Protecting Your Assets in a Domestic Partnership
Domestic partnership agreements can be essential for protecting assets when a relationship ends. Unlike married couples, partners in domestic partnerships may not have the same legal protections for property, financial support, and decision-making powers. A well-crafted agreement can help clarify how assets will be distributed, avoiding lengthy and contentious disputes. Consulting a family law attorney can ensure that both parties’ rights and interests are safeguarded in a domestic partnership.
Covering All QDRO Bases in a Divorce
A QDRO (Qualified Domestic Relations Order) is crucial in divorce cases involving retirement assets, as it specifies how funds will be divided between spouses. In one case, a husband assumed his ex-wife’s share of his pension would revert to him upon her death, only to find that the funds would instead go back to the pension plan. This case highlights the importance of including clear provisions in QDROs for unforeseen events, such as the death of an ex-spouse before retirement, to avoid costly legal battles.
Understanding Marital Property
Marital property includes assets acquired during a marriage that may be subject to division in a divorce. This can encompass a range of possessions, from the family home to jointly started businesses or vacation properties. Generally, any property bought or gained while married is seen as shared, though certain exceptions exist, such as personal items delineated in prenuptial agreements. The division of assets can involve complexities, particularly when the value of previously owned assets increases over the course of the marriage. Working with a knowledgeable family law attorney is essential to navigating these nuances and ensuring a fair distribution.
Division of Assets during a Divorce
All couples — even those that are not planning on divorcing — should prepare their assets and investments in a way that they can be fairly divided. If, however, you did not manage your finances and are planning on divorce, know that you are not alone. Many couples miss this important aspect of financial planning. The […]