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Marital Property Division Archives

Divorce and division of retirement accounts

A qualified domestic relations order is a document that allows divorcing couples to split a 401(k) account or a pension plan without paying high taxes and penalties. Usually, an attorney will prepare a QDRO in accordance with a plan administrator's instructions regarding the rules for the plan. A North Carolina couple should review a QDRO with their attorneys and make sure the order demonstrates the same intent outlined in the divorce agreement.

Business ownership can complicate property division

For North Carolina couples who are going through a divorce, the financial aspects can be particularly worrisome. This is especially the case when the property of the marriage includes a family business that can be difficult to split up using a standard asset division process. Dividing a closely held business can bring with it an array of questions, including establishing a correct valuation, dealing with the business value in relation to other marital assets and handling proper reporting of business-related income.

How to properly divide a retirement account in a divorce

Retirement accounts may be an individual's largest asset. Therefore, these accounts may become a point of contention during a divorce in North Carolina or anywhere else in America. As a general rule, it is a complex process to divide a 401k or other employer-sponsored plans. If it is not divided properly, there could be negative tax consequences for both parties to the divorce. A Qualified Domestic Relations Order, or QDRO, is used to ensure that such accounts are divided properly.

Warning signs that a spouse is hiding property

When you entered a marriage agreement, you probably did so with the ultimate trust in your partner. Sharing your emotions, your finances and even your bed often strengthens that trust, which can prove problematic in that it sometimes makes you blind to the true nature or intentions of your partner.

Why everyone should have a prenuptial agreement

With all the steps that go into planning for an upcoming wedding and marriage, it can be easy to get caught up in the excitement of it all and leave some of the more mundane tasks until later. While you may be tempted to put off drafting a prenuptial agreement, it is wise, in the "big picture" sense, to resist doing so.

If I am marrying my 'one' do I need a prenuptial agreement?

In the song "Home Life" John Mayer insists that "I can tell you this much, I will marry just once and if it doesn't work out, give her half of my stuff. It's fine with me - we said eternity." If you are getting married to your one-and-only, you may feel much the same way - that if things somehow fail to work out, you will not engage in any squabbling over property division. However, it is vitally important to understand that even if you plan to have a long, happy, truly successful marriage and will not engage in in-fighting in the event of a divorce, you, your future spouse and your marriage can truly benefit from the process of drafting a prenuptial agreement. 

Is a prenuptial agreement right for you?

Prenuptial agreements are frowned upon by some as a too-practical intrusion into what should be a romantic lead up to marriage. Some, however, see prenups differently: as a means of clearing the air so that both parties can enter into marriage without nagging financial concerns.

Three ways divorce can affect a business partnership

Divorce is hard enough when it's just two spouses dividing assets from a marriage. But when one of the former spouses is a partner in a small business, things can get complicated for the business partner, as well. Here are three ways that a divorce can create ripple effects for a business partner of a person getting a divorce:

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