Divorce, like marriage, is a life-changing decision that requires careful consideration. Many people feel overwhelmed by the associated stress and flood of emotions. With so much pressure, it’s incredibly difficult to consider all of the potential ramifications of your decision. Here are three things you shouldn’t forget if you’re thinking about filing for divorce.
How Custody Affects Extended Family
A family is a network of complex relationships. Divorce affects more than just you and your partner, especially if there are children involved. In some cases, the connection to the biological family of one partner is severed from the spouse who married into the family. This can be a potentially traumatic experience for everyone involved, particularly with young children. Make every effort to consider extended family when planning custody arrangements and help preserve healthy relationships.
Interacting with Your Ex After Divorce
In some instances, former couples do not need to communicate after their divorce is final. However, you will likely have some form of contact with your ex if children, businesses, or even pets are involved. Pursuing an amicable divorce is the first step to keeping effective lines of communication open with your ex-spouse in the years to come.
Long Term Finances
When marriages end, a couple’s day-to-day finances are often affected immediately. Long term finances, such as savings accounts, investment accounts, and 401K accounts are often initially overlooked.
These are the four most common options for 401ks and IRAs during a divorce:
Option 1: Keep all of your 401k and your spouse takes other marital assets of comparable value.
Option 2: Split the 401k assets.
Option 3: Liquidate the portion of your account that is needed to satisfy the QDRO and your spouse receives a lump sum.
Option 4: Roll the portion of the 401k or IRA awarded to the ex-spouse into their own 401k or IRA.
At Andersen, Tate & Carr, our attorneys are dedicated to reaching the best possible outcome for our clients. Trinity Hundredmark heads our Domestic Relations Division. She is an experienced attorney with more than a decade of experience representing clients. For more information, or to request a case evaluation, contact our law office at 1-770-467-3205.