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Divorce Archives

How to divide inherited IRAs

Currently, there is no clear guidance as to whether an inherited IRA can be split in a divorce. Washington residents don't have an IRS decision, private letter ruling or even a court case to help determine whether this is possible. Another question to consider is whether the inherited retirement account is to be considered marital or separate property. While inherited funds are usually considered to be separate, they could be commingled during the marriage.

Timeline of a divorce

By the time a couple in Washington decides to divorce, both parties are usually ready to move on with their lives. For this reason, divorcing spouses often hope that they will be able to end their marriage quickly. However, there are a number of factors that can affect the timetable of a divorce.

What to do about the estate plan in a divorce

People in Washington who are getting a divorce may need to make some changes to their estate plan. For example, a person's spouse may have health care and financial powers of attorney in the estate plan. The principal may no longer want the spouse making health care decisions. The financial power of attorney gives someone control over all a person's assets if the person becomes incapacitated, so this may not be ideal during a divorce.

When financial disputes lead to a divorce

Married couples decide to end their marriages for different reasons. In some cases, an affair may bring a marriage to an end, while other divorces are the result of a couple disagreeing on how to raise a child (such as sending a child to a particular college), moving, etc. However, financial matters can lead to divorce as well and many couples struggle with disagreements over how money is spent. For example, one parent may believe that their child should attend a more affordable college, while another is dead-set on a particular school even though tuition is very costly.

Tips to avoid falling behind on child support

There are many factors to take into consideration when it comes to back child support. Non-custodial parents who have to pay child support should be aware of the consequences of falling behind, which may include being taken into custody, having one's tax refund intercepted, losing the ability to obtain a passport and other ramifications. However, parents should also be aware of some of the reasons why people find themselves in this situation and do all they can to stay caught up on child support payments.

High-asset divorce and the public spotlight

Whether someone with a low income struggles to make their child support payments on time or a couple with children have a contentious dispute over who will have custody, there are all sorts of challenging family law matters that people have to work through. For those with a high net worth this is especially true, and some people find themselves in the public spotlight, which can make their divorce even trickier. If you are in this position it is essential to focus on your divorce and ignore any negativity in the news media or online.

Avoiding costly mistakes during a divorce

The divorce settlement process can be complicated for Washington couples. While there can be an array of practical and emotional consequences to sort out, the financial implications of divorce may be significant for both parties. Divorcing spouses can help to plan for and protect their financial futures by keeping some issues in mind as they go through property division negotiations and move forward following the end of the marriage.

Reasons why more people over age 50 are divorcing

In Washington, an increasing percentage of divorces are gray divorces, which are divorces that are filed by people who are older than age 50. The number of gray divorces has increased dramatically since 1990. There are several explanations for why more older couples are deciding to get divorced.

Handling college expenses during a divorce

Planning for a child's college education can be a major financial commitment for families in Washington. While that commitment can remain just as firm after divorce, it can be difficult to plan for university costs with all of the financial challenges that accompany the end of a marriage. This is especially true as college costs continue to rise; the College Board estimates that university tuition and fees rise an average of 3 percent every year. These increases come on top of already-high costs: every year of tuition, room and board and fees at a private university costs nearly $47,000, while the same at an in-state public university costs over $20,000 annually.