If you were considering divorce in 2020, you may be like many other women now: up to your neck in dealing with COVID-19 (CoronaVirus) in your personal life, and in your work life. You also may be sheltering-in-place with a partner you’d rather not see day-in and day-out. Know that you are not alone! Here are some steps you can take during the stay-at-home mandates that will lay the … [Read more...]
Spousal and Child Support During Divorce
Dealing with the Spouse It is especially important to be business-like with your spouse, since emotions can interfere with negotiations. Don’t let old battles rekindle. Refuse to continue a meeting that degenerates into a battle. While you want to be clear about what is important to you, try not to make your demands excessive. Never use your children as a pawn to hurt the spouse or draw … [Read more...]
Address health insurance in divorce settlement
Health insurance is the most important kind of insurance coverage a person carries. There are more bankruptcies because of medical bills than from any other cause. This is an extremely important financial issue for couples facing divorce. Securing health insurance coverage for both spouses, and any children, is clearly something that should be included in a divorce … [Read more...]
Dividing 401(k) savings, corporate benefits and pension funds in a divorce
If you and your spouse are considering, or are in the process of divorce, and one or both of you has corporate or civil service benefits, or a 401(k) savings and/or pension plan, part of the division of these marital assets will involve the drafting of a QDRO, or Qualified Domestic Relations Order. It is important that you understand how this works. QDROs are documents mandated by federal law … [Read more...]
Finding hidden assets and debts in a divorce isn’t as spooky as you think
I am often asked to help divorcing individuals track down potential assets or debts of their spouses during a divorce. It can be an arduous job, sifting through piles of paper -- pouring over bank statements, credit cards bills, and tax records. In the past, I have had to rely primarily on traditional tools-of-the-trade and my own experience in order to sniff out hidden monies or debts, … [Read more...]
Dividing 401(k) savings, corporate benefit and pension funds in a divorce
If you and your spouse are considering, or are in the process of divorce, and one or both of you has a corporate benefits or civil service, 401(k) savings and/or pension plan, part of the division of these marital assets will involve the drafting of a QDRO, or Qualified Domestic Relations Order. QDROs are documents mandated by federal law under ERISA (Employee Retirement Income Security Act) … [Read more...]
Divorce and a closely held or small business
Divorce is challenging enough in itself, yet getting to a final settlement can be further complicated if one or both spouses have an ownership interest in a closely held, private or small business. In these cases, the business may be a significant source of income for the family, as well as a potential asset subject to division. The first step is to determine whether the business interest … [Read more...]
Long-term care insurance and divorce
Being financially prepared for the possibility that you could require long-term care is an important part of retirement planning. Yet, too many people hope for the best and don’t give this much thought. Our rapidly aging population, lengthening longevity and unpredictable health care costs highlight the need for long-term care insurance. So, couples getting a divorce, especially those approaching … [Read more...]
Social Security and divorce
Decisions about filing for Social Security benefits will affect you financially for the rest of your life. And if you have gotten divorced in the past, or are preparing for divorce now, you may qualify to receive Social Security on the work record of your ex-spouse, and later on your own work record, if you qualify under the current rules of choosing which benefits to file for and when. You must … [Read more...]
Unraveling commingled marital assets in a divorce
Often, couples who decide to divorce after many years of marriage discover their “separate property” and “community property” has become “commingled.” In other words, they don’t know how to determine where “separate property” and “community property” begins and ends with regard to their finances. This issue can be very important in a divorce because “separate property” will be completely free of … [Read more...]
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