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Divorce

Splitting a 401(k) in a West Virginia divorce

On behalf of Justin Raber Attorney at Law posted in Divorce on Thursday, March 15, 2018.

When a couple in West Virginia comes to the difficult decision to seek a legal end to their marriage, they are often left facing several other major decisions. Decisions regarding child and spousal support and what will happen with the family home are obvious. However, a study conducted by the American Academy of Matrimonial Lawyers in 2016 found that issues regarding the division of retirement accounts and pensions were among one of the top three most contentious issues. Many people are unsure of their options when diving such an asset in a divorce.

If one member of the couple has a 401(k) that needs to be split, there are several important issues that could prevent unnecessary expense and complication in the future. For example, a workplace retirement plan requires a qualified domestic relations order in order for it to be split. A qualified attorney can help create a QDRO.

While a QDRO is based on a divorce agreement, it is a separate document. It is necessary for the professional who prepares the document to contact the plan’s administrator to determine what the steps are for a smooth transition, and there must be a separate QDRO for each relevant account. A divorce is one of the few times that funds can be withdrawn from such accounts without penalty. A person receiving funds can decide whether to roll the funds into an IRA without penalty or whether to receive the funds directly, which would result in a 10 percent withdrawal fee.

The many different decisions revolving around a West Virginia divorce can quickly become overwhelming in a time already emotionally heightened. Having an attorney with experience with a variety of different family law matters can not only reduce the stress of the situation but can also reduce the possibility of mistakes that may be costly, if not impossible, to correct after an agreement is signed. Fortunately, for most who make the decision, the choice to do so is often the first step to a happier life.

Source: cnbc.com, “How to avoid mistakes dividing up 401(k) assets in divorce“, Sarah O’Brien, March 7, 2018

March 15, 2018/by admin
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Divorce

Steps may help with having smooth transition from divorce

On behalf of Justin Raber Attorney at Law posted in Divorce on Thursday, February 15, 2018.

People generally do not plan to get divorced down the road when they walk down the aisle. However, life is not predictable. A few tips may help with navigating the divorce process in West Virginia.

First, knowing that one is not alone in the divorce process is critical. The current divorce rate is around 30 percent to 40 percent, so many other individuals have gone through the same ordeal, more or less. Discussing the divorce process in a healthy manner with family members and friends who have gone through divorce, or even with divorcees on social media, may help one to receive invaluable emotional support.

Second, preparing for the financial changes that will occur is imperative. This is possible by drafting brand-new budgets that reflect various scenarios. For instance, it may be helpful to create a budget that includes alimony and another one featuring child support. This will provide an accurate idea of what will be affordable and what financial changes need to be made following the divorce.

Financial issues are often a major cause of conflict during divorce. However, if two spouses can find common ground, they may be able to resolve their issues through informal negotiations or divorce mediation instead of having to go to divorce trial, which can be more stressful. Still, in either scenario, a qualified attorney in West Virginia will strive to ensure that the most personally favorable outcome is attained for the client so that he or she will be as financially comfortable as possible in the years ahead.

Source: tgdaily.com, “10 Ways to Have a Smooth Transition from a Divorce“, Julia Love, Feb. 12, 2018

February 15, 2018/by admin
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Divorce

Harvey Weinstein, Georgina Chapman finalize divorce

On behalf of Justin Raber Attorney at Law posted in Divorce on Thursday, January 18, 2018.

A marriage can end for a variety of different reasons. Regardless of the cause, the decision to seek a divorce is often the best option for families in West Virginia. However, cases involving significant assets can be complicated to settle. However, embattled Harvey Weinstein and his estranged wife Georgina Chapman reportedly agreed to the terms of their split recently.

The couple reportedly have a prenuptial agreement. Under the terms of that agreement, Chapman would receive $300,000 a year in spousal support if the marriage lasted less than 10 years. Some reports claim that if the marriage lasted more than a decade, she would receive $400,000 a year. The agreement came just before their 10-year anniversary.

