In a divorce, retirement funds may or may not be marital assets, and that’s a complicated issue. But generally speaking, if you earned the retirement asset while you were married it will be marital property, and, therefore, it will be subject to division under equitable distribution. 401K accounts through a process called a QDRO – Qualified Domestic Relations Order – can be transferred tax-free to the other spouse so you don’t have to worry about tax consequences.
Fixed benefit pensions can also be transferred through a qualified domestic relations order of a different type, and can be transferred tax-free. Military pensions can also be transferred. Now, military pensions and federal pensions have their own unique aspects to them, but they can all be divided in a divorce. So, generally speaking, if the retirement funds are considered marital property, they are subject to division in a divorce.
In a divorce, retirement funds may or may not be marital assets, and that’s a complicated issue. But generally speaking, if you earned the retirement asset while you were married it will be marital property, and, therefore, it will be subject to division under equitable distribution. 401K accounts through a process called a QDRO – Qualified Domestic Relations Order – can be transferred tax-free to the other spouse so you don’t have to worry about tax consequences.
Fixed benefit pensions can also be transferred through a qualified domestic relations order of a different type, and can be transferred tax-free. Military pensions can also be transferred. Now, military pensions and federal pensions have their own unique aspects to them, but they can all be divided in a divorce. So, generally speaking, if the retirement funds are considered marital property, they are subject to division in a divorce.
The process for filing a divorce is, at least with our firm, we issue a divorce questionnaire to you which is about 26 pages. But don’t worry about it, it’s not as hard as it seems. What we try to do is get an idea of what the marital state and now marital state is. And we also get personal information.
From there we draft up a divorce complaint. The divorce complaint is drafted, and we usually email it to you, because there is a page at the end of the divorce complaint called the verification page, that the client needs to execute and then return the original to us.
Once we have that back, then we file with a clerk at court. The case will be filed in one of two places, either in the county where the other party lives, or if the other party lived in a marital home within the past six months, the county where the marital home is. So the case will be filed in one of those two counties. Then the case will either be put off for sheriff service, service per by the process server, or we will ask the other party to voluntarily acknowledge service, which is the friendly way to do it. But that doesn’t work in every case.
By: Scott Shaw
The process for filing a divorce is, at least with our firm, we issue a divorce questionnaire to you which is about 26 pages. But don’t worry about it, it’s not as hard as it seems. What we try to do is get an idea of what the marital state and now marital state is. And we also get personal information.
From there we draft up a divorce complaint. The divorce complaint is drafted, and we usually email it to you, because there is a page at the end of the divorce complaint called the verification page, that the client needs to execute and then return the original to us.
Once we have that back, then we file with a clerk at court. The case will be filed in one of two places, either in the county where the other party lives, or if the other party lived in a marital home within the past six months, the county where the marital home is. So the case will be filed in one of those two counties. Then the case will either be put off for sheriff service, service per by the process server, or we will ask the other party to voluntarily acknowledge service, which is the friendly way to do it. But that doesn’t work in every case.
By: Scott Shaw
In equitable division, one of the most issues that come up is to try to ascertain what is marital property and what is not marital property. Because if your property’s determined to be non-marital property, it cannot be divided according to accrual distribution. What non-marital property is, generally speaking, is if you own the property prior to marriage, you inherited the property or you were gifted the property. If you can prove that, the property remains yours.
One of the most complicating factors is what if you have non-marital property that has both portions of marital and non-marital aspects to it. Valuing that property and proving up your non-marital interest is one of the most valuable issues that a good attorney can do for you. Whereas, marital property is all subject to be divided between the parties and the spouses in a divorce.
By: Scott Shaw
In equitable division, one of the most issues that come up is to try to ascertain what is marital property and what is not marital property. Because if your property’s determined to be non-marital property, it cannot be divided according to accrual distribution. What non-marital property is, generally speaking, is if you own the property prior to marriage, you inherited the property or you were gifted the property. If you can prove that, the property remains yours.
