Going through a divorce is a highly stressful life event. Unfortunately, some spouses play financial games with the intent of “winning” in the divorce as they are pitted against the other spouse in the traditional adversarial divorce process. Here are some of the most common games that people play: 1. Undervaluing the Business Often, in the year leading up to the divorce, the … [Read more...] about The Financial Games People Play In Divorce
Divorce
Divorce: Where to Start in Gathering Information
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 … [Read more...] about Divorce: Where to Start in Gathering Information
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 … [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 … [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