The question of what happens to “the house” in a divorce is often one that requires careful consideration. In my experience, this issue is often clouded by emotions that can get in the way of the couple, or one spouse, making the best financial decision. I advise my clients to pause, set aside emotions and objectively consider all the significant, interrelated factors before deciding on what … [Read more...]
Don’t fight over pots and pans
As a Certified Divorce Financial Analyst, I consider my primary focus to be one of helping divorcing individuals and couples sort out and divide the marital estate in an equitable manner. This typically requires gathering all financial documents and statements with regard to all assets and debts. This includes the couple’s savings accounts, retirement accounts, credit card statements, brokerage … [Read more...]
The ABCs of QDROs (Qualified Domestic Relations Orders) 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 marital assets will likely involve the drafting of a QDRO, or Qualified Domestic Relations Order. QDROs are documents mandated by federal law under ERISA (Employee Retirement Income Security … [Read more...]
What you may not know about divorce and debt
The financial aspects of a divorce case involve multiple, interrelated components. All eyes are typically on the couple’s assets and how to equitably divide them in a settlement. Yet, in my view, one area of a couple's financial landscape that warrants equally close consideration during divorce is the couple’s debt. Get a credit report on yourself and your spouse I recommend ordering a … [Read more...]
Is your spouse hiding assets, income or debt?
I If you are currently in a dysfunctional marriage, or considering divorce, you may be wondering if your spouse could be hiding assets, income or debts from you. Sadly, your fears are not that unusual. In fact, financial mischief is fairly widespread among couples today, even if they are not in the process of divorce. According to a study conducted by The National Endowment for … [Read more...]
Hiring the right financial expert to help with your divorce
Most couples seeking divorce are aware that they will likely require help from a divorce attorney. Fewer couples realize that as they enter the nuts-and-bolts of the divorce process, they will have many questions about the financial side of divorce. Questions such as: Who will pay for their children’s education and medical treatment?How do we calculate the value our assets?How should we divide … [Read more...]
Dividing pensions in a divorce may require special financial assistance
If you and your spouse are considering, or are in the process of divorce, and one or both of you has a corporate or civil service pension, know that all pensions are not created equal. This fact is extremely important to understand as you proceed toward an equitable division of your marital estate. In dividing pension benefits in a divorce, your attorney will be required to create a QDRO … [Read more...]
Don’t forget these marital assets in your divorce
Often, many of the women I work with on their divorce finances know very little, sometimes nothing, about their marital assets (or liabilities for that matter). This is gradually changing, but surprisingly, still exists. Maybe the husband has simply kept the information largely to himself, or the wife doesn't feel she understands finances like she should, so leaves it up to her spouse, or she … [Read more...]
Divorce and employer bonuses
An often overlooked asset that should be legally divided in a divorce settlement is the company or employer bonus. Many attorneys forget to address the community nature of such bonuses. Even if they are paid in the year following divorce, company bonuses are partially community property. Bonuses are paid for the preceding year’s services or performance. The settlement agreement or divorce … [Read more...]
Preparing financially for divorce will help avoid costly pitfalls
Doing your financial homework before you file for divorce can help you avoid a host of potentially costly pitfalls. Learn all you can about the divorce laws in your state and consider engaging a team of experts to get you through. The timing your divorce may also play a role in the financial outcome of your divorce. Meeting with a Certified Divorce Financial Analyst, such as myself, also can … [Read more...]