According to news reports, the couple has real estate worth several million dollars, including a townhouse worth approximately $15 million and an estate listed for $12.4 million, that must be divided. The settlement, which will not be finalized until Chapman files papers, is said to be worth between $15 million and $20 million. Chapman is expected to receive primary custody of the couple’s two young children.

Every divorce is unique, regardless of the amount of assets a couple may have to divide. As a result, couples in West Virginia who are considering the next step of their lives often seek advice from knowledgeable attorneys who have experience with family law. With such help, they can ensure that they fully understand the decisions facing them and the potential implications of each. Some couples may experience contention, but many are able to peacefully make the decisions that will lead them to a quicker, less expensive conclusion.

Source: nydailynews.com, “Harvey Weinstein’s wife Georgina Chapman gets custody of kids, $15-20M in divorce settlement“, Nancy Dillon, Peter Sblendorio and Stephen Rex Brown, Jan. 10, 2018

January 18, 2018/by admin
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Divorce

New tax plan could impact West Virginia divorce

On behalf of Justin Raber Attorney at Law posted in Divorce on Thursday, January 4, 2018.

When a couple in West Virginia comes to the difficult decision to end their marriage, there are likely many questions that must be answered and issues that must be settled. More than simply dividing assets, couples who are going through a divorce must also examine the tax ramifications of certain divisions. The process can often involve a significant amount of negotiations, but some professionals with knowledge of family law think that the recently passed plan to revise taxes could create additional complications for divorcing couples.

The tax reform changes how spousal support payments are treated regarding who pays taxes. Currently, the spouse who pays the support can claim it as a deduction, while the spouse receives it then pays taxes on it. Because typically the paying spouse’s income places him or her in a higher tax bracket, divorced couples ultimately pay less in taxes than if the roles were swapped, keeping more money within the family.

However, the tax reform has reversed the roles, with the higher earning spouse paying taxes, often meaning that the government receives more money. The move was partly prompted by the discrepancy between the number of people claiming spousal support as a deduction versus those paying taxes on such payments. While the change could add almost $7 billion in tax revenue over the course of the next decade, reports claim that this amount accounts for only half a percent of the overall tax cut plan.

Regardless of the amount of tax revenue the change could generate, it could potentially change negotiations regarding spousal support for couples in West Virginia and across the United States seeking to end their marriage after 2018. In addition to leaving families with less money, some states may have to reconsider their laws because many prenuptial agreements address such payments with the assumption that the recipient will pay taxes. Fortunately, an attorney with experience can help couples who plan to seek a divorce determine how the changes will impact their decisions.

Source: New York Post, “Here’s how the tax plan could change divorce in a big way“, Dec. 22, 2017

January 4, 2018/by admin
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Divorce

Still searching for the root causes of divorce

On behalf of Justin Raber Attorney at Law posted in Divorce on Wednesday, December 6, 2017.

As long as relationships are made up of people, there will likely be no way to truly predict the causes of marriage breakups. Nevertheless, scientists, sociologists and other researchers seem to enjoy coming up with commonalities among couples who divorce in an effort to understand how to improve relationships and predict their ends. Psychologists and counselors on the front lines of relationship battles hear many of the same complaints from couples seeking their counsel.

According to the data, marriages in trouble may be made up of extremes. For example, a West Virginia couple who never fights may be holding on to deep resentments or may have stopped trying to make the marriage work. They may have given up trying to communicate with each other because they no longer relate on an intimate level. On the other hand, if, when a couple fights, the battle is personal and the argument is meant to wound each other, this may be a sign that the marriage is over.

A spouse may have very high expectations about what marriage is supposed to be, and this may set the scene for disappointment. On the opposite side of the spectrum, a spouse may have such a low opinion of marriage that he or she is unwilling to completely commit to the relationship. In many cases, it is little things, such as neglecting basic acts of respect and kindness, that slowly wear away the strength of a marriage.

Therapy and determination can sometimes bring a couple back from the brink, especially if the decline occurred from overwhelming life events or simply taking each other for granted. However, when a West Virginia marriage has reached its end, a spouse may have many questions about how to protect his or her rights as the divorce proceeds. Seeking advice from an attorney may provide one with a strong advantage.

