Wedding day is one of the most auspicious days in everyone’s life.
As soon as people stare understanding the meaning of the wedding they start planning how to get married. They want everything perfect at their wedding. No one ever thins that he or she will get divorce when they get married. But it is a fact that yes couples do get divorced. Divorce process is no doubt a heart breaking one where people need to be emotionally stable to make the right decision at right time.
In other words it is very sad to mention that half of the marriages end in divorce. As there are very few people with pre nuptial agreements thus most of the divorces tangle over assets, money as well as children. Thus when there are things about tax and financial implications of divorce one must not rely on the divorce attorney alone. Whenever we talk about 401k divorce people make the underlined common mistakes.
• Never allow emotions to guide you during 401k divorce settlement. It is because divorce is about a number of things. You will be hating your soon to b ex spouse but you can never trust that he or she will do right by you or our kids. Thus you need to plan the 401k divorce settlement with reasoning and to be prepared for the unexpected. There may be a case where they must say that they will pay large alimony and small amount as child support to save you from the tax. In fact it will save them from tax. In short financial planning is pretty much crucial and you must understand this fact.
• Whenever it comes to 401k divorce settlement hence one must hire highly experienced and professional family law attorney. No doubt it will cost you a little more but it will be better for you in long run for the divorce settlement. Hiring services of certified public accountant and certified financial planner or an enrolled agent will serve you the bets.
It is because you need to know truth about everything. There may be a case where your spouse would say our business is in loss, we are losing asset but this may not be a fact.
Thus you need to be aware of the facts.
• Never consider getting a house in 401k divorce settlement. Women usually think that they have to raise the kids and thus it is good idea to have the house but it is not at all. It is due to the fact that mortgage is attached with the house and in long run it will be difficult for women to handle the situation.
• Always avoid if the spouse says he will pay large alimony and lesser child support amount.
• Failure to secure a QDRO i.e. qualified domestic relations order is another event in 401k divorce settlement that people usually overlook. If you do not follow the proper procedures thus you will have to pay huge taxes.
Log into the website www.qdronow.com; for further details about 401k divorce or QDRO divorce settlement.