bankrupt Coronavirus and Divorce
The Dow has dropped almost 5000 points, and masks and waters are sold out everywhere from the hysteria produced by the coronavirus.
Other than husbands locking up their wives in the bathroom, what other family law issues arise?
If schools are enforcing quarantines, the parenting plans that you are following may be disrupted. Who will look after the children during the quaratines?
Also, if vacations are planned, and one party does not agree to the other taking the children on planes, trains and/or boats, the courts will need to be involved unless the parties agree to mediate.
I expect the courts to be bombarded with ex partes right now due to the travel risks.
Child and Spousal Support
Some companies are enforcing quarantines – which may or may not be paid leave. If this affects income, child and spousal support may be adjusted.
Many of my clients have properties in China. Given the travel restrictions, we may not have access to value the properties. These properties may also decline in value.
Businesses related to the travel and hospitality industry are suffering. If you client works for or owns a business such as a restaurant, movie theatres, airlines, transportation, a business valuation will not be accurate at this time. In addition, bankruptcy may strike many of these businesses. Attorneys, expect division of property to be challenging at this time.
In addition, stocks have been hit hard – portfolios are losing value. Divorce attorneys must be prudent to potential hardships of dividing property at this time.
Coronavirus and Divorce
You can’t completely avoid getting the virus but there are certain precautions you can take, like washing your hands and not touching doorknobs.
It’s the same with divorce- all these unknowns and drops in value during this potential pandemic may create hardships for a separating family. Counseling is crucial during this period, and divorce mediation is strongly advised, so you two can work together for the best for your family.