Tag: Property and Finances

Property and Finances

What is a Qualified Domestic Relations Order?

April 22, 2024 / Divorce Made Simple

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

Divorce Tax Tips: 5 Most Common Divorce Tax Questions in Nebraska

March 13, 2024 / Children, Divorce Made Simple, Divorce Tips, Financial Support

Do I have to pay income tax when my ex-spouse and I transfer property or pay a property settlement per the terms of our divorce decree? No. The transfer of property (or payment of a property settlement payment) pursuant to a divorce decree is not taxable. However, you’ll want to keep in mind the future tax consequences of a subsequent sale, withdrawal, or transfer of assets that you received in a property settlement. Does the payment or receipt of child support impact my taxes? No. Child support is not taxed as income to the parent who receives it nor deductible

Who Gets to Live in the House During the Divorce?

July 17, 2018 / Divorce Made Simple

One of the first “unknowns” you may encounter when you begin the divorce process is who will get to stay in the marital residence while the divorce is pending. Regardless of whether your marital residence is an apartment or house, whether you’re renting or you own the property, the court can order one spouse to vacate the residence and award possession to the other. A spouse who is seeking to remain in the home (or, a spouse who is looking to remove his or her spouse from the home) may file a motion for exclusive possession of the marital residence.

Credit Cards and Divorce

June 26, 2018 / Divorce Made Simple

Credit card accounts and debt can become contentious issues during the divorce process. How is credit card debt divided? Who keeps the credit cards after divorce? What happens if my spouse obtained a secret credit card during our marriage? Here are answers to five frequently asked questions regarding credit card issues during divorce. How Is Credit Card Debt Divided? Credit card debt accrued during marriage is divided fairly between spouses, which usually means an equal division regardless of which spouse incurred the debt. What If My Spouse Opened a Secret Credit Card During Our Marriage? While the general rule is

Filing Taxes During Divorce

March 20, 2018 / Divorce Made Simple

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 the tax year. For example, if your divorce becomes final on October 1, 2018, you may

Awards of Attorney’s Fees in Divorce

February 27, 2018 / Divorce Made Simple

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 can ask that your spouse contribute to

Divorce and Retirement Accounts

December 5, 2017 / Divorce Made Simple

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 be accounted for when inventorying your marital

Social Security Benefits and Divorce

November 7, 2017 / Divorce Made Simple

If your marriage lasted 10 years or more, and you are now divorcing, you may be able to receive Social Security benefits on your soon-to-be former spouse’s record (or vice versa). In order to receive these benefits on your former spouse’s record, the following criteria must be met: You must be unmarried. At the time your former spouse is eligible to receive Social Security benefits, you must be unmarried to receive your portion. If your former spouse has remarried, your ability to receive benefits on your former spouse’s record will be unaffected. If after your divorce you remarried, but that

What is the Tax Dependency Exemption and Who Should Get It?

October 31, 2017 / Children, Divorce Made Simple, Financial Support

The federal government allows taxpayers to exclude from their income an exemption amount for each person who is a dependent of the taxpayer for that taxable year. You can claim a tax dependency exemption if you are a parent who provides support to a dependent minor child. But what happens after divorce when you no longer file joint returns? In Nebraska, the tax dependency exemption is considered an economic benefit similar to an award of child support or alimony. If the parents do not agree how the exemption should be allocated, the judge hearing the divorce case has the power

TRICARE Health Insurance Coverage and Divorce

October 24, 2017 / Divorce Made Simple, Legal Process

While all divorces are challenging, military service presents unique and complex issues for service members and their families to navigate. Whether the former spouse of a service member may retain health insurance coverage through TRICARE is one. TRICARE is a health care program for uniformed service members and their families. Depending on several requirements and criteria, it may be possible for divorced spouses to remain covered under TRICARE and receive the same benefits as the service member. TRICARE Coverage under the “20-20-20” Rule: If the service member has completed at least 20 years of creditable service, the spouses were married

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