MOST FREQUENTLY ASKED QUESTIONS ABOUT DIVORCE SETTLEMENTS
Keep in mind that no two cases are the same. You need to seek individual advice in order to determine how
the specifics for your case may impact your individual needs. These questions and answers are based on my
practice in Louisiana and do not replace the need for legal counsel.
Andy's brochure, Financial Myths of Divorce, contains more helpful information
Q. How do I know I am getting a fair settlement?
A. Louisiana is a community property state. This means that the community property settlement must be
equal. Andrew can assist you in understanding the financial and tax impact of various settlement proposals
covering not only asset distribution and debt assignment, but spousal and child support. A financial expert may
be necessary to assist you in obtaining the most optimal settlement.
Q. Do I need to have an attorney?
A. Although couples have the right to file pro se or in proper person, meaning without legal representation,
I recommend that you always work with an attorney. I am not an attorney and cannot offer legal advice and
recommend that you always review my recommendations with legal counsel,
Q. Will I be able to receive alimony?
A. In Louisiana it is referred to as ‘spousal support’. Although, no two cases are the same, the tests for
maintenance include consideration of the following: 1) Need - Can you support yourself with earned income
plus investment income? 2) Ability to pay - Does the payer of alimony have sufficient funds to pay? 3)
Length of marriage - A long-term marriage (10 years or more) is typically a stronger case for the lower-earning
spouse. 4) Health of both parties 5) Reasonable needs. Only an attorney can advise you how the specifics of
your case may impact your ability to receive spousal support. If you and your spouse cannot agree on what is
reasonable spousal support then a judge will make that decision,
Q. How do I know which assets are the best ones to keep?
A. Not all assets are created equal and some assets may have more of a beneficial effect on your financial
future. Assets such as businesses and retirement accounts continue to grow. Other assets may require money
for their upkeep, such as a home and automobiles, and those costs must be considered in the overall settlement.
Certified Divorce Financial Analysts are experienced in assessing these situations.
Q. Will I lose my pension?
A. Pensions and retirement plans are marital assets if earned during the marriage. However, it is possible to
keep your pension and have it offset with other assets.
Q. Should the custodial parent keep the house?
A. This is a great question, and it's one of the most important overlooked questions. While the answer is
sometimes yes, there also may be times when the answer is no. It's important to pinpoint exactly what it will
cost to maintain the home, factoring in taxes and inflation and expense of upkeep. An analysis must be
performed to determine if there is enough money to stay comfortable in the home and pay all the bills without
being overextended. Once that has been determined, the advisability of retaining the home must be compared
to that of giving up other assets (such as liquid accounts, retirement plans, etc.). Finally, all decisions need to be
weighed against current economic and stock market conditions. Certified Divorce Financial Analysts are
trained to help people answer this question before they commit to a settlement that cannot be changed.
Keep in mind that no two cases are the same. You need to seek individual advice in order to determine how
the specifics for your case may impact your individual needs. These questions and answers are based on my
practice in Louisiana and do not replace the need for legal counsel.
Andy's brochure, Financial Myths of Divorce, contains more helpful information
Q. How do I know I am getting a fair settlement?
A. Louisiana is a community property state. This means that the community property settlement must be
equal. Andrew can assist you in understanding the financial and tax impact of various settlement proposals
covering not only asset distribution and debt assignment, but spousal and child support. A financial expert may
be necessary to assist you in obtaining the most optimal settlement.
Q. Do I need to have an attorney?
A. Although couples have the right to file pro se or in proper person, meaning without legal representation,
I recommend that you always work with an attorney. I am not an attorney and cannot offer legal advice and
recommend that you always review my recommendations with legal counsel,
Q. Will I be able to receive alimony?
A. In Louisiana it is referred to as ‘spousal support’. Although, no two cases are the same, the tests for
maintenance include consideration of the following: 1) Need - Can you support yourself with earned income
plus investment income? 2) Ability to pay - Does the payer of alimony have sufficient funds to pay? 3)
Length of marriage - A long-term marriage (10 years or more) is typically a stronger case for the lower-earning
spouse. 4) Health of both parties 5) Reasonable needs. Only an attorney can advise you how the specifics of
your case may impact your ability to receive spousal support. If you and your spouse cannot agree on what is
reasonable spousal support then a judge will make that decision,
Q. How do I know which assets are the best ones to keep?
A. Not all assets are created equal and some assets may have more of a beneficial effect on your financial
future. Assets such as businesses and retirement accounts continue to grow. Other assets may require money
for their upkeep, such as a home and automobiles, and those costs must be considered in the overall settlement.
Certified Divorce Financial Analysts are experienced in assessing these situations.
Q. Will I lose my pension?
A. Pensions and retirement plans are marital assets if earned during the marriage. However, it is possible to
keep your pension and have it offset with other assets.
Q. Should the custodial parent keep the house?
A. This is a great question, and it's one of the most important overlooked questions. While the answer is
sometimes yes, there also may be times when the answer is no. It's important to pinpoint exactly what it will
cost to maintain the home, factoring in taxes and inflation and expense of upkeep. An analysis must be
performed to determine if there is enough money to stay comfortable in the home and pay all the bills without
being overextended. Once that has been determined, the advisability of retaining the home must be compared
to that of giving up other assets (such as liquid accounts, retirement plans, etc.). Finally, all decisions need to be
weighed against current economic and stock market conditions. Certified Divorce Financial Analysts are
trained to help people answer this question before they commit to a settlement that cannot be changed.
| Andrew K. Hoffman, CDFA |
