Legendary criminal defense lawyer F. Lee Bailey died yesterday.
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Topics: Alimony, Divorce Court
It has been my experience that divorcing people who are considering divorce mediation often don't understand that they will still need to hire their own personal divorce attorney.
Navigating through a divorce in New Jersey involves sorting out who gets what, especially when it comes to retirement savings like pensions, IRAs, 401(k)s, and other types of retirement plans.
Let's dive into pensions first.
Pensions are like big pots of money saved up during a marriage, often seen as rewards for years of work.
Figuring out how to divide them fairly can get pretty complicated.
Here's the scoop: during a marriage, the money put into a pension is usually considered joint property, but things can get tricky if money was put in before the marriage or after the separation.
In New Jersey, when it comes to splitting up stuff like pensions, the goal is to be fair, not necessarily equal.
Courts look at things like how long you were married, each person's financial situation, and what each person contributed to the marriage.
This is part of the state's principle of equitable distribution.
But it's not just pensions that need to be divided.
There are also other retirement savings like IRAs and 401(k)s.
Each type of account has its own rules, like taxes and when you can take out the money.
IRAs, for example, offer flexibility in terms of investment options and distribution schedules but require careful consideration of tax consequences and early withdrawal penalties.
On the other hand, 401(k)s, which are typically employer-sponsored retirement accounts, may involve employer contributions, matching programs, and vesting schedules, complicating the valuation and division process.
So, how do you figure out how much all these retirement savings are worth and how to split them?
Well, you might need experts like financial advisors and accountants and actuaries.
They use special methods to predict how much money the pension will give in the future and what it's worth now.
For instance, valuing pension plans often necessitates the expertise of financial professionals, including actuaries and forensic accountants, who employ specialized methodologies to assess present and future benefits.
And it's not just about the numbers.
There are different ways to split up retirement savings, like trading off other assets, getting a lump sum, or making a plan for payments over time.
The goal is to make sure both people end up with a fair share while avoiding extra taxes and keeping things stable financially.
One important thing to know is about something called a Qualified Domestic Relations Order (QDRO).
This is a legal document that lays out how retirement savings should be split, making sure everyone follows the rules.
Getting through the process of dividing retirement savings can be tough, but working with professionals like financial advisors and lawyers can make it easier.
By being open, talking things out, and following the rules, both sides can move forward with their financial futures in place, ready for what comes next.
THERE'S A LOT MORE FREE HELP WHERE THIS ARTICLE CAME FROM
One of the more heartbreaking situations that occurs with families in crisis is that grandchildren and grandparents can have their relationships damaged.
Topics: Visitation
In divorce mediation, usually three attorneys are hired: one for you, one for your spouse, and a third attorney to serve as the divorce mediator.
Instead of beating each other up through the court system, the clients meet with the mediator with the protection of their individual attorneys and work out their differences.
After the divorce, they often seek mediation if other issues should develop that they can’t resolve on their own as opposed to going back to court for more “matrimonial warfare.”
Mediation can be the best way to work out a divorce.
I have found that mediation results in divorces in which the parents are much more effective in co-parenting their children after the divorce.
Divorce mediation stands in stark contrast to the more traditional types of divorce action.
In the traditional divorce action, each spouse normally retains his or her own attorney.
The job of the attorney for each spouse is to negotiate the best deal on all issues for his or her client that is possