreement for a blended family, there are several key components to consider. First, outline how property and assets will be divided. Clearly state which assets are individual property and which are shared to avoid future disputes. This clarity is vital when significant assets are brought into the marriage.

Another important component is the protection of children’s interests from previous relationships. Specify how assets will be allocated to support these children and outline inheritance plans to ensure they are provided for.

Additionally, the agreement should address any financial obligations from past relationships, such as child support. This ensures that these responsibilities are clear and prevents conflicts down the road.

Finally, consider how to handle ongoing financial responsibilities and future changes, like additional children or major shifts in financial circumstances. This can help keep the agreement relevant and fair over time.

Steps to Formulate a Prenuptial Agreement

Start by having an open conversation with your partner about your financial expectations and responsibilities. Discuss your goals, how you plan to handle existing obligations, and the importance of protecting the interests of children from previous relationships. Transparency is key to building trust and ensuring both parties feel heard.

Next, make a list of your assets and debts. Clearly distinguish between what you each brought into the marriage and what you plan to acquire together. This will help outline what is considered individual property and what will be shared, reducing the chance of future disagreements.

It’s also important to think about how you will manage ongoing financial responsibilities, such as child support from previous relationships. Addressing these obligations upfront can prevent misunderstandings later on.

Consider the possibility of future changes and discuss these scenarios in advance. This will make it easier to update the agreement as needed. Regularly reviewing the prenuptial agreement can help ensure it remains fair and relevant.

Finally, seek legal advice to make sure your agreement is both legally sound and enforceable. A lawyer can provide valuable guidance and help draft an agreement that reflects the interests and intentions of both partners. They can also facilitate open discussions, ensuring transparency and fairness throughout the process.

Some states require that both parties have their own attorney review the prenuptial agreement to ensure its fairness. West Virginia does not have this requirement; a prenup must just be in writing and signed voluntarily by both parties. However, it is highly recommended that both parties have an attorney review the prenup to ensure that their interests are protected.

Choose Pence Law Firm for Your Legal Needs

The team at Pence Law Firm can help you navigate your prenuptial agreement and lay the foundation for a strong and healthy marriage. Contact us online or call us at 304-345-7250 to get started.

 

Unique Issues with Divorce for International Couples

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International couples face myriad issues that couples from the same country never even have to consider. Unfortunately, these same issues can make the divorce process a legal nightmare—and divorce is already one of the most challenging things you can go through. If you and your spouse are from different countries, it’s important to understand the hurdles you may face during a divorce.

We can help you navigate this difficult time. Call Pence Law Firm at 304-345-7250 to set up a time to discuss your next steps.

Immigration Issues and Legal Challenges

Immigration issues can be a significant concern for international couples going through a divorce. When one spouse depends on the other for their visa or residency status, ending the marriage could affect their ability to stay in the country. This may or may not be an issue; in some cases, the sponsoring spouse has no vested interest in helping their spouse remain in the country. In others, they may want to end the marriage but still want their ex to be able to stay in the United States.

Another complex issue is determining which country’s laws will apply to your divorce if your marriage legally occurred outside the United States. Jurisdiction can be tricky, especially if both partners have connections to different countries. Figuring out which country has the legal right to handle your divorce and how its laws will affect your case is essential.

 

Custody Difficulties

Custody arrangements can be particularly complicated for international couples, as different countries may have different legal standards for determining child custody. This comes into play when the parents want to live in different countries after the divorce. For example, in some countries, split custody is not a typical or even permitted arrangement; children resulting from a marriage live with either the mother or the father, and the other parent goes on to start over.

Long-distance parenting arrangements present another layer of difficulty. When parents live in different countries, coordinating visitation and ensuring the child’s best interests are prioritized can be challenging. In these cases, technology can be a valuable tool, allowing regular communication between the child and the distant parent.

 

Financial Issues with International Couples

Financial matters can be particularly complex when dividing assets spread across different countries. Each country has its own rules about how to divide property, and items like bank accounts, real estate, or retirement funds might fall under the laws of the country where they are located.

You also need to consider alimony and child support, which can be complicated by differing legal systems. Each country may have its own way of calculating these payments, and enforcing them can be difficult if the paying spouse lives in a different country. Legal advice can help you understand what to expect and how to enforce these payments if needed.

 

Cultural Variations with International Couples

Cultural expectations around divorce can greatly influence how the process unfolds. In some cultures, there might be significant stigma attached to ending a marriage, which can affect how family members and the community react. Understanding these cultural nuances is essential for managing the emotional and social aspects of a divorce.

Family involvement can also vary widely between cultures. In some cultures, family members might expect to be actively involved in decisions about the divorce, offering strong opinions or even attempting to mediate. This can add another layer of complexity to the process. Being aware of these expectations can help you prepare for difficult conversations and negotiations, making the process smoother.

Cultural differences can also impact practical aspects like parenting plans and property division. For example, in some cultures, there might be specific traditions regarding who gets what after a divorce. These traditions can sometimes conflict with legal requirements, creating additional challenges.

To navigate these cultural variations effectively, it can be helpful to seek guidance from professionals who understand both parties’ cultures and local divorce laws. They can offer insights into how to balance cultural expectations with legal obligations, ensuring that the process is fair and respectful for everyone involved.

 

Prepare for Divorce with Pence Law Firm

With the team at Pence Law Firm, you can get the support and guidance you need as you look ahead to the next steps in your divorce. Set up a consultation with our family law team now; you can contact us online or call us at 304-345-7250.

Uncovering Undisclosed Assets During a High Net Worth Divorce

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Hidden assets are a more frequent problem in high-net-worth divorces due to the substantial money and property involved. This can tempt individuals to hide some of their wealth to get a better deal in the divorce settlement. The various types of financial assets, like multiple bank accounts, investments, and properties, make it easier for some assets to be overlooked or hidden on purpose.

That’s why it’s so important to protect your best interests during a divorce. We can help; call Pence Law Firm at 304-345-7250 to set up a consultation now.

Typical Hidden Assets

Hidden assets often include bank accounts and investments, such as offshore accounts or stocks held under another name. Properties and real estate can also be concealed through complex ownership structures or by transferring titles to relatives or friends. Business interests are another area where assets may be hidden, with individuals sometimes underreporting the value of a company or hiding income through the business. Personal valuables like art, jewelry, and collectibles can be easily hidden as well. Retirement accounts and insurance policies might also be used to hide wealth.

Indications of Hidden Assets

There are certain signs that could indicate someone is hiding assets. One sign is if there are sudden withdrawals or transfers to accounts you don’t recognize. This unusual activity can be a clue that money is being moved around secretly. Another red flag is if financial documents are missing or incomplete. This could mean that someone is trying to hide important information about their money or property. Unexplained loans or debts may also suggest hidden assets, as these can be used to hide money.

Unfortunately, it can be harder in some cases to uncover these assets. In marriages where one party has full control of and access to the marital finances, it is often very easy for the spouse with access to move funds and assets around as they choose.

Legal Measures to Find Assets

One effective approach is hiring a professional investigator, such as a forensic accountant, who focuses on financial matters. These experts have the tools and experience needed to locate hidden assets. Another method involves using subpoenas to get financial records from banks and other institutions. This can reveal hidden accounts or properties.

A Lawyer’s Role in Finding Assets

A Charleston divorce lawyer is essential when you suspect assets are being hidden during a high net-worth divorce. They bring valuable expertise to the table, making it easier to navigate complex financial landscapes. A good lawyer knows where to look and can spot discrepancies in financial records that might indicate hidden assets.

Additionally, a divorce lawyer can work closely with forensic accountants and other specialists to dig deeper into financial statements. This teamwork can reveal hidden accounts, underreported income, and other concealed assets. With a lawyer’s help, you can gather the necessary evidence to present a strong case in court. This support ensures you have a fair chance at uncovering all assets, leading to a more balanced divorce settlement.

Effects on Divorce Settlements

These can cause major issues during divorce settlements. If one spouse hides money or property, it often results in an unfair division of assets. This means one person might get less than they deserve. It’s crucial to uncover all assets to make sure the division is fair for both parties.

When hidden assets are discovered, it can change the outcome of the settlement significantly. For instance, if hidden bank accounts or properties come to light, the court can adjust the division of assets accordingly—and often in a way that punishes the party who attempted to manipulate the divorce process for their own benefit.

Uncovering hidden assets can also have legal consequences for the person hiding them. Courts do not look kindly on dishonesty, and the spouse hiding assets might face penalties. This can include paying the other party’s legal fees or losing their share of the hidden assets. Transparency is key to a fair and just divorce settlement.

Get Started Today with Pence Law Firm

Protect your share of your marital estate and your future with the team at Pence Law Firm. Set up a consultation right away by getting in touch online or calling us at 304-345-7250.

What is the Impact of a Career Change on Alimony and Child Support Decisions in West Virginia?

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Making a career change can be an exciting time filled with opportunities for personal growth and professional advancement. However, it can also have significant implications for your financial obligations, particularly when it comes to alimony and child support, before or after divorce.

If you owe or receive alimony  in West Virginia, it’s important to understand how a job change could affect you. Call Pence Law Firm at 304-345-7250 to set up a consultation now.

 

Alimony and Child Support Basics in West Virginia

Alimony, also known as spousal support in West Virginia, is financial assistance given to a lower-earning or homemaking spouse after a divorce. The court decides the amount based on various factors, such as the duration of the marriage, each spouse’s financial stability, and the standard of living during the marriage. On the other hand, child support ensures that children get the financial resources they need for their well-being. This support covers essentials like food, housing, and education.

Both alimony and child support are determined by court orders. These orders are not set in stone permanently and can be adjusted if there are significant changes in circumstances.

Knowing the fundamentals of these financial obligations is crucial, especially when facing a career change. Understanding how these obligations are calculated can help you navigate the process more effectively and be prepared for any adjustments that may arise.

 

How Can a Career Change Can Affect Your Income? 

A career change can greatly impact your income, whether it leads to a higher salary, a pay cut, or a period of unemployment. These shifts in earnings can directly influence your ability to meet alimony and child support obligations. For instance, a higher-paying job may allow you to provide more support, whereas a lower-paying job might require reassessing your financial commitments.

When considering a career change, it’s important to understand how the court views the nature of your job transition. If your career change is voluntary and results in lower income, the court may not be sympathetic if it seems like an attempt to reduce financial obligations. On the other hand, involuntary changes such as layoffs or company closures are generally seen as valid reasons for seeking modifications.

The timing of your career change can also be crucial. If you undergo a job transition immediately after a divorce settlement, it may complicate matters. It’s wise to plan your career moves carefully and consider their long-term financial impact. Courts will examine factors like your new income level and the reason for the change to determine if adjustments to alimony or child support are warranted. Keeping these aspects in mind can help you navigate the complexities that come with a career change and its impact on your financial responsibilities.

 

What is the Legal Process for Modifying Alimony and Child Support in West Virginia?

If your career change drastically affects your income, you might need to ask the court to modify your alimony or child support order. This starts with filing a motion to request a change. You’ll need to show evidence of your new financial situation, like pay stubs or job termination letters.

The court will look at several factors to decide if a modification is appropriate. They’ll consider why you changed jobs, how much you’re now earning, and how the change impacts your ex-spouse or children. Their primary goal is to ensure that any new arrangements are fair and serve the best interests of everyone involved, especially the children.

Be prepared to explain your reasons for the career change and how it affects your ability to meet your financial obligations. If the court finds your reasons valid, they may adjust the support amounts. Always make sure you understand your legal rights and obligations during this process.

