When you’ve made a decision to get divorced, you’re eager to get things in order and move on as quickly as possible. A big part of moving on includes taking control of your finances. Here are some key issues you’ll want to work on immediately with your professional advisor.
Financial Issues
Ontario Court: Deceased’s Pension Benefits go to Ex-Wife
This case should serve as a warning to any divorced spouses who have remarried or live with a common law spouse – in the event of one of you dying, you should have had your policy changed so that your pension benefits will be split between your ex-spouse
UK Court Mulls whether Bankruptcy Wipes Out Spousal Support
In a potentially precedent-setting case that is being closely watched by divorcing spouses, family lawyers, judiciary and legislators around the world, a British court is mulling over whether filing for bankruptcy can wipe out spousal support obligations. The case in question involves Alexander McRoberts, a company director who separated from his ex-wife in 2003. At […]
Steering Clear of Financial Landmines
Understanding the financial and tax implications of your options – and avoiding financial landmines – is critical in creating a settlement that will last long-term.
Drowning in Debt? (for the US)
If you find yourself struggling with debt or even filing for bankruptcy after your divorce, here are some strategies for dealing with your post-divorce credit problems in the US.
Drowning in Debt? (for Canada)
If your divorce has left you drowning in debt, credit counseling, a Consumer Proposal, or even filing for bankruptcy can throw you a lifeline. Here are some strategies for ending your post-divorce credit woes.
Property Division
What is a grey divorce, and how does a breadwinner and their unemployed spouse organize their documents to get one? Los Angeles law attorney, Marlo Van Oorschot explains in this article and expounds on how it is necessary to consider all risks and liabili
Federal Pensions in Divorce
In terms of value, retirement plans tend to be the largest marital asset in a divorce. Whether you are a family law attorney dealing with these issues on a daily basis or an attorney who knows of (or is related to) a federal employee, here are some important issues to consider if the federal employee you know is going through a divorce.
Does my pension statement show my pension’s marital asset value?
Many pension plans issue yearly individual pension statements to each participant, although it is not required by law to do so. While it is possible to obtain a monthly figure, as if the employee will retire at a given date, this is not the marital present value of the employee’s pension. Depending on the occurrence […]
How can I transfer a portion of my IRA to my ex-spouse?
A portion of an IRA (Individual Retirement Account) can be transferred without tax penalty into an IRA Account for the alternate payee, if the alternate payee is the spouse or former spouse and the transfer is pursuant to a divorce.
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