How will the division of retirement plans in a San Diego divorce be accomplished? Why is the division of retirement accounts, pension plans, 401(k) accounts, IRAs, Roth IRAs, SEP-IRAs, family owned business and privately funded plans, state employee and teacher’s retirement systems so contentious in California? Retirement accounts are quite often the second largest asset(s) of a couple outside of…
Division
When is a Legal Separation a Good Option Prior to a Divorce in San Diego?
What is a “legal separation” and when is a legal separation a good option prior to a divorce in San Diego? A divorce completely severs all legal and financial ties between a married couple in California. A legal separation provides a process and structure to the separation of two parties from the marriage without ending the bonds of marriage themselves. …
Are Debts and Property Treated Equally in a Carlsbad CA Divorce?
Are debts and property treated equally in a Carlsbad CA divorce? How will your personal property, vehicles, real property, investments, retirement accounts and pets be divided during the division of community property? The first concept to understand is the difference between “community” property and “separate” property. Community property is generally defined as any asset or debt which is acquired by…
What is a QDRO?
What is a QDRO in context of a Carlsbad divorce? How are retirement plans and accounts managed in a San Diego divorce? A Qualified Domestic Relations Order (QDRO) is a legal order which tells the administrator of a retirement vehicle to divide the plan or account, as well as how to do so. Retirement plans such as a 401(k), pension,…
Each Party Has Legal Obligations in a Carlsbad Divorce
Each party has legal obligations in a Carlsbad divorce and it is important to understand these “duties” to one another. Prior to and during the divorce both spouses share a “fiduciary” duty to one another. The legal term “fiduciary” means having the power, authority and obligation to act in another’s best interests requiring honesty and good faith. Therefore, spouses are…