Source: bustle.com, “13 Habits People Who Get Divorced Often Have In Common“, Carolyn Steber, Nov. 30, 2017

December 6, 2017/by admin
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Divorce

Communication before divorce may ease transition

On behalf of Justin Raber Attorney at Law posted in Divorce on Monday, October 30, 2017.

Couples considering marriage may have long conversations during which they share their hopes and fears about the future. Psychologists and other marriage experts suggest the same thing should happen when a West Virginia couple decides to divorce. Since divorce can bring many life-long challenges, it is wise to enter the process fully prepared, both emotionally and practically.

It is assumed that a couple has done everything possible to save the marriage, but counselors say spouses may not ask the right questions to get to the heart of the matter. Often, a gap in communication leads to years of frustration and resentment if one spouse does not clearly articulate his or her needs and the other does not fully listen. This may lead to misunderstandings, including those about the role each spouse is supposed to play in the family. Therapists recommend couples examine every action both spouses may be able to take to save the marriage.

Additionally, life after divorce involves significant change. A spouse who relied on a partner to do the laundry, pay the bills or mow the grass may now find him or herself responsible for everything. A person’s financial life also significantly changes post-divorce, and many are not ready for that. Changes for the children are frequently a high priority for coupes considering a divorce, and couples would be wise to discuss ways to minimize the negative effect the divorce will have on the kids.

These are only a few of the conversation topics a couple may broach before beginning divorce proceedings. West Virginia couples may find these honest conversations allow them to resolve some of their issues. However, chances are that communication problems are one major factor in the breakdown of the marriage. If this is the case, the assistance of a family law attorney will be invaluable for protecting a divorcing spouse’s best interests.

Source: The New York Times, “11 Questions to Ask Before Getting a Divorce“, Eric V. Copage, Accessed on Oct. 28, 2017

October 30, 2017/by admin
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Divorce

Watch for questionable financial actvity in a divorce

On behalf of Justin Raber Attorney at Law posted in Divorce on Friday, October 6, 2017.

Ending a marriage in West Virginia or anywhere around the nation can be a time of uncertainty. Difficult questions are being asked, particularly where finances are concerned. Unfortunately, some people going through a divorce may not be totally forthcoming in the answers given. Financial advisors recommend that those going through a divorce pay close attention to detail where money is involved.

A fraud examiner recently participated in a panel discussion at a conference for financial planners. The speaker shared her observations that many clients tried to hide things through the years. She stressed the importance of disclosing everything and being completely transparent in the discovery process of a divorce.

Discrepancies in someone’s reporting could be indicative of secret behavior in a marriage. A financial trail could reveal a person’s marital infidelity, overspending, gambling or drug problems. Uncovering something of this nature can create more tension in an already stressful situation.

To fully understand a couple’s finances, the experts suggest to look at every statement. It would be wise to go beyond checking and savings account statements, and scrutinize credit card statements and insurance policies. A financial expert, such as a certified public accountant or tax professional, would know how to recognize any illicit behavior.

Anyone going through a divorce should seek the advice of a West Virginia divorce attorney, whether or not someone suspects an ex-spouse of questionable financial behavior. An experienced lawyer will protect a client’s interests and help bring understanding to a complex process. A knowledgeable attorney will work to ensure that a client’s current and future financial situation remains secure in the divorce proceedings.

Source: financial-planning.com, “Divorce: The ‘dark side’ of financial planning“, Maddy Perkins, Oct. 3, 2017

October 6, 2017/by admin
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Divorce

West Virginia best interest of the child standard: FAQs

On behalf of Justin Raber Attorney at Law posted in Divorce on Thursday, October 6, 2016.

Parents going through or considering a divorce have likely heard of the best interest of the child standard. This standard is a legal term which refers to the factors a court takes into consideration when making child custody determinations.

What types of factors are taken into consideration? The list of factors can vary by state, since family law is an area of law governed by state law. As a result, it is helpful for parents to have a basic understanding of the factors in their state.

In West Virginia, the court attempts to preserve the child’s best interests by considering the following:

  • Existing parent-child relationship
  • Ability of each parent to provide a safe environment, both from physical and emotional harm
  • A desire to develop an agreement that results in meaningful contact with both parents

The court will also take any parental plan or agreement about child custody that is put together by the parents into consideration.

Does the court approve parenting plans put together by the parents? The court often requests parents put together a parenting plan. These agreements are often approved by the court. Some exceptions include if the agreement is found by the court to be made involuntarily by one of the parents or if it would be harmful to the child.

Do I need a lawyer? Navigating through these issues can be complicated. Issues that can cause frustration include putting together required paperwork and making sure that all the potential future ramifications of a decision are taken into consideration before signing the final divorce agreement.

As a result, it is often wise to seek the counsel of an experienced family law attorney. This legal professional will guide you through the process, advocating for your rights and working to better ensure a more favorable outcome.

October 6, 2017/by admin
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Divorce

Divorce issues: more prenups including lifestyle specifications

On behalf of Justin Raber Attorney at Law posted in Divorce on Friday, September 22, 2017.

Prenuptial agreements are typically developed to address the division of assets should a West Virginia marriage or others around the nation end. However, there are some couples that are beginning to include other issues in their pre-nups. Divorce attorneys report that there has been an increase in the number of lifestyle stipulations included in prenuptial agreements.

Lifestyle stipulations may include provisions that regulate someone’s behavior. For example, one prenup assessed a fine for every use of a certain expletive. Another provision eliminated alimony for someone if there was a weight gain of a specified amount. These types of requirements may be more prevalent in celebrity divorces or those of wealthy couples.

One such situation involves Tom Cruise and his ex-wife, Katie Holmes. Apparently, Cruise stipulated that Holmes could not publicly date another man in their divorce settlement. While Holmes has allegedly dated Jamie Foxx for five years, they were unable to be seen together until now because of the stipulation in the divorce.

However, not all lifestyle provisions involve celebrities. Some requirements might state that a couple’s children be raised in a certain country or in a specific religion. Other clauses have dealt with cheating, time spent online, sports viewing and even visits with in-laws.

While a couple may not want to use a prenuptial agreement to specify behaviors, they may wish to develop one before their marriage. If a couple is already married, a post-nuptial agreement can be established that addresses the same issues as a prenup. A West Virginia divorce lawyer can help clients assess their situation and provide the assistance that specifically meets their needs.

Source: marketwatch.com, “Prenuptial agreements contain more bizarre ‘lifestyle’ clauses“, Kari Paul, Sept. 9, 2017

September 22, 2017/by admin
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Divorce

Life insurance premiums and alimony in divorce

On behalf of Justin Raber Attorney at Law posted in Divorce on Thursday, August 31, 2017.

When a West Virginia marriage ends, one spouse may be required to pay alimony or life insurance premiums for the other spouse. These types of financial arrangements are made as a divorce is finalized. While the monetary expectations are detailed in the divorce proceedings, some questions regarding finances are likely to arise. One specific issue that should be addressed involves whether life insurance premiums can be counted toward the total amount of alimony payments.

Financial experts state that, if alimony payments are part of someone’s divorce settlement, he or she is responsible for those payments. Though a person may be required to pay the life insurance premiums for an ex-spouse, the payments cannot be deducted from alimony. Likewise, if an ex-spouse was designated in the divorce decree as the beneficiary of a life insurance policy, the person is required to maintain the policy.

On the other hand, the spouse receiving the benefit would likely be responsible for paying taxes on the policy. Many divorce agreements establish such policies to provide funding in the event the spouse who is paying for the benefit dies. The installment payments for the policy would be considered taxable income to the spouse receiving the benefit.

Financial issues can be complicated in a West Virginia divorce. No one wants to be surprised by an unforeseen tax burden or unexpected expenses. It would be wise to contact a knowledgeable divorce attorney for assistance throughout the entire process. An experienced lawyer will work on behalf of their clients to achieve the best possible outcome in each of their cases.

Source: marketwatch.com, “Can I deduct the life-insurance premiums that I pay as alimony?“, Quentin Fottrell, Aug. 24, 2017

August 31, 2017/by admin
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