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
Divorce
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 … [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,” … [Read more...] about Divorce: Tax Refunds and Stimulus Checks
What to Do If Your Business Partner is Getting A Divorce
When you originally put together your partnership agreement, it is likely you did not think about what you would do if your business partner got divorced. If you did, and it is happening now, review your partnership contract and comply with its terms. If you did not include a provision, you may be stressed thinking about how your partner’s divorce will affect your business … [Read more...] about What to Do If Your Business Partner is Getting A Divorce