Fogt Law Office Can Help You
A divorce not only impacts you emotionally, but it also impacts you financially. The division of assets and debts between you and your former spouse. Said division directly impacts your current financial security, but your future as well. You need enough money to provide for the children, pay the mortgage, pay the bills, and to save for retirement. You can depend on Attorney Christopher M. Fogt's experience and knowledge to ensure you receive a favorable outcome.
What are Marital Assets?
Most assets accrued during the marriage are marital assets. This includes retirement accounts such as IRA's, Roth IRA's, 401(k)'s, bank accounts whether individual or joint, home equity, and more.
What are Not Marital Assets?
A home that was bought prior to the marriage and still only has that spouse's name on the deed is not a marital asset. However, the equity in the home would be a marital asset.
Another example that is not a marital asset is your retirement account(s) value prior to marriage. Finally, another example is an inheritance received during the marriage.
What are Marital Debts?
Much of any debt incurred during the marriage is marital debt. It does not matter whether one spouse paid for all the furniture, etc.
What are Not Marital Debts?
Individual student loans are not marital debts. Gambling debt is also typically not marital debt.
How are Assets and Debts Divided?
Assets and debts are to be divided equitably. Of course, equitably does not mean equally (50/50). Depending on the differences of the spouses' incomes, their present and future financial situation, the spouses and/or the court may determine that the equitable split may be 60/40 for example. There are also several different ways for spouses to come to an agreement on how assets and debts are divided. For example, husband may take on additional debt and pay more spousal support to avoid having to divide his retirement. This ensures that wife receives her equitable share (perhaps more) of husband's retirement, just in a different manner, and allows husband to keep his earning power in his retirement plan.
Retirement accounts are not always divided 50/50 though. A Qualified Domestic Relation Order (QDRO) is submitted to the court for approval. The assets are distributed per the retirement plan by the spouse's employer. It is important to use a dedicated company to ensure that the QDRO is done correctly and therefore equitably between the spouses. Some attorneys attempt to conduct a QDRO themselves, but it typically is not done correctly and adds cost and time to a divorce. Fogt Law uses a dedicated company to prepare QDROs and has been happy with their work and more importantly, so have his clients.
Attorney Fogt listens to his clients so that he understands their goals and priorities. All clients are unique. He communicates well with his clients, opposing counsel, and the court. Attorney Fogt also provides straight-forward advice.
