It's sometimes necessary to take care of more than one thing at a time. Many people, though, might not be looking at their divorce as anything but a…well, divorce. Read on to learn about some simple moves you can make alongside or with the divorce process that can pay off in ways you might never have considered.
Form a Retirement Plan Using Marital Assets
Marital assets can include some surprising things. Many spouses about to divorce would be surprised to learn that their spouse's 401(k) retirement plan is marital property even if you never contributed to it. With divorce comes the ability to remove some of the money in certain retirement plans under a court order. The qualified domestic relations order (or QDRO) eliminates the penalty fees charged for most early withdrawals. If you want to take advantage of this divorce perk, speak to your divorce lawyer early in the divorce process. It can take time to get this withdrawal done and it should be initiated before the divorce is final. You can (and should) roll the funds into your own account or you could end up owing taxes on the withdrawal.
Get Support Issues Resolved
You don't have to wait until the divorce is final to be paid spousal support. Temporary support, if the need can be established, can be ordered during separation. Then, as the divorce agreement comes together, the support may be continued if a spouse needs it.
Along those same lines, child support can be ordered and, in most cases, the order will continue until the child reaches a certain age. That is because the status of a relationship is not considered for child support. Instead, it is when the two parties no longer live in the same home that things like child and spousal support can kick in.
Get Your Name Back
Many never took on their spouse's name with marriage and they have no need to make changes now. However, though it varies by the state, a spouse can take back their maiden name as part of the divorce without having to perform a separate court action. This makes it convenient and saves money. However, there are some caveats. You can only go back to your maiden name. You cannot choose a name other than that. Male spouses who have a hyphenated name may also return to the name they used prior to the marriage.
To find out more about the above divorce-adjacent issues, speak to a divorce lawyer in your area.
Share14 February 2023
Are you going through a divorce? Do you have kids? If so, do you know how to handle the many struggles you will face when it comes to your kids? Even if you and your spouse can get through the divorce while agreeing on the custody arrangements, there will be struggles that you may not have planned for. For example, who will handle the educational, medical or other decisions about the kids? Is it something that you will decide together, or will one parent make the decision and the other one agree? My site contains several tips that can help you plan for the struggles you will go through in the future and make the situation a little easier for your entire family.