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...]
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...]
What happens to the family home in a divorce?
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...]
If facing divorce in the New Year, take time now to prepare
If you are considering divorce in 2017, you are probably dreading the approaching holidays. Let’s face it, no one wants to acknowledge marital discord when the theme is “joy” and “good cheer.” As the New Year approaches, you may want to consider focusing now on preparation and planning for what lies ahead. Here are some steps you can take before and during the holidays that will lay the ground … [Read more...]