When making financial decisions during the divorce process, there are documents that are needed to help in the division of assets and building making future realistic budgets. In many marriages, one spouse has handled the finances and the other is in the dark about their family’s finances. The start point is gathering important financial documents for the financial neutral in a Collaborative … [Read more...] about Divorce: Where to Start in Gathering Information
Archives for 2021
4 Keys for Working with Your Divorce Financial Professional
One of the first things that a divorcing couple needs to do is gather your financial information. In the divorce process you will both need to have a complete picture of your financial situation before you can begin to work on a settlement agreement. In a Collaborative Divorce, this step is easier than in traditional litigation because you have the assistance of a neutral financial … [Read more...] about 4 Keys for Working with Your Divorce Financial Professional
Divorce and Cryptocurrency
An issue that is coming up more often for divorcing couples is how to divide the cryptocurrency. Unfortunately, it often seems that one spouse may have acquired this asset without the knowledge of the other spouse. This behooves their attorneys to be certain each spouse reveals all assets, including cryptocurrency. Cryptocurrency Must be Valued One problem that arises in a divorce is that … [Read more...] about Divorce and Cryptocurrency
Divorce: Dividing Retirement Funds
When divorcing couples begin dividing their assets, they often find their retirement account or accounts are the most valuable thing they own. Even if the account is an employer-maintained benefit, such as a 401(k), IRA, profit-sharing plan, or another such account, and is in the name of only one spouse, the earnings in that account that occurred during the marriage are community property in … [Read more...] about Divorce: Dividing Retirement Funds
How To Do A Business Evaluation For A Divorce
When income that is generated during a marriage comes from a business owned by one or both parties, there should be a business evaluation conducted as part of the process of determining the overall value of the estate. There are several methods for valuing a business. Which valuation approach works best for purposes of family law depends on the nature of the business at issue. The Market … [Read more...] about How To Do A Business Evaluation For A Divorce
Divorce: Tax Refunds and Stimulus Checks
A question often arises as to how to handle tax refunds and stimulus checks received while a married couple is going through the divorce process. These government funds generally come by way of direct deposit. The account which receives the deposit depends on the way the taxes were filed. Married Filing Jointly If the most recent tax return was “married, filing jointly,” the account listed … [Read more...] about Divorce: Tax Refunds and Stimulus Checks
Rebuilding Finances After a Divorce
Most people find their finances have changed dramatically following a divorce. The money that in the past supported one household now must be stretched to support two. This is especially true if one party is paying spousal support to the other. It may be helpful to work with a financial advisor or certified public accountant (CPA) to help you understand how you originally built wealth and to … [Read more...] about Rebuilding Finances After a Divorce
The Importance of a Pre-nuptial/Pre-Marital Agreement
A person newly engaged may sometimes get intimidated by the idea of a pre-marital or a pre-nuptial agreement. But they need to understand that a prenup can be looked upon as an insurance policy. You hope not to use it, but glad it is in place in case you ever need it. The document is really an outline that clearly defines what will happen financially if the parties ever do get … [Read more...] about The Importance of a Pre-nuptial/Pre-Marital Agreement