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Finance

What is a Qualified Domestic Relations Order?

To divide many types of retirement accounts in a divorce, federal law requires that special court orders called Qualified Domestic Relations Orders be submitted and approved by the court. This order, referred to as a QDRO, provides instructions to a retirement plan administrator on how to divide funds from a retirement account after a divorce becomes final. Obtaining a QDRO is often a necessary and critical step in the divorce process. What types of retirement accounts need a QDRO to be divided? The most common types of retirement accounts that require a QDRO are 401(k)s, 403(b)s, pension plans, and federal
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Filing Taxes During Divorce

[column width=”1/1″ last=”true” title=”” title_type=”single” animation=”none” implicit=”true”]   [/column] [column width=”1/1″ last=”true” title=”” title_type=”single” animation=”none” implicit=”true”] As April 15th creeps closer, spouses often have questions and concerns about how to file their taxes both during divorce and after. What filing status should I report on my taxes? Who gets to claim our marital deductions this year? How is our tax refund divided? Here are some answers to tax questions commonly asked by spouses going through divorce. Which Marital Status May I Choose? Whether you may file as single or married is determined by your marital status on December 31st of
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Awards of Attorney’s Fees in Divorce

[column width=”1/1″ last=”true” title=”” title_type=”single” animation=”none” implicit=”true”] Divorces can be costly and the total expense is often unpredictable. The cost of your divorce will depend upon many factors (such as whether you have children, the value of your assets, the willingness to settle versus going to trial, and the length of time from filing to resolution). In addition, you may be responsible for filing fees, mediation fees, witness fees, and, most commonly, attorney’s fees. You may ask the court to order your spouse to pay your legal fees. When you file for divorce, if you are without sufficient funds you
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Divorce and Retirement Accounts

[column width=”1/1″ last=”true” title=”” title_type=”single” animation=”none” implicit=”true”] Retirement accounts are often one of the most valuable marital assets to be divided in a divorce. Regardless of whose name is on the account, retirement funds that accrued during the marriage may be divided in a divorce “Retirement accounts” encompass a variety of accounts – individual retirement accounts (IRAs), 401(k) plans, 403(b) plans, Railroad Retirement Board Annuities, Thrift Savings Plans, Military Retired Pay or Pensions. They can be provided through your (or your spouse’s) current place of employment, former employment, or individually obtained. They can be vested or unvested. These assets will
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Small Steps for Financial Success

Susan and Angela are pleased to welcome Kirstin Ricketts as a Guest Blogger this week.  Kirstin has attained her Certified Divorce Financial Analyst designation from the Institute for Divorce Financial Analysts.  Kirstin offers a unique perspective for those going through divorce as she lends expertise and offers suggestions for those empowering financial actions we can take and decisions we can make during this time.  We are grateful to have her voice, wisdom, and experience to pass on to you.   The time is now.  Often we say this at the beginning of the year when it comes to our finances. Other
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