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High Asset Divorce Archives

Saving retirement accounts during a California divorce

Divorce is a trying process, and it's one that approximately 1.2 million married couples go through annually. Beyond the mental and emotional stress, divorce can significantly complicate finances, especially when it comes to the retirements of the parties.

What to avoid when dividing an IRA because of divorce

When money is taken out of an IRA, it is subject to income taxes, and it may also be subject to a 10 percent early withdrawal penalty. This penalty still applies even if a California resident makes a withdrawal pursuant to a divorce decree. To avoid paying the 10 percent early withdrawal penalty, the money should be sent directly to the other person's IRA.

Divorce and finances: how to prepare

For California couples who are ending their marriage, property division negotiations can become complicated, and when one or both parties are unsure of what their financial situation will look like after the divorce, they can become crucial. There are ways for people to prepare for this before the process begins, however.

What to consider before filing for divorce

California residents who are contemplating a divorce may want to ask themselves if it is really in their best interest to do so. It may be worth questioning what they may lose when ending a marriage compared to what is gained by leaving. For instance, an individual may lose a good parent or someone who is good running a household by going through with a divorce.

Mike and Scheana Shay finalize their divorce

California fans of the television show "Vanderpump Rules" may be interested to learn that star Scheana Shay and her former husband Mike Shay finalized their divorce on April 29. The two announced that they were divorcing on Nov. 9, 2016, after just two years of marriage.

4 points to consider regarding property division during divorce

Getting a divorce is a challenging circumstance for anyone. When you and your ex worked hard and have assets and children together, the challenges you face might increase. It is imperative that you think carefully about how your divorce is going to impact your entire life. Make sure that you consider these important points:

The role of a QDRO in a divorce

Couples in San Jose who are getting a divorce might need to divide their retirement accounts. This could be a more complex process than either individual realizes because of the Qualified Domestic Relations Order. It is necessary to sign a QDRO in order to split retirement savings. Individuals might need to work with a certified divorce financial analyst to make sure they understand the potential taxes and other costs associated with the QDRO and that they are getting the best deal they can.

Businesses at risk when founders divorce

In business and marriage, people in California might focus so much on succeeding that they fail to consider how to take precautions in case of failure. When romantic partners or close friends start a business, the personal relationships could create discomfort around the notion of preparing buyout agreements among company owners.

Protecting business assets from a divorce

When a California couple chooses to divorce, they may be impacting more than just their lives. This is especially true if they ran a business together while they were married. Therefore, it may be a good idea to have a written agreement that spells out what would happen to the company in the event of a divorce. Doing so may give the estranged owners more say regarding whether the business is sold or who retains control after a divorce.

What happens to a jointly-owned business in a divorce?

San Jose business owners who get a divorce may need to decide what they will do with the business if they own it with their spouse. They could keep running the cpmpany together. However, if the divorce is not amicable, this may not be possible.

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