A joint bank account is something that can be accessed by another party. If either partner made a decision to take all the money from the bank account, technically they could. A partnership agreement can lay out terms for how to divide the account. Should it be a 50/50 split? Should it be according to […]
Divorce Financial Planning and Investment
How does the party with fewer assets protect themselves in a prenuptial agreement?
The first step is to get a lawyer to ensure that you are being treated fairly in a prenuptial agreement. If a party does not have significant assets and they are marrying the person that does have significant assets, it’s valuable for that party to have a prenuptial agreement so that he or she knows […]
Are stock options considered assets to be divided during divorce?
The first thing we need to look at is what is a stock option? A stock option is the right to buy stock in a company who employs the spouse at a discounted or fixed price within a certain period of time. Stock options can be valuable and they’re subject to equitable distribution as a […]
Can someone qualify for social security retirement benefits based on earnings of their ex-spouse?
This is an important aspect of every person’s retirement planning, especially someone who is divorced and did not work. The person who is divorced, so long as they were married ten years to the person that paid into social security, and that person qualifies for social security, then the spouse will receive a portion of […]
Should your fine art or antiques be appraised during divorce?
It works much the same way as the real estate side, although it’s a different group of people that we use to appraise those types of assets. It has to be somebody who has the experience of not only doing the work and being able to prepare a comprehensive report, but to testify, justify their […]
Can the non-employee ex-spouse receive benefits before the employee ex-spouse retires?
It depends on the plan. When I have a defined benefit plan, I write to the plan. Sometimes I can find the plan documents online which is common nowadays. If I can’t find it online, I will write to the plan because it’s good to have the plan document which is going to tell you […]
What’s the difference between a defined benefit and a defined contribution pension plan?
A defined contribution plan and a defined benefit plan are different and they can be identified by the wording of them. For example, a defined benefit plan is this: you don’t know what you’re going to be putting in every week. It might 6 percent of your salary, 6.5 percent of your salary, 7 percent […]
How does an accountant work with divorce attorneys when clients have multiple properties or businesses?
It depends on which side we’re on. If we have a business owner, typically the business will have an accountant that’s involved in helping the business owner prepare the filings and the scheduling for the business. That accountant is almost always made available to me in my representation of the client. If I represent the […]
If one spouse worked during their marriage, are contributions to that spouse’s retirement account considered marital or separate
All property that is legally or beneficially acquired during a marriage or a civil union is subject to equitable distribution. This includes retirement accounts and pensions that can take on different forms. There could be a 401K account, an IRA, a profit-sharing plan, a 403(b) which is common among the medical profession. New Jersey attorney […]
What is dissipation in the context of a divorce?
Dissipation is the use of marital assets for a non-marital purpose. Oftentimes during a divorce one spouse will utilize assets for their own benefit for the purpose that does not further anything related to the marriage. Courts are protective of marital assets and do what they can to maintain the integrity of marital assets throughout […]
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