asset distribution

When It Comes to Splitting Assets in A Divorce, More Is Not Necessarily Better

July 1, 2023 | Kearns Rotolo Law

Divorce is a highly emotional process, and it is safe to say couples sometimes let these emotions guide their decision making. There are certain aspects of divorce, however, that are better handled with a clear head, namely decisions affecting your children and your future finances.

One of the most contentious steps in a divorce is deciding on the distribution of assets. When you are making demands based on anger and hurt, it is nearly impossible to reach a fair and equitable agreement. But for your own long-term well-being, and possibly that of your children, now is the time to consider the implications that taking or giving up certain assets may have on your financial future. For an understanding of the different types of assets you may have, as well as their costs and associated taxes, read “What you need to know about splitting assets in a divorce.”

Amending A Divorce Settlement Can Be Difficult

June 1, 2021 | Kearns Rotolo Law

When negotiating your divorce settlement, it is important to carefully review every detail. Once a settlement agreement is reviewed and signed by both parties, the divorce is considered finalized. What happens then if it is discovered that something has been left out of the agreement? What recourse, if any, do you have?

The answer depends, in part, on whether the oversight is discovered by both spouses who then agree on the distribution of the assets involved, or if only one spouse realizes that an oversight has been made and seeks to amend it. To learn more, read “Steps to Take When an Issue in a Divorce Settlement Is Overlooked.”

Separation and the COVID-19 Stimulus Payments – Who’s Entitled to the Funds?

September 1, 2020 | Kearns Rotolo Law

The stimulus payments many people received to help ease some of the financial hardships incurred as a result of restrictions stemming from the COVID-19 virus were based on information the government obtained from recently filed income tax returns, specifically information relating to adjusted gross income and filing status. As a result, married couples filing jointly received joint stimulus checks, if eligible.

What happens for married couples who divorce or separate between the time they filed their latest joint tax return and the time they received their stimulus payment? Does marital status change who is entitled to the money? For answers read, “We’re getting divorced. Can I keep my husband’s stimulus check?”

Focus On Your Finances Before Divorce

June 1, 2019 | Kearns Rotolo Law

It isn’t unusual in a marriage for one spouse to assume responsibilities for managing the family finances and investments. Hopefully, that spouse has a good handle on the family’s overall financial health; the non-managing spouse, on the other hand, too often is unaware of details that could serve him or her well when catastrophic events like death or incapacity and even divorce disrupt a marriage. While the death or injury of a spouse can come without notice, divorce is usually preceded by signs. When you first notice those signs, it’s time to assess your financial situation so you can make decisions that will lead to your financial security now and in the future.

In her article, “3 Documents Women Investors Need Before a Divorce,” author Leslie Thompson discusses specific documents that can help you accomplish this. Although geared toward women, this advice is beneficial for anyone who’s headed for divorce without a clear understanding of their assets and liabilities.