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. Andrew is experienced in
assessing these situations.
Q. Can I keep my pension?
A. Pensions and retirement plans are marital assets if earned during the marriage. However, it is possible to keep
your pension and offset it with other assets.
Q. Should the custodial parent keep the house?
A. 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 in the home and pay all the bills. 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.). Andrew is trained to help people answer this question before they commit to a settlement that
cannot be changed.
Q. What if I bring a house into the marriage that is in my name only, and I add my spouse's name to the
title?
A. You might have made a "presumptive gift" to the marriage and should consult with a family law attorney to
discuss your options.
Q. Is my IRA considered marital property if it's in my name only.
A. Everything acquired during the marriage, no matter whose name it's in, is typically considered marital property.
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. Andrew is experienced in
assessing these situations.
Q. Can I keep my pension?
A. Pensions and retirement plans are marital assets if earned during the marriage. However, it is possible to keep
your pension and offset it with other assets.
Q. Should the custodial parent keep the house?
A. 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 in the home and pay all the bills. 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.). Andrew is trained to help people answer this question before they commit to a settlement that
cannot be changed.
Q. What if I bring a house into the marriage that is in my name only, and I add my spouse's name to the
title?
A. You might have made a "presumptive gift" to the marriage and should consult with a family law attorney to
discuss your options.
Q. Is my IRA considered marital property if it's in my name only.
A. Everything acquired during the marriage, no matter whose name it's in, is typically considered marital property.
| Andrew K. Hoffman Certified Divorce Financial Analyst |
| Frequently Asked Questions |