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complex divorce & property division Archives

Art collections in divorce

It isn't unusual for couples in California to have some conflict over asset division during a divorce. In some cases, dividing personal property can be an area of significant strife, sometimes even more so than splitting up financial accounts. This may be due to one or both spouses having an emotional attachment to a particular item.

Avoid early IRA withdrawal fees in divorce

Retirement savings accounts have strict penalties built into them to prevent early withdrawals. Withdrawing money early could result in a lower standard of living during a person's retirement years. Since retirement accounts such as 401(k), IRA and pension plans may be considered community property in California, it's important for them to be divided properly in order to avoid such fees and tax penalties.

Property division and retirement accounts

California couples who are getting a divorce should be aware of potential tax liabilities in dividing retirement accounts. A qualified retirement plan, including a 401(k), a simplified employee pension plan or a profit-sharing plan, must be divided with a qualified domestic relations order. This is filed with the court and gives the other spouse the right to receive distributions from the account. It also makes the receiving spouse responsible for any income tax on payouts and allows the spouse to roll the payments into an IRA.

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