Dividing Up Retirement Plan Assets in a Divorce Can Be Risky Business
Be wary when it comes to divorce and splitting up the assets in a retirement plan. Why? On the surface it sounds like the retirement plan just has “retirement assets” and we can split up 50/50. When you look a bit closer you might just see more than meets the eye....
How do tax estimates or tax extension payments impact a divorce?
Not many people think about their tax withholdings from their paycheck or the tax estimates paid towards their current year’s tax liability as something they need to address during their divorce process. Yet, if you don’t you could be leaving money on the table. Your...
Why is it important for your divorce advisor to use a divorce accounting & finance framework?
This is not only important, it’s critical to have as part of your process! Why? Your life depends on the outcomes. Anything less places your financial future in jeopardy. Let’s step back a minute and talk about the value of having these types of frameworks in your...
What Causes Financial Stress in Divorce?
This article describes the way most people feel as they proceed through a divorce process. Please know as you read this article you do not have to experience the same stressful feelings that others have in their divorce process. Things can be different, and in fact...
Pre-defined alimony is not the way to go. Why?
The word alimony is often used in relation to a divorce proceeding. Yet, if you use the term alimony as you design your settlement options you will likely hurt yourself financially. It doesn't matter if you are the provider of the alimony or the receiver of the...
How do you get “unstuck” to move forward (or not) with your divorce?
Many people become paralyzed in their thinking whether to move forward (or not) with their divorce. They’ve spent years with their spouse yet now feel they: have grown apart are no longer connected or share the same value system have too many arguments about the...
A small IRA benefit that is often overlooked in settlement structures
Couples who are going through a divorce and have an IRA in the marital estate often miss this IRA benefit, albeit small, in their settlement structure. Let’s say you and your spouse agree to include the IRA as part of the settlement structure. To keep this scenario...
Do marital assets retain the attributes of a “community property” state if we move?
The technical answer is Yes. But, the real is answer “it depends”. What does the term community property mean? Certain states have what is known as community property laws. If you live in a state that is defined as a “community property state” then all assets that...
How are inheritances handled in a divorce proceeding?
As a general rule, assets that someone inherits during a marriage are deemed separate property. The beneficiary of the inheritance owns the assets outright, separate and distinct from the other spouse in the marriage. Therefore an inheritance may (key word) not be...
Can you change your child’s last name after your divorce is finalized?
Many parents who have already been through a divorce do not want their ex-spouse’s last name associated to their child in any way. These parents do not want the last name announced in public, described in a written document or appear on a piece of mail in their...