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Divorce is more than the end of a romantic partnership — it’s a seismic shift that can significantly alter your financial landscape. Stakes are high, so understanding how divorce impacts your ...
These accounts should be dealt with during the divorce proceedings. In some cases, a qualified domestic relations order will be put in place to govern the division of these assets with the non ...
Taking the time to separate and evaluate assets and debts carefully ensures a fair resolution that accounts for each party’s financial situation post-divorce. Next steps. Dividing debt during a ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
Separate Property with Equitable Distribution: Under this system, when substantially more property acquired during a marriage is owned by one spouse (e.g. title to all marital property is held in the husband's name only), the courts will make an equitable distribution of the richer spouse's property at death or dissolution of the marriage.
The division of that equity during divorce typically depends on various factors, including any prenuptial or postnuptial agreements, state laws and the couple’s specific circumstances.
A qualified domestic relations order (or QDRO, pronounced "cue-dro" or "qua-dro"), is a judicial order in the United States, entered as part of a property division in a divorce or legal separation that splits a retirement plan or pension plan by recognizing joint marital ownership interests in the plan, specifically the former spouse's interest in that spouse's share of the asset.
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