A lot of people are thinking about a divorce, but cannot afford it. There are others who want a divorce, but are looking for ways to keep costs to a minimum, especially with regard to attorney fees ...
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How are 401K Accounts Divided in a Divorce?
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Henry: Alisa you talked about pensions where there are payments over a period of years and these are QDRO, what about 401ks and IRAs?
Alisa: Similarly we can use a quadro to divide that asset and that’s usually transferred in a lump sum where as a pension it is usually a paid over a period of time, but using a QDRO you can transfer those monies; you can transfer the monies to the non owner of the 401k without tax penalties which is very important another important aspect of being able to transfer those monies in the property settlement which is equitable
Henry: Okay so you get these, another area, there can be cars that are often traded off, often furniture and furnishing, art, antiques, gifts and inheritances, now gifts and inheritances are traded differently isn’t that correct?
Alisa: Right, and again looking at that particular case, when did that gift come in, when did that inheritance come into the party, into the marriage, how was it used in the marriage, if there was a co mingling with the property it loses its separate quality, if not then those items might be considered separate property and not considered in the equitable division of the marital assets
How Effective is Divorce Mediation?
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Henry: Now you get to the point where everything is to be divided, sometimes attorneys can sit down with their clients and work everything out in a matter of a few meetings a few hours, it’s done, we also have other means; mediation, where attorneys like you or I can be a mediator where we go to a 3rd party and how effective do you think mediation is?
Alisa: I think mediation is very effective, and especially if the attorneys have the mindset that this should be settled outside a courtroom, without a judge, would rather the parties have decision and control over their own divorce situation and that’s what mediation allows them.
Important Considerations to Hiring a Divorce Attorney
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Henry: What are some of the issues that people should consider in selecting an attorney to represent them in a divorce?
Alisa: I think in your first initial consultation, and have a conversation with an attorney on the phone, you’re going to get a feel for how that attorney is, how their personality is, what their character is, if they have the same philosophies as you, there are attorneys who are cut throat who will rush to the court room, file a motion and will go to the judge at every opportunity they have, they are very adversarial; there are attorneys who are much more mediative, who like to look at the big picture who will help the parties resolve their issues, when you’re talking to somebody on the phone, you can get that feeling when you meet that attorney in person, you can get an idea if they are someone like you, have the same philosophies like you, a lot of my clients tell me that “I knew when I met you; my gut just told me were the right attorney for me” so I think that when you’re asking questions and engaged in conversation, you will get a feel for what’s right.
Henry: Important.
Pros and Cons of Divorce Trials
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Henry: What about trails? You have some clients who are bitter, angry, they want to punish the other spouse, and they want their day in court, what’s your advice in that situation?
Alisa: I still encourage my clients to not turn over control to the judge, where property or in the case of children, the judge doesn’t really know your case, or your children, but in the end you’re not going to feel any better just because you had your day in court, mediation and other dispute avenues are still better in the long run , where at the moment, they might feel so angry and want to get at their spouse, but in the long run they will be happier when the can resolve these disputes through mediation, through a non adversarial process.
Henry: I can’t agree with you more and another thing to remember is if you go to trial, you lose control, if you negotiating or mediating, your still in control of the divorce process you’re still making decisions and especially if you have children you’re going to be involved with that parent with regards to your children for the rest of your lives and once you start throwing things and saying things that can’t be taken back in court, you change the dynamics completely.
Alisa: Right, and we can offer that to our clients the big picture, knowing they’re in the moment, but knowing they’re in the moment but in the long run how that is going to affect their lives.
Henry: And a good attorney can do a cost analysis of not only economic standpoint, but a psychological standpoint.
| Article ID: | 117 |
| State | Published |
| Hits | 0 |
| Revised | 1 Times |
| Created | Monday, 02 November 2009 08:08 |
| Modified | Not Modified |
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Week of November 16: "Financial Crisis with Ken Gross."