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 A divorce is one of the few times that funds can be withdrawn from such accounts without penalty.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

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

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

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

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