Immediate Steps As soon as you are notified of the plans involved in the property settlement, it is advisable to contact the Plan Administrator immediately to give notice of the impending divorce and division of assets. Ask them to avoid making distributions prior to receipt of the DRO, if possible, and to be aware of any sudden shift in asset allocation that would be detrimental to the Alternate … [Read more...]
Preparing financially for divorce will help avoid costly pitfalls
Divorce can be a long and arduous process once it gets started. If you can buy some time before you file, doing your homework ahead of time may produce big dividends. Read books and learn all you can about the divorce laws in your state. Timing your divorce may also be financially wise. Meeting with a Certified Divorce Financial Analyst such as myself also can provide you with a deeper … [Read more...]
PWBA – Pension and Welfare Benefits Administration
PWBA Booklet: The Department of Labor, Pension and Welfare Benefits Administration, QDROs publishes a booklet entitled The Division of Pensions Through Qualified Domestic Relations Orders. The PWBA booklet’s mandate to benefit plans encourages them to be helpful in working with attorneys, Alternate Payees, participants, courts and State IV-D Agencies. Detailed procedures are outlined, including … [Read more...]
Your divorce may require the assistance of a financial expert
Given the complexities of today’s financial landscape, it may be in your best interest to consider securing specific expertise to help you sort out and evaluate the financial aspects of your divorce. One important thing to remember is that most family law attorneys, even when experienced in divorce, are not trained to address financially complicated divorce issues. As a key participant in … [Read more...]
The five most common myths regarding divorce finances in Texas
1. Myth: Assets are always divided 50/50 Fact: Texas divorce law does not support the common belief of splitting marital assets 50/50 The State of Texas requires a “just and equitable” division of property. A 50/50 settlement is rarely appropriate and should never be implemented without expert advice, and ideally, using an analysis of the situation by a Certified Divorce Financial Analyst. … [Read more...]
QDRO – One Document That Can Rule Your Life
The Complete QDRO Handbook by Carrad PWBA Booklet: The Department of Labor, Pension and Welfare Benefits Administration, QDROs publishes a booklet entitled The Division of Pensions Through Qualified Domestic Relations Orders. The PWBA booklet’s mandate to benefit plans encourages them to be helpful in working with attorneys, Alternate Payees, participants, courts and State IV-D Agencies. … [Read more...]
Divorcing couples may qualify for a tax break on home sale gains
In many divorces, couples end up selling the family home — before, during or shortly after the divorce — in an effort to practically adjust to post-divorce lifestyles and expenses. In order to avoid paying federal income tax on the gain on a home sale, divorcing couples should explore their options — preferably before the divorce is final — to use the federal income tax exclusion. Depending on … [Read more...]
When Can a Couple Use One Lawyer?
Nolo.com There's an exception to the rule that one lawyer may not work for both divorcing spouses. Joint representation is allowed when: the clients agree on the major issues the clients are confident they can work out the minor issues the clients understand that the lawyer cannot fully represent both under the circumstances the clients have agreed to this in writing, and the … [Read more...]
What is collaborative divorce in Texas?
Couples facing divorce may want to explore a relatively new option for legally ending marriage in Texas called collaborative divorce. This approach emphasizes cooperation over confrontation, and problem-solving over grievance-airing. It was developed as a way to minimize conflicts and the emotional anguish of a traditional divorce process, especially when children are involved. In a … [Read more...]
Consider insurance needs as part of divorce agreement
Negotiating an equitable divorce agreement can be complicated. There are many issues to consider. In my experience, an often neglected or overlooked area is the insurance needs of both individuals, post-divorce. Both individuals will likely need medical, automobile, homeowner’s/renter’s, life and ideally, long-term care insurance. And if there are any children involved, their insurance needs … [Read more...]
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