 

Common Challenges and Considerations

One major challenge during a career change is the uncertainty about job stability and income. This can be particularly stressful if you’re concerned about meeting alimony and child support obligations. It’s important to address these changes proactively. Consulting a legal expert can help clarify your options and responsibilities.

Additionally, emotional stress is common during major transitions. Don’t hesitate to seek support from a counselor or support group. Managing your emotional well-being is crucial for navigating the complexities of career changes and their impact on financial obligations.

 

Reach Out Today—We’re Here to Help

At Pence Law Firm, we understand the complex decisions you face during divorce. Call us at 304-345-7250 or send us a quick message online

Challenges for Divorces with Special Needs Children

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Divorce can be a challenging process for any family, but when special needs children are involved, the complexities can be even greater. Parents who are navigating a divorce while caring for a child with special needs may face unique legal, emotional, and financial challenges.

If you’re facing divorce while caring for special needs children, it is crucial that you know what to expect. Let’s discuss your concerns. Call Pence Law Firm at 304-345-7250 to discuss your options with our family law team.

Understanding Custody and Support Needs in This Situation

Navigating divorce when you have a child with special needs adds a layer of complexity to custody and support discussions. The focus must always remain on what’s best for the child, taking into account their unique requirements and routines. Crafting a custody plan demands thoughtfulness – it’s about more than just where the child will live. It involves considering the logistics of medical appointments, therapy sessions, and other specific needs your child might have. Both parents need to be integral in the decision-making process, ensuring they are on the same page when it comes to their child’s care and overall well-being.

In these circumstances, flexibility and communication between parents are paramount. An agreement that outlines not only the day-to-day care but also long-term planning for the child’s health and educational needs can provide a stable foundation during this transition period. It’s about creating an environment where your child feels supported and can thrive, despite the changes happening around them.

Legal Considerations for Special Needs Children

When dealing with a divorce that includes a special needs child, the legal landscape becomes more intricate. Parents must grapple with decisions regarding who will make key healthcare choices and how to ensure ongoing financial support for their child’s unique care needs—particularly if the child will need care long after reaching adulthood.

Additionally, navigating the maze of government aid and how it might be affected by your divorce is another area where legal advice is invaluable. These discussions allow you both to meet your child’s current needs and plan for their future ones.

Navigating Emotional and Psychological Challenges

Going through a divorce is tough on everyone in the family, and when there are special needs children involved, the emotional rollercoaster can be even more intense. Parents might find themselves wrestling with a mix of heavy feelings, including guilt for the changes their child must face and worry about how to ensure the best possible future for them. It’s crucial to remember that caring for your own emotional and mental health is not selfish—it’s necessary.

Seeking support from friends, family, or professionals can make a big difference. Talking to a therapist or joining a support group can provide a safe space to express feelings and fears, and to receive advice from those who understand what you’re going through. Finding ways to relax and recharge, whether it’s through hobbies, exercise, or simply taking a moment for yourself, can help manage stress.

Financial Planning for the Future

When parents go through a divorce and have a special needs child, thinking about money matters becomes more crucial than ever. It comes down to making sure your child is well cared for, today and in the years to come. This means coming up with a plan that covers their ongoing care, medical expenses, and any other needs they may have as they grow. One way to tackle this is by setting up a special needs trust. This is a smart move because it ensures that money set aside for your child won’t interfere with their eligibility for government benefits down the road.

Additionally, sitting down with a financial planner who knows the ropes of special needs planning can be eye-opening. They can guide you in crafting a financial strategy that not only meets your child’s immediate needs but also secures their future. This does require cooperation and collaboration during a difficult time, but if you are both committed to what is best for your child, it isn’t impossible.

Prepare for Your Divorce with Pence Law Firm

As you begin to prepare for your pending divorce, make sure you have a legal team you can trust. Set up a time to meet with Pence Law Firm now by reaching out online or calling us at 304-345-7250.