One of the most complicating factors is what if you have non-marital property that has both portions of marital and non-marital aspects to it. Valuing that property and proving up your non-marital interest is one of the most valuable issues that a good attorney can do for you. Whereas, marital property is all subject to be divided between the parties and the spouses in a divorce.
By: Scott Shaw
Temporary orders take effect during a divorce at the time the judge signs them and enters them with the clerk of court. It’s that simple. Once the order is signed, it gets entered with the clerk of court, there’s a file stamp date on it, the order is good and valid until either the divorce is dismissed, or a new order takes its place.
By: Scott Shaw
Temporary orders take effect during a divorce at the time the judge signs them and enters them with the clerk of court. It’s that simple. Once the order is signed, it gets entered with the clerk of court, there’s a file stamp date on it, the order is good and valid until either the divorce is dismissed, or a new order takes its place.
By: Scott Shaw
In equitable division, stock options are subject to be divided in a divorce. Now, stock options can be a very complicated asset to divide. Not all employer plans actually allow stock options to be divided to each party, so you often have to determine what the monetary value of the stock option is to make sure the options can be divided.
Sometimes, you have to become a trustee for your spouse. A very complicated issue, and often is very hotly contested, is what if there are contingencies to be awarded of your stock option or other investment vehicle. For example, let’s say you have options that you’ve been awarded, but you only get them if you remain in the company – the golden handcuffs or something. You can argue that those options, even though it’s your option to quit the company, should not be awarded as marital property because if you don’t work the four years after the marriage, you don’t get them.
These are hotly contested issues. But, in general, your typical stock option that has been invested during the marriage needs to be valued and the property is divided in equitable division in the State of Georgia.
By: Scott Shaw
In equitable division, stock options are subject to be divided in a divorce. Now, stock options can be a very complicated asset to divide. Not all employer plans actually allow stock options to be divided to each party, so you often have to determine what the monetary value of the stock option is to make sure the options can be divided.
Sometimes, you have to become a trustee for your spouse. A very complicated issue, and often is very hotly contested, is what if there are contingencies to be awarded of your stock option or other investment vehicle. For example, let’s say you have options that you’ve been awarded, but you only get them if you remain in the company – the golden handcuffs or something. You can argue that those options, even though it’s your option to quit the company, should not be awarded as marital property because if you don’t work the four years after the marriage, you don’t get them.
These are hotly contested issues. But, in general, your typical stock option that has been invested during the marriage needs to be valued and the property is divided in equitable division in the State of Georgia.
By: Scott Shaw
Again that depends on whether it’s a non-contested divorce with all terms settled or whether it’s a contested divorce. Contested divorces go anywhere for $2,500, $20,000, $30,000 or higher. I would say that if you have a contested middle class divorce, the average is between $5 and $20,000. If you have a contested divorce with an estate in the seven figure range, you’re probably talking $20 to $50,000 in cost. If you have an uncontested divorce in which all the terms are agreed to, we can usually do that for a flat fee of around $2,000.
By: Scott Shaw
Again that depends on whether it’s a non-contested divorce with all terms settled or whether it’s a contested divorce. Contested divorces go anywhere for $2,500, $20,000, $30,000 or higher. I would say that if you have a contested middle class divorce, the average is between $5 and $20,000. If you have a contested divorce with an estate in the seven figure range, you’re probably talking $20 to $50,000 in cost. If you have an uncontested divorce in which all the terms are agreed to, we can usually do that for a flat fee of around $2,000.
By: Scott Shaw
Under Georgia law, there are 13 different reasons for a divorce and reason number 13 says the marriage is irretrievably broken and there’s no chance to patch it up. That’s all you need to do. You need to allege that the marriage is irretrievably broken and you can’t patch it up. Now your spouse can actually contest even that issue, but it’s not done very often. In the end, you really don’t need a reason other than you guys can’t get along anymore.
But if you have a reason, there are 12 other reasons as well such as adultery, cruelty, drug abuse, and many other factors that are sometimes relevant to a divorce. Quite often, we take this issue for granted because it’s just a routine issue and no one is going to contest the need for the divorce, but in the right case, the grounds for divorce can be very critical.
