On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Thursday, August 10, 2017.
Money is a have it or have not situation. For those who have it, it is a great blessing but also a big responsibility. For married couples who have decided to go their separate ways, financial aspects will begin to creep into the minds of those who are looking to separate. So, which assets belongs to whom in a Santa Rose high asset divorce?
Financial assets could be any tangible asset like property and savings accounts. Many people have questions about their 401(k)s, many of which have been accumulating assets for years of a couple’s marriage. Oftentimes, it is accumulated by the income of one spouse, so the non-earning spouse may have concerns about accessing those funds. Unless previously determined (like in a prenuptial agreement), 401(k)s are typically considered marital property and, thus, subject to equal division between divorcing spouses.
However, transferring these assets successfully and with minimal fees is key to getting the most out of your financial assets and investments. When filing for divorce, there are often special considerations or filings that need to be done in order to avoid extra and unnecessary taxation and fees. This could apply to transferring financial accounts like 401(k)s and stocks in case of a divorce. The process can be enough to deal with, so any unnecessary costs or hassles should be avoided during the asset division process, if possible.
Special considerations could also apply to the family home if divorcing spouses decide to sell the property and divide up the profits. If not approached correctly, there could be unnecessary costs associated with this process. Divorcing spouses are usually allotted specific tax breaks or discounted fees associated with asset division or transfer. Other parties not going through a divorce may not qualify for these exclusions, but divorcing couples should take all the help they can get.
Source: FindLaw, “Divorce, Taxes, and Your Estate Plan,” Accessed August 7, 2017