Dividing a Variable Annuity in a West Virginia Divorce Settlement

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When going through a West Virginia divorce, dividing assets can be a complex and challenging part of the process. One particular asset that may need to be divided is a variable annuity. In this blog post, we will discuss what variable annuities are, how they are valued, and the steps involved in dividing them during a divorce settlement.

Understanding Variable Annuities and Their Value

Variable annuities are a type of retirement savings plan that acts like a personal investment tool. They are so common that they are part of many Americans’ retirement portfolios now. When you get a variable annuity, the insurance company agrees to make regular payments to you based on a predetermined schedule. You either make one payment to the company or a series of payments. What you ultimately receive depends on how well your investment choices do. Most variable annuities invest in money market instruments, stocks, and bonds. On top of the monthly payments they pay out, variable annuities also offer a death benefit.

Because of their ability to fund your retirement on an ongoing basis and provide for your beneficiary, variable annuities can be highly sought-after assets during a divorce.

Asset Division in West Virginia

When a couple decides to go their separate ways in West Virginia, the law requires that everything they own together must be divided fairly. This doesn’t always mean splitting things exactly down the middle, but rather, deciding on a division that is just and reasonable. Assets that were gained during the time they were married are usually considered marital property and include everything from houses and cars to savings accounts and retirement accounts.

Numerous factors come into play. These include how long the couple was married, the financial condition of each person after the divorce, and how much each person contributed to the marriage. This approach aims to ensure that both individuals can move forward on somewhat equal financial footing.

Valuing and Dividing a Variable Annuity in Divorce

In a divorce, figuring out the worth of a variable annuity and how to split it between both parties is a crucial step. First off, it’s essential to find out the current market value of the annuity. This step might sound simple, but the fluctuating value of a variable annuity can complicate it. Furthermore, you also have to consider fees, tax implications, and the potential of the fund to perform better or worse in the future.

After knowing what it’s worth, the next challenge is deciding how to fairly divide it. Courts have a couple of ways to do this. Sometimes, they might give the annuity to one spouse entirely, balancing this by giving the other spouse different assets of equal value. In other cases, the variable annuity is divided in an equitable way and the party receiving part of it will need to roll their share of it into a new retirement account.

Tax Implications to Consider

It is crucial to divide a variable annuity as part of your divorce agreement to avoid unnecessary financial penalties and tax consequences. For example, if a couple divides a variable annuity outside of their divorce as an under-the-table agreement, they will likely be hit with a 10% withdrawal penalty and have to pay income taxes on the amount withdrawn. But if the transfer is done via a qualified domestic relations order, the couple can avoid these consequences.

There may be tax implications to consider in the future, and both parties should be aware of their responsibilities and rights when they accept a retirement account as part of a divorce. You should know about any ongoing fees or taxes you need to pay. This is why we often recommend working closely with a qualified financial planner as part of your divorce; you don’t want to lose part of your wealth to avoidable fees and penalties.

Contact Pence Law Firm Today to Start Your Claim

Preparing for divorce in Charleston? The team at Pence Law Firm is here for you. Give us a call at 304-345-7250 or get in touch with us online to set up a consultation. We’re here to learn more about what you’re looking for in your divorce and what you want life to look like moving forward.

Protecting Your Venture Capital Interests in High Asset Divorces

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High-asset divorces come with a variety of unexpected challenges and hurdles that other couples don’t have to handle. Generally, the more money a couple has, the harder it is to split up their assets when they divorce. While a couple of standard means may have retirement accounts, a couple of bank accounts, and a family home to split up, high net-worth couples often have diverse, complex portfolios that are incredibly difficult to value and split up in a fair way. This is especially true when a couple has venture capital interests.

Interested in protecting your venture capital interests in a Charleston divorce? We can help. Call Pence Law Firm at 304-345-7250 to set up a consultation with our team right away.

