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high asset divorce Archives

Pitfalls to avoid when dividing a retirement account

Nevada couples who are getting a divorce may need to divide a 401(k) or another type of pension plan. If they want to avoid paying taxes and penalties on such an account, they'll need a document known as a qualified domestic relations order.

Tech industry divorces can come with start-up pain

For people in the tech industry and various other high-profile careers in Nevada, divorce can bring with it its own set of challenges on both personal and practical levels. While disentangling the emotional bonds of a marriage can be extremely painful, especially when children or long-time partnerships are involved, this can be accentuated further by the financial complexity of a high-asset divorce. Asset division in a divorce that involves investments, real estate and other traditional properties as well as more speculative assets, like startup companies or inventions, can be the source of many disputes.

Properly dividing art work in a divorce

When an individual owns a piece of art or an entire art collection, it may be difficult to determine how to divide that asset in a divorce. Even if a couple has a prenuptial agreement, the agreement could be ruled invalid by a judge. It is also possible that the document may not address the art as it could have been signed prior to acquiring it.

Divorce and bitcoins

Nevada couples who are getting a divorce may need to split their assets. This could become complicated if one of them has a bitcoin account. Although in the past bitcoin has been little known and of little worth, it has recently had a surge in both value and in people's awareness of it. For some couples, bitcoin might even be a contributor to divorce since it may have taken a great deal of time to build up a substantial bitcoin account.

Dividing up marital assets during a divorce

When a Nevada couple decides to get a divorce, they will have to reach an agreement regarding how they will divide up their marital assets. During this process, it is easy to make financial missteps when both individuals have emotional connections to some of those assets, such as the family home. However, making financial decisions purely based on emotions can have a major impact on both ex-spouses in the future.

Dividing TSPs in Nevada divorces

Many Nevada residents who work for the federal government contribute to Thrift Savings Plans. When they divorce, the amounts that have accrued will need to be divided between the spouses. Nevada law controls how the TSPs will be divided since there are no federal laws directing how the accounts should be handled in divorces.

How to make financial preparations for a divorce

Nevada couples who are ending their marriage might be worried about how it will affect them financially. By taking stock of finances before the divorce is underway, people can begin to understand how property might be divided and what a budget might look like when they become single. Tracking household expenses and gathering documentation, such as bank statements and tax returns, may help in this review of finances. Gathering documents might also help in the event that the other spouse is reluctant to share financial information later in the process.

Family business and divorce

Divorce for Nevada couples is often a stressful situation. It can become even more so when there is a family business at stake. Even in situations where spouses choose to take a mature approach to their breakup, there are several legal and financial issues involved in deciding what happens to a family business. Fortunately, there are several strategies that can be used that will keep the business intact even if a marriage fails.

Understanding how QDROs work

When a Nevada couple divorces and one of the individuals involved has a retirement account, it may be necessary for a qualified domestic relations order to be created. A QDRO is a legal document that outlines how assets from a retirement account will be distributed. Normally, retirement accounts will only pay out assets to a named beneficiary or the owner of the account.

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