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
When you’re going through a divorce, every penny counts. Hiring a good lawyer, paying for mediation services, and managing your future child support are just a few of the major costs you’ll need to think about, and that’s not even taking day-to-day expenses into consideration. Are you wondering how you’ll be able to manage the style of living you’re used to? Before running out and asking … [Read more...] about Simple Ways to Save Money During a Divorce
In the United States, 40 to 50 percent of marriages end in divorce. Couples end their marriages for a variety of reasons, but researchers have pinpointed three leading causes, in particular. 1.) Incompatibility. Believe it or not, incompatibility is the leading cause of divorce here in America. The Merriam-Webster Dictionary defines incompatible as being “incapable of association or … [Read more...] about The 3 Leading Causes of 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
Tax Day 2020 may seem like a long way off now, but it’ll be here before you know it. If you’ve recently divorced, it’s important you understand the implications of this decision on your tax bill and tax refund. No two divorces are exactly alike, but there are three things you can do to prevent fines, penalties or other unwanted surprises. Keep reading to learn more. 1.) Gather your … [Read more...] about These Tax Tips Can Make the Transition to Single Life Easier