How Venture Capital Interests Are Treated in Divorce

Depending on when you acquired your venture capital interests, they may be considered separate or marital property in West Virginia. People invest in startups and businesses when they believe in their long-term potential, and once your investments come to fruition, you may enjoy significant financial benefits. However, the time at which you made your investments and when you pulled your returns from your investments may determine how they are split up.

To determine this, pull all of the documentation you have for your investments. You’ll want documentation on where the investment money came from, when you transferred the investment funds, under whose name the transfer was made, and when you expect to collect your returns. Your attorney can use this to help you determine if you will be able to keep your venture capital interests separate or if they will be treated as marital property.

Legal Considerations

In West Virginia, assets that are acquired prior to a marriage or after a couple has separated are generally considered separate property. This is the best outcome for you since separate assets do not have to be divided during divorce. However, if you invested in venture capital funds during a marriage, used marital funds to make your investments, or used the returns to benefit your family, it’s likely that your venture capital interests will be considered marital property.

It’s also important to look at the role that you both played in your venture capital interests. For example, if both parties researched potential investment opportunities, put their names on major purchases, and presented themselves as a united front to business owners, it would be hard for either party to claim that their venture capital investments were their sole property.

However, even if one party was exclusively responsible for handling the business side of the marriage, that doesn’t mean that their venture capital interests would be considered separate property. Even if one party does not make financial contributions to marital assets, their non-financial contributions are enough to warrant a fair division of shared property.

Protecting Your Interests

If you have a significant amount of money invested in venture capital interests, it’s likely that you’re highly motivated to keep those investments to yourself as you prepare for life as a single person. This is why we recommend talking to a Charleston divorce attorney as early as possible in the process. If you’re driven by the value of your venture capital interests, odds are good that your ex-spouse is also interested in getting their fair share of them. By bringing in an attorney early, you can get realistic and practical guidance regarding how likely you are to keep your venture capital investments separate and what you possibly stand to lose during negotiations.

Perhaps you are willing to make other sacrifices during a divorce to keep your venture capital interests separate. For example, maybe you are willing to give up your fair share of the marital home or investment accounts to support a fair division of assets. You can discuss these options and other potential strategies with your lawyer.

Explore Your Legal Options with Pence Law Firm

When you’re ready to move forward with your divorce, it’s time to talk to the high-asset divorce team at Pence Law Firm. We understand that you face unique challenges and that you need experienced legal representation throughout this process. Get started now by calling us at 304-345-7250 or sending us a message online.

Can I Move Out of the Area with My Child After a West Virginia Divorce?

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Divorce brings significant changes in every area of life, and for many, relocation is a necessary transition. But when relocation occurs after a divorce, you have to go through additional legal steps to ensure that you can move with your child. As is the case with any court case that involves children, West Virginia courts put the child’s best interests first and foremost. This may affect whether or not you are permitted to move.

Considering a big move after a divorce? Make sure you protect yourself and cover your bases before making the big move. Call Pence Law Firm at 304-345-7250 to set up a consultation now.

Limitations When Moving

After a divorce, keeping your child’s life as routine and predictable as possible is likely one of your top priorities. Still, sometimes relocation is the best move for your future—and when it is, you’ll need to be familiar with state laws and limitations.

Under state law, a parent who is governed by a parenting plan must provide advance notice of any intended move. This involves filing a verified petition with the court and having that petition served upon the other parent at least 90 days prior to the anticipated relocation. The summons must be served no later than 60 days prior to the move. If you want to file when the relocation is less than 90 days away, be prepared to show that the 90-day requirement is impracticable in your specific situation.

The Child’s Best Interests

The court will always put the child’s best interests first when determining whether or not relocation is the best option for them. As a parent who wants to relocate, the burden of proof is on you; you will need to demonstrate that your moving plans are in good faith and that you genuinely believe that the move will be in the best interests of the child. You must also be able to show that there are no other alternatives available to you.

