To some divorcing couples, dividing the house can be as emotionally painful as the divorce itself. One or both spouses may have a deep attachment to the house and think that the only thing that matters to them in the divorce process is keeping the house. At Hoffman Divorce Strategies, we work with our clients and their counsel to help them understand the financial pros and cons of keeping the … [Read more...] about Dividing the House When Divorcing the Spouse
Archives for 2020
Divorce and Dealing with 401(k)s: What Attorneys and Clients Need to Know
Going through a divorce is difficult enough with all the decisions that need to be made about property division. Louisiana is a community property state, meaning that all assets that were accumulated during the marriage belong to the community and need to be allocated to each spouse in the Property Partition. Most divorcing couples know that a retirement plan, like a 401(k), is a … [Read more...] about Divorce and Dealing with 401(k)s: What Attorneys and Clients Need to Know
Divorce Tsunami: How We Help Attorneys and Clients
Between March and June 2020, 34 percent more couples were filing for divorce than in the same period in 2019. The combination of the COVID-19 pandemic and stay-at-home orders is to blame. The strain on a marriage of unemployment, financial insecurity, illnesses, deaths of friends or loved ones, and homeschooling children, have pushed many couples to file for divorce. With this divorce … [Read more...] about Divorce Tsunami: How We Help Attorneys and Clients
3 Stages of Protecting Assets During A Divorce
One of the main concerns of many people anticipating or beginning the divorce process is protecting assets and losing as little as possible as the case proceeds through the courts. There are three stages of divorce with different tips for asset preservation for each stage. Stage 1 - The Beginning of the Divorce Process There are several crucial financial actions people should take … [Read more...] about 3 Stages of Protecting Assets During A Divorce
Gray Divorce: What Attorneys Need to Know
While the divorce rate from 1990 to 2015 has remained steady, or even decreased slightly, the divorce rate for adults age 50 and older, referred to as Gray Divorces, has doubled, and tripled for adults ages 65 and older (Pew Research Center March 2017). There are often emotional attachments to assets, that can make negotiations difficult and the divorce process more complex. Couples are … [Read more...] about Gray Divorce: What Attorneys Need to Know
Pension and Retirement Accounts – What Attorneys Should Know
Attorneys and their clients must be careful when dividing pensions and retirement accounts in a divorce. Hoffman Divorce Strategies assists attorneys and their clients with the complex questions that need to be answered to make sure that the property partition filed with the Court contains enough information to divide the pension and retirement accounts, and that the clients understand what is … [Read more...] about Pension and Retirement Accounts – What Attorneys Should Know
Financing a Divorce – A Good Idea?
We all need financial stability to function in society, and divorce is a severe challenge to the financial lifestyle a couple may have been accustomed to during their marriage. Add in the fact that filing for and completing a divorce can be expensive with the professional fees and court costs involved and the idea of splitting up everything accumulated during a marriage becomes … [Read more...] about Financing a Divorce – A Good Idea?
Coronavirus: Changes in the Scope of Divorce Negotiations
The Coronavirus pandemic will change the scope of divorce negotiations. Generally, couples are under more strain now than they would have been at this same time last year. The health risk and stay-at-home orders are raising stress levels. The pandemic has also caused economic uncertainty and placed financial pressures on individuals and businesses. This will all have a big impact … [Read more...] about Coronavirus: Changes in the Scope of Divorce Negotiations