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Tag: Property and Finances

Property and Finances

Who Gets to Live in the House During the Divorce?

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.
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Credit Cards and Divorce

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
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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

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
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Awards of Attorney’s Fees in Divorce

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
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Divorce and Retirement Accounts

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
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Social Security Benefits and Divorce

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

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
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TRICARE Health Insurance Coverage and Divorce

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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Health Insurance and Divorce in Nebraska – Your Options

How you will maintain health insurance coverage during and after your divorce is an important issue to be considered.  Your options may be complex and expensive, and the impact of having a lapse in coverage can range from unfortunate to disastrous. Divorce is considered a Qualifying Life Event, which makes you eligible for a Special Enrollment Period, allowing you to enroll in health insurance coverage outside of the yearly Open Enrollment Period, which generally takes place in November or December of each year.  Below are 5 options to consider for obtaining post-divorce health insurance coverage. Remain on Ex-Spouse’s Health Insurance
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