The court considers relocation to be for a legitimate purpose if it is to:

  • Be close to immediate family members
  • Better meet the child’s health needs
  • Protect the child’s safety or the safety of a family member
  • To pursue an important employment or educational opportunity
  • To be with the parent’s spouse or significant other with whom the parent has lived for at least a year

Steps Required to Move

When you draft your verified petition, you will need to include a variety of information. Your petition should include:

  • The intended relocation date
  • The address of the new residence
  • Why you plan on relocating
  • How custodial responsibility would be changed if the proposed move was permitted
  • A request for a court hearing

Remember that the court will be looking for proof that your petition was made in good faith, so provide all requested information and be clear in your reasoning.

Upon receipt of your petition, the court will schedule a hearing no less than 30 days ahead of the intended move. Both parents will have a chance to make their case to the court, and the court will likely allow the relocation if it is in the child’s best interests and if there are no other options available to the parent requesting relocation.

Creating a New Parenting Plan

If the relocation means that the current parenting plan will no longer be practical, the court date will also involve creating a new parenting plan that allows the non-custodial parent time with the child. This is something you may wish to discuss with your co-parent ahead of the court date, particularly if they are open to the move and are not planning on fighting you. 

The court may want the child to return to the other parent every other weekend, once per weekend, or less frequently, depending on how far away they will be moving. The non-custodial parent may get the opportunity to make up some of their parenting time during summer vacations, holiday breaks, and other long stretches of time without school.

Explore Your Legal Options with Pence Law Firm

If you want to relocate with your child in West Virginia, it’s important to plan ahead and discuss your next steps with the team at Pence Law Firm. We can help you understand the challenges you may face and prepare a compelling case. Give us a call at 304-345-7250 or reach out online to set up a time to talk.

Are Non-Custodial Parents Responsible for College Tuition in West Virginia?

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There’s no shortage of challenges in a West Virginia divorce, and for many couples, children’s college funding is a source of contention. College expenses have increased dramatically in recent years, far outpacing income growth and making college inaccessible for a growing number of college students. It’s important, then, for couples to decide early on how they will cover their children’s college expenses. But there’s a difference between what parents would like to do and what they are legally obligated to do—and that distinction often comes up during divorce.

Learn more about parents’ obligations after divorce, and to discuss your divorce case in greater detail, call Pence Law Firm at 304-345-7250 and set up a consultation.

What the Law Says Regarding College Expenses

While some states have addressed college funding as it relates to divorce, West Virginia has no law on the books outlining a parent’s requirement to cover their child’s college expenses. When child support covers educational expenses, that relate to K-12 expenses, such as private school tuition, school fees, and school supplies.

This doesn’t mean that divorcing parents can’t be required to cover college expenses for their children; it means that divorce proceedings do not automatically require parents to cover their children’s college expenses, regardless of income. But you can still negotiate college funding as part of your divorce agreement, although you may have to give up considerable concessions to do so.

What if College Funding is Important to You?

Finding out that the court will not automatically require one or both parents to pay for children’s college costs can be disappointing, particularly if you’re in a situation where one spouse earns significantly more than the other. This is often the case in high-asset divorces. However, you do still have leverage. There is a lot of room for negotiation in divorce proceedings, and if college costs are a top priority for you, you can approach your divorce negotiations accordingly.

Parents are free to include specific provisions in their divorce settlement agreement. They may choose to require that each parent cover a specific percentage of college expenses, require that one or both parents contribute up to a certain amount each year, outline the specific expenses that are included, and specify how payments are to be made. Unless one or both parents are extraordinarily wealthy, it’s helpful to have a cap on how much either party can be expected to contribute each year—you never know how college costs may increase in coming years.

Navigating College Funding

If you want to ensure that your divorce agreement includes provisions for college funding, it’s important to discuss this with your Charleston divorce attorney as soon as possible. They can look at the assets and income of both spouses, determine the best approach for negotiating college funding, and decide on a strategy that’s most likely to result in a favorable outcome. However, don’t forget to consider your needs as you start this next stage of your life. While it’s important to provide for your children’s future needs, you don’t want to do so at the expense of your own financial stability and well-being.

