Roderick C. Moe, a Certified Public Accountant in Lake Worth, answers: If your spouse worked and you have been married for 10 years or more, then you are entitled to one-half of your spouse’s Social Security or your own – whichever is higher – even if you are divorced. Your spouse still retains 100% of […]
Financial Issues
What Is A QDRO And Why Do I Need One For My Divorce?
Roderick C. Moe, a Certified Public Accountant in Lake Worth, answers: A QDRO (or Qualified Domestic Relations Order) is the legal document that separates a qualified pension or retirement account (including 401ks) pursuant to a divorce. The judgment of divorce is not sufficient to separate qualified plans: a QDRO is needed. There are many nuances […]
What Are Some Financial Must-Dos After My Divorce?
Larry Goldsmith, a Certified Public Accountant and Forensic Financial Analyst in Northbrook, answers: Too often, the newly divorced fail to separate financially from their ex. Failure to separate yourself and your ex-spouse’s credit cards, bank accounts, and financial plans may have undesired consequences; now that your divorce is finished, please consider the following actions: Review […]
Will New Maintenance Guidelines Affect My Illinois Divorce?
Badesch Abramovitch, a family law firm in Chicago, answers: On January 1, 2015, a new law went into effect drastically changing how maintenance awards are calculated in Illinois. Prior to the enactment of this law, the judge would consider a list of factors without any specific guidelines. That system resulted in a wide variety of […]
How Can Forensic Accounting Be Applied To My Divorce?
What is forensic accounting and how can it be applied to my divorce?
How Can Clients Help Keep Their Legal Costs Down During A Divorce?
Most lawyers charge on the basis of time, so if you’re a client trying to keep legal costs down, there are some useful tips you may want to follow.
What can I do to prepare for mediating financial matters in my divorce?
Before mediation, you should gather documents that will be helpful to your family law attorney and the family law mediator in preparing the financial portion of your case. Be prepared to provide any of the following documents in your possession, as well as any other documents your divorce attorney may request, including: Statements for all […]
Do Men Ever Receive Spousal Support In Illinois Divorces?
Karen Covy, a divorce lawyer in Chicago, answers: Absolutely! In Illinois, spousal support is governed by statute. In considering whether to grant spousal support, a judge must first determine whether such support is appropriate. To do so, the judge will consider a number of factors, including the length of the marriage, each spouse’s ability to […]
How Will A Judge Split A Business My Spouse And I Own Together?
In Ontario marital property, or net family property, is the difference between the value of a spouse’s property on the date of separation and the value of their property on the date of marriage (net of liabilities). An exception is made for the matrimonial home, which is often split evenly between the spouses. On separation, […]
What are some recommendations to help divorcing people avoid going to court?
Preparation helps cases settle. For instance, if a client claims that they have $100,000 separate property interest in a retirement account, their attorney can send a letter saying they’ve got the separate property interest, but without supporting documentation, it’s going to be harder to get that resolved. If a client helps organize the documents necessary […]
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