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 … [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
One of the most important aspects of a divorce is determining who gets what. If you and your spouse accumulated property or other assets over the years, it’s crucial that you calculate the value of everything and determine what you’ll keep and what you’ll get rid of. Why is it important to understand assets? Most people think all assets are created equal, but that isn’t the case. Just … [Read more...] about We Can Help You Determine Which Assets to Keep
The Centers for Disease Control and Prevention says 787,251 American couples divorced in 2017, an average of 2.9 per every 1,000 marriages. In the United States, divorce is ubiquitous. It’s the subject of movies, television shows, and best-selling books, yet many couples going through the divorce process do very little research, especially in terms of finances. Even if you and your ex are … [Read more...] about Benefits of Financial Divorce Analysis
At Hoffman Divorce Strategies, we focus on two very specific aspects of the divorce process: Accounting your divorceUsing financial strategies to help you achieve a better settlement If you don’t come from a finance background or aren’t very good with money, you’re probably feeling somewhat overwhelmed. This is perfectly understandable and nothing to be ashamed of. Divorce laws are … [Read more...] about What to Expect at Your First Hoffman Divorce Strategies Appointment
Are you someone who hates even basic arithmetic? We get it. Not everyone is a numbers person, and when your financial future is on the line, trying to navigate a divorce settlement without an advocate is incredibly scary. If you have kids, there are child support and custody agreements to consider, not to mention the divvying-up of property, vehicles, other assets, and debt. That’s a lot of … [Read more...] about Leave the Number Crunching to Us
If you’re preparing to get a divorce and children are involved, you’ll need to take child support into account. Louisiana has state-mandated child support guidelines, but they can get somewhat tricky if you: Or your spouse is an independent business owner who controls your own incomeOr your spouse have significant investmentsHave one or more children with special needs or a disability Things … [Read more...] about Determining the Cost of Child Support
If divorce were a recipe, it would consist of two main ingredients: emotions and assets. While mature, responsible adults are often able to set their emotions aside for the promise of a better future, hammering out the details of a financial settlement can be a different story. Some of the most common assets divorcing spouses argue over are: Vehicles such as cars, motorhomes, boats, and … [Read more...] about Should I Consider Stocks During My Divorce?