Posted on May 22, 2008 by Peggy Roston

QDROs: Hidden Costs

For many couples, an employer-sponsored 401(k) plan account, can be the most valuable asset in a marital estate.  Federal law allows a state court to enter an order dividing the marital share of a 401(k) account and other types of retirement benefits  between the spouses.  The order is known as a  Qualified Domestic Relations Order, which is abbreviated as "QDRO."  Most plans have a sample QDRO, which they give to the attorney or pension consultant who is going to be writing the order.  You and your attorney should be aware that some plans are now actually charging a fee for processing a QDRO, even if it was prepared using the plan's own sample order.   According to a May 21, 2008 post in the Divorce Law Journal, a plan can pass on the cost of processing a QDRO to the employee or spouse if it is allowed under provisions of the plan.    It is important to know whether a plan charges a processing fee.  It is always better to cover details such as allocating processing fees before the divorce is final so that once the decree is entered there is nothing left to do.

 

 

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Posted on May 14, 2008 by Peggy Roston

Divorce: A Short History

Most of the posts on this blog will offer practical information and tips about the divorce process in Alaska.  They will also contain basic information about the law, which guides lawyers in advising their clients about property, support, and custody issues.  However, for those readers who are interested in learning a little about the history of divorce, I suggest reading the LegalExpert's article published at AnswerBag.com. This article speeds through the history of divorce from the Roman empire through the modern no-fault approach to divorce.  The no-fault approach has been adopted in Alaska.  It allows a spouse to obtain a divorce by filing a divorce complaint, which alleges an incompatibility of temperament.  It eliminates the requirement that a spouse prove fault-based grounds for divorce such as mental cruelty or abandonment. I happened to find this article while searching for definitions of divorce-related legal terms to add to the written information I give to new clients.

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Posted on May 6, 2008 by Peggy Roston

Tips For The First Meeting With Your New Attorney

In the last post, I made some suggestions about questions to ask an attorney at your initial consultation help you to decide whether to hire that attorney or whether you should look further. Once you have decided who you want to represent you, there are steps you can take to make the most out of the first meeting with the attorney you have selected. Some attorneys will send you a list of information to bring to the meeting. If not, then here are some tips.

  • Take advantage of the information on the Family-Law Self-Help Center website. In particular, read the information about the divorce process so you have a “roadmap” of what to expect. You may want to print out the glossary from the Center’s website because as your case progresses your attorney will be using legal terms, with which you may not be familiar.
  • Make a written list of your financial assets and debts as you would if you were filling out a loan or financial application.
  • Make a written list of your month expenses and sources of income.
  • If you have two years of tax returns readily available, you should bring them with you.
  • Make a written list of any questions you may have for the attorney, including questions about your legal rights and your legal obligations.

Having this information readily available will save you money because the better prepared you are, the less time the attorney will have to spend trying to get this information from you.

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