What if you are unable to negotiate college funding during the divorce process? You may want to help your children plan ahead. On your end, you can look into a 529 college fund that provides you with tax advantages and sets aside money for college. Your child can begin looking for scholarships early on in their education and contribute winnings to their college savings. There are thousands of scholarships available for students, both on a national level and just within the state of West Virginia.

There are also other forms of financial aid that can help bridge the gap between college savings and final costs. Pell grants, forgivable loans, and other options can help your child attend school without excessive student debt.

Plan for Your Divorce with Pence Law Firm

The earlier you begin planning for your Charleston divorce, the more time your divorce attorney has to plan and negotiate on your behalf. Start now by setting up a time to talk to one of our experienced family law attorneys. Just call us at 304-345-7250 or reach out online now.

Are Stock Options Marital Property in a West Virginia Divorce?

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Divorce can be an incredibly complex and mentally demanding process. If you’re going through a high-asset divorce, you may also be struggling with the division of complex and valuable assets. In particular, stock options awarded as part of one spouse’s employment or their role as an executive officer can be difficult to divide fairly.

If you’re wondering how your or your spouse’s stock options may be handled during divorce, it’s important to explore your options and next steps with the team at Pence Law Firm. Call us at 304-345-7250 to set up a consultation right away.

The Timing of the Stock Options

A huge part of determining whether or not stock options are marital property is their timing. You’ll have to look at the documentation regarding when the stock options were granted. For example, if the individual received stock options prior to getting married, it’s possible that those stocks will be considered separate property—but that’s not guaranteed. We’ll discuss complicating factors below.

If stock options were awarded to one party during the marriage, it’s more likely that those stocks would be considered marital property and would be divided equitably between both spouses as outlined under West Virginia law.

Even if stock options are considered separate property because they were awarded prior to marriage, they may ultimately become marital property if they increase substantially in value during the marriage. Consider, for example, a CEO with extensive stock options. Many of their stocks were granted prior to marriage. However, after getting married, they made major changes within the company that led to the stocks increasing dramatically in value. The other spouse may claim that this increase in value was due to their work at home which allowed their spouse to focus more on their work.

The Vesting Schedule of the Stock Options

However, it’s more complicated than that. You can’t just look at when the stock options were granted—you must also consider when the stock options became fully vested. The vesting schedule refers to when the employee in question is permitted to exercise those stock options. 

For example, if an employee receives a set number of stock options and a percentage becomes vested after two years, the employee can only actually access the partial value of those stocks after two years. 

As you may imagine, this becomes complicated if the marriage ends before all stocks become vested. If the employee has stock options that fully vest over a period of five years but divorces their partner three years in, the court may determine that 60% of the stock options are marital property. This becomes even more complex if the employee receives stock options each year as part of their bonus or general compensation, as each year’s set of stock options will be vested at different levels at the time of divorce.

The Role of the Stock Options in Employment

Another factor you must consider is why the employee receives the stock options in the first place. Perhaps the spouse in question is an executive who made cost-saving cuts during the year. As a reward for their efforts, they receive stock options as part of their year-end bonus. These stock options are compensation for work already completed.

In another example, an employee is working for a startup. The pay is lower than market standards, so in order to encourage employee retention, employees receive stock options that they can only exercise if they stay with the company for a set period of time. In this scenario, the stock options may be considered compensation for future work.

The reason you receive stock options may determine whether or not they are marital property. If they are compensated for work already completed and that work occurred during the marriage, those stock options could arguably be considered marital property. If the stock options are granted during the marriage but they are compensation for work completed after divorce, they may be viewed as separate property.

Facing Divorce? Contact Pence Law Firm Today

This is clearly a complicated and multifaceted issue in your Charleston divorce, so it’s important to explore your specific situation with a family law attorney. Set up a consultation with Pence Law Firm now by calling us at 304-345-7250 or reaching out to us online.