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?
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
The Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law by President Trump on March 27, 2020, provides trillions of dollars of economic stimulus money. There are many ways this stimulus plan could have an impact on individuals depending on their circumstances. Family law attorneys and their clients need to be aware of how the CARES Act may impact … [Read more...] about Coronavirus Stimulus Plan: What Do Attorneys Need to Know?
The Coronavirus pandemic is having a profound impact on the way people in Louisiana do business, including Hoffman Divorce Strategies. We have adapted quickly to effectively meet the needs of our clients and with attorneys. We are streamlining our business in ways that will have a lasting impact even beyond the pandemic. We are, of course, avoiding in-person meetings as much as possible. … [Read more...] about The Impact of the Coronavirus
In many marriage relationships, one of the partners is the one who primarily handles the finances. When a couple divorces, this can cause the negotiation process to become stalled in emotion as the spouse who is less informed struggles to understand their financial situation. At Hoffman Divorce Strategies, we are financial professionals that attorneys rely on to help the less financially … [Read more...] about What are the Responsibilities of a Financial Professional During a Divorce?
How to divide assets and what to do about money is one of the most difficult issues facing divorcing couples. At Hoffman Divorce Strategies, we bring financial professionals to the table who have decades of experience in helping divorcing clients understand the short and long-term impact of financial decisions they make in their divorce settlement today. Financial … [Read more...] about Understanding Money and Divorce
While many practitioners are aware that a Qualified Domestic Relations Order (QDRO) can divide property, few practitioners are aware that under IRS Code 414 (p) (b), child support can be collected from ERISA plans, (such as 401 k, or Pension plans) with a QDRO. A QDRO distribution that is paid to the child or other dependent of the plan participant is taxable to the participant., Some plans will … [Read more...] about QDROs for Child Support Payments