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Division of Retirement Accounts

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Typical California Divorce Settlements and Retirement Accounts

How do typical California divorce settlements treat retirement accounts? It’s a pervasive question, and one that many Californians facing divorce need to ask. In most cases, 401(k) and pensions are divided by a qualified domestic relations order or QDRO. What is a QDRO? The Qualified Domestic Relations Order (QDRO for short) is a legal document that provides instructions through a court order to the Plan provider regarding the community and separate property aspects of the 401(k) or pension. The document includes instructions and allows the Plan provider to make payments non-employee ex-spouse per the California divorce settlement. Individual Retirement Accounts…

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How to Sell Your Home During Divorce

Selling a home is always a significant undertaking. When you need to sell your home during a divorce, it’s easy to be overwhelmed by the potentially severe financial consequences. It is a daunting task. Before you sell your home during a divorce, know the basic concepts of ownership, tax liability, division of assets during California divorce, and how to decide when it’s time to sell. Defining and Establishing Ownership: California follows property law standards, so each party equally owns all property obtained during a marriage, regardless of what name is on the deed. A property purchased by one party, but…

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Tips on Protecting Your Home and Assets During Divorce

There are very few people who plan to get divorced, but many find themselves looking at a divorce regardless of all their other plans for their life, their marriage, and their relationship. If divorce is on your horizon, a few simple steps can help you prepare for a smooth financial separation while protecting your home and your assets. 1.    Examine Assets that May be Affected by Divorce 2.    Evaluate Separate Property 3.    Evaluate Marital Property 4.    Be Cautious of Financial Fraud 5.    Consider the Need for a Certified Divorce Analyst 6.    Don’t Damage Your Retirement Accounts 7.    Gather Records &…

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Could You Receive Social Security Benefits Based On Your Ex’s Work History?

If you are divorced, it’s possible that your ex may receive benefits based on your work history. This can even be the case if you are remarried. If you aren’t sure how this is possible or if you have never considered the situation a possibility, you definitely need to learn more about it.   An Ex Can Receive Social Security Benefits Based On Your Work Record If: Your marriage was 10+ years, Your ex is ummarried, Your ex is 62 or older, The benefit your ex is entitled to receive based on their own work history is less than the…

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Dividing the Assets: Is a Business an Income or an Asset?

Are you a business owner facing divorce? Are you the spouse of a business owner facing divorce? Either way, you probably have questions about how the business is handled during the division of assets. Is the business divided? How is it divided? Is the spouse of a business owner entitled to half of the business in divorce? First Things First: The Business Must be Evaluated A business is an asset. Like any other asset in a marriage (house, car, etc.) determining how it will be divided is based on characterization and valuation. Characterization determines what type of asset the business…

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How to Recognize a Rigged Business Valuation During Child Support Calculations

If you or a soon-to-be ex-spouse own a business, it may need to be valued for the purposes of child support/spousal support calculations and asset distribution. Most credentialed valuation analysts are subject to both ethical and professional standards, but there are the rare few who will engage in subterfuge, attempting to rig the business valuation higher or lower to intentionally manipulate the result in favor of one spouse. Do you know how to spot a rigged business valuation? Watch Out for a Rigged Business Valuation: What To Look For Income: Rigged business valuations may report income too high or too…

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How to avoid unequal distribution of property during a California divorce

Probably one of the most contentious tasks for any couple to agree on would be the division and distribution of property and assets during a divorce. Making through the assets separation in mutual agreement without the need for additional intervention is certainly a welcome situation for both spouses. If in case you’re unable to settle the issue of property distribution with your spouse, a California family law judge will have to do it for you. To begin with property distribution in a divorce agreement across the United States is conducted via state law. Asset division follows either community property or…

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How To Find Concealed Assets and Money During Your Divorce

As soon as the divorce proceedings start, it has been observed that many people try their best to hold back what according to them is their own property or money. There are some individuals who even possess secret bank accounts as well as other financial activities when they were married. If you feel your estranged spouse may have done the same and you desire to get a fair settlement, you need to expose such hidden accounts When you are not ignorant about the resources and techniques used by financial and accounts professionals, you will not become a victim of your…

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Top 3 Costly Financial Mistakes to Avoid During Divorce

There are many such cases where a divorcing spouse accepts a settlement even though it could be unfair to him or her. However, a few years down the line, he or she may go through severe financial constraints. Irrespective of what the reason for agreeing to such a settlement was, such an occurrence could be drastically improved even though it may not be avoided altogether. This is possible when you learn some of these most expensive financial blunders that are commonly made while arriving at divorce settlements. Mistake 1: Unable to budget according to a new lifestyle A common financial…

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What to Know About Dividing Pension Plans In A Divorce

Pension plans are usually divided in one of only two ways: buying out the other spouse’s present day value in the pension or by reserving juridiction to divide the plan by a Qualified Domestic Relations Order (QDRO).  The latter option is more common way in which to handle such plans. Under this option, it is ordered by the court that at the time of retirement of the employed spouse, the other one will be the recipient of a percentage of every pension check. This percentage is arrived at by dividing years when the spouses spent together in their once home…

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