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In this situation, a divorced senior living in a $1.3-million home wants to leave all of their money for their daughter, while ensuring their undesirable son-in-law doesn’t get a cut of the cash ...
You’ll first use the money to pay off the mortgage. If your remaining balance is about $275,000, you’ll then have $125,000 to pay Realtor commissions – typically five or six percent of the ...
Image source: Getty Images. 1. Understand how the divorce will affect your current retirement assets. If you and your ex already have some retirement savings, you'll have to decide how to divide ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Under a community property regime, depending on the jurisdiction, property owned by one spouse before marriage, and gifts and inheritances received during marriage, are treated as that spouse's separate property in the event of divorce. All other property acquired during the marriage is treated as community property and is subject to division ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
You will not be able to file a joint return if your divorce goes through on or before Dec. 31. If your divorce wasn’t complete until the start of the new year, it’s still possible to file jointly.
Matrimonial regimes, or marital property systems, are systems of property ownership between spouses providing for the creation or absence of a marital estate and if created, what properties are included in that estate, how and by whom it is managed, and how it will be divided and inherited at the end of the marriage.