When only one spouse contributes to a retirement account through their employer, they are often surprised that their retirement nest egg is subject to property division in a divorce. Any portion of a pension earned during the marriage is marital property subject to equitable division. Tax Consequences When Dividing Retirement Accounts in a Divorce Whatever…Read More
Protect Yourself Financially During Spousal Separation
It is not uncommon for couples to separate before they divorce, which often means living under separate roofs and leading separate lives until they start the divorce process. A question that comes up frequently from separated couples is whether their financial activities during the separation period will affect property division in a divorce. For example,…Read More
Stuck With Spouse’s Credit Card Debt After Divorce
Debt accrued during the marriage will be divided in a divorce. As part of the division of property, even balances on credit cards in only one spouse’s name will figure into the division of marital debt if purchases were made during the marriage. If you are considering divorce and are worried about continued spending on…Read More
Tracking Down Cryptocurrencies and Hidden Assets
As part of a divorce, both spouses are expected to provide full financial disclosure in order to equitably divide marital property. However, it is not that uncommon for one spouse to conceal certain assets in an effort to keep more of the marital bounty. Hidden assets might include money temporarily transferred to a family member…Read More
Uncovering Hidden Assets in a Divorce
When couples divorce, one spouse may worry that the other will lie about their financial situation or hide assets making it impossible to get a fair shake when it comes to child or spousal support or the division of marital assets. This fear is not unfounded as some spouses will go to great lengths to…Read More
Social Security Benefits When Divorcing After 50
Because divorces often occur later in a couple’s marriage, many have questions regarding what, if any social security benefits they are entitled to under the name of an ex-spouse. This is especially true when a spouse has little work history of their own, perhaps even making them ineligible for social security under their own record….Read More
Dividing Employee Compensation Plans in a Divorce
Today many companies short on cash offer employees “incentive compensation plans” including stock options and restricted stock. In a divorce, these types of compensation can be overlooked – perhaps intentionally on the part of the employee spouse – when negotiating a divorce settlement. After all, stock options and restricted stock do not show up on…Read More
Financial Infidelity and Divorce
Marriage is not only an emotional pact you make with a significant other, it is a legal and financial commitment that requires trust in order to last. Among the reasons someone might file for divorce is financial infidelity, spending money without a spouse’s knowledge that can quickly lead to divorce. Financial infidelity is an outright…Read More
Antidote to a Spouse Hiding Income and Assets in Divorce
Research reveals that the spouse who ends up handling the purse strings in a marriage often boils down to ‘who hates it less’ or ‘who has more time’ to deal with the finances. This results in one spouse developing significant financial literacy when compared to their spouse. The longer the marriage, the more lopsided household…Read More
Splitting Retirement Accounts in a Divorce
Dividing workplace retirement plans such as 401ks and pensions require a court order that is separate from the divorce settlement agreement. It is important to work with an attorney who has experience drafting the necessary documents so that retirement assets are divided properly. Retirement savings are some of the most valuable assets a married couple…Read More
