If you are dividing a 401(k) or pension as part of equitable distribution in your divorce, then, yes, you will likely need a QDRO. A QDRO is an acronym that stands for Qualified Domestic Relations Order. The QDRO establishes your soon-to-be ex-spouse’s legal right to receive a designated percentage or portion of your qualified plan […]
Financial Issues
Will I Lose My Rights If I Move Out Of The Marital Home During Divorce?
No. If you elect to move out of the marital home during the marriage, you do not lose any of your rights to the equity in the home. Ultimately, your rights to the home are determined by the factors set forth under the equitable distribution statute N.J.S.A. 2A:34-23.1, which includes the following: The duration […]
How Is Property Divided In A Divorce In Ontario?
Brahm D. Siegel, a family lawyer in Toronto, answers: A lot of people think, erroneously, that the way we deal with property in Ontario is by just dividing everything equally. That’s absolutely not true and any lawyer who tells you that is a lawyer to stay away from. We don’t take the RRSP or the […]
How Is Property Divided In An Oklahoma Divorce?
The first consideration as to division of property in Oklahoma is the determination of whether the asset is marital or separate property. Marital property will be equitably divided between the spouses, and separate property will not be divided. Marital property subject to equitable division is the real or personal property acquired by either spouse after […]
Can I Receive Social Security If I Have Never Worked?
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 […]
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 […]
Which Credit Cards Debts Am I Responsible For After Divorce?
DebtWave Credit Counseling, a nonprofit credit counseling agency in San Diego, answers: Many people are unsure of how to handle outstanding credit-card debt after a divorce. Going through a divorce can be messy, but there are neat guidelines that tell you which credit-card debts you are responsible for, which should be handled by your former […]
How Can Forensic Accounting Be Applied To My Divorce?
What is forensic accounting and how can it be applied to my divorce?
What’s the Difference Between Marital Property & Non-Marital Property?
Madilyn A. Keating, a family lawyer in Chicago, answers: In Illinois, “marital property” means all property and income acquired by either spouse during the marriage. “Non-marital property” is generally any property that was acquired before the marriage, received as a gift, received as inheritance, or awarded to one spouse in the divorce. The main difference […]
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