By: Scott Shaw
Under Georgia law, there are 13 different reasons for a divorce and reason number 13 says the marriage is irretrievably broken and there’s no chance to patch it up. That’s all you need to do. You need to allege that the marriage is irretrievably broken and you can’t patch it up. Now your spouse can actually contest even that issue, but it’s not done very often. In the end, you really don’t need a reason other than you guys can’t get along anymore.
But if you have a reason, there are 12 other reasons as well such as adultery, cruelty, drug abuse, and many other factors that are sometimes relevant to a divorce. Quite often, we take this issue for granted because it’s just a routine issue and no one is going to contest the need for the divorce, but in the right case, the grounds for divorce can be very critical.
By: Scott Shaw
Dividing automobiles is sometimes simple. If the automobile is in each respective parties names and each respective party owes the debt in the automobile, then that’s not a problem. The problem comes, not from the title on the automobile which can easily transfer, the problem comes by whose name is on the debt that financed the automobile because absolutely, unless there’s no other choice, you do not want to give your ex-spouse the car that you’re liable to owe the money on. That just leads to bad consequences and that’s an issue we need to address in many divorces.
By: Scott Shaw
Dividing automobiles is sometimes simple. If the automobile is in each respective parties names and each respective party owes the debt in the automobile, then that’s not a problem. The problem comes, not from the title on the automobile which can easily transfer, the problem comes by whose name is on the debt that financed the automobile because absolutely, unless there’s no other choice, you do not want to give your ex-spouse the car that you’re liable to owe the money on. That just leads to bad consequences and that’s an issue we need to address in many divorces.
By: Scott Shaw
An equitable division of property in a divorce in the state of Georgia, one of the most important complicated issues is often if there is a family business. Can you keep the business running? How do you divide the value of the business? And rest assured, a family business is a marital asset that can be divided, and it’s one of the most contested issues you will come into. Sometimes it’s as simple as just getting an appraiser and putting a value on it. Of course how you value the business, that’s another issue. And sometimes you can be creative.
For example, we had a case where my client inherited the business when they got married. It was a 20-year marriage, so 20 years ago. It was her family’s business. And her husband actually was president of the business for 20 years, and he demanded a certain amount of money to be paid for his share of the business that would have bankrupted the family business that she inherited from her parents, that her parents inherited from their parents.
So we got creative, and we had the business appraised going back from 20 years ago, the value at the time she inherited it and was married, and we adjusted it for the rate of inflation. And sure enough he still mismanaged the business, that over 20 years the business adjusted for inflation only increased by $25,000.
So that’s what we offered him, and the judge agreed with us. So on the right case you can be creative, and you can save the family business. But in general, if you have the family business to deal with, you have a lot of complicated issues that have to be addressed, and you need someone who knows what they’re doing to address them. And at Shaw Law Firm we are happy to take your telephone calls or inquiries. Thank you.
By: Scott Shaw
An equitable division of property in a divorce in the state of Georgia, one of the most important complicated issues is often if there is a family business. Can you keep the business running? How do you divide the value of the business? And rest assured, a family business is a marital asset that can be divided, and it’s one of the most contested issues you will come into. Sometimes it’s as simple as just getting an appraiser and putting a value on it. Of course how you value the business, that’s another issue. And sometimes you can be creative.
For example, we had a case where my client inherited the business when they got married. It was a 20-year marriage, so 20 years ago. It was her family’s business. And her husband actually was president of the business for 20 years, and he demanded a certain amount of money to be paid for his share of the business that would have bankrupted the family business that she inherited from her parents, that her parents inherited from their parents.
So we got creative, and we had the business appraised going back from 20 years ago, the value at the time she inherited it and was married, and we adjusted it for the rate of inflation. And sure enough he still mismanaged the business, that over 20 years the business adjusted for inflation only increased by $25,000.
So that’s what we offered him, and the judge agreed with us. So on the right case you can be creative, and you can save the family business. But in general, if you have the family business to deal with, you have a lot of complicated issues that have to be addressed, and you need someone who knows what they’re doing to address them. And at Shaw Law Firm we are happy to take your telephone calls or inquiries. Thank you.
By: Scott Shaw
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