Keith B. Schulefand, Esq.
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high asset divorce Archives

5 Steps that can make divorce less fiscally painful

The circumstances for a divorce generally involve feelings of anger, sadness and frustration. These are valid feelings, but it is also important to remember that there are a number of strategies that can enable people to look out for their financial welfare.

Mistakes can be costly when dividing an IRA

Couples will often split up an IRA as part of a divorce agreement. While getting divorced can be challenging or downright unpleasant, additional financial mistakes can make the process even more painful. A Michigan couple recently found this out when it lost a case against the IRS where the husband transferred $140,000 from an IRA to a checking account and failed to pay income taxes on the money.

After a divorce, who keeps the ring?

Dividing property is usually a complicated process that involves a lot of back-and-forth negotiation. There is one piece of property that can be especially difficult to deal with: The ring. Wedding rings are more than just symbols of marriage. They are often expensive pieces of fine jewelry and a major asset for a couple.

Prepare your post-divorce finances with these tips

Divorce usually takes a huge toll on finances. First, it is a notoriously expensive process. Second, you must figure out how to disentangle your finances from your spouse’s. When the process is over, your personal finances may look totally different than they used to.

Will I have to divide my inheritance in a divorce?

When you are dividing assets in a divorce, you will have to consider your bank accounts, your home and many of your possessions. But what about your inheritance? If you received an inheritance from a late family member, will you have to divide it with your former spouse?

How the new tax law could affect alimony payments

Given the choice, most people prefer not to think about taxes until the April deadline rolls around. The year 2017 was a bit different, though. Last year's massive, nation-wide tax overhaul will affect millions of Americans’ taxes—and will likely have other important implications, as well.

My spouse has been dissipating assets. What can I do about it?

When you and your spouse began the divorce process, you had a reasonable estimate of your marital assets’ value. But now the time has come to divide your property, and you are stunned to find that your spouse has been deliberately wasting assets so that you will receive less than your fair share. This is a spiteful move called dissipation of assets that, unfortunately, some spouses will resort to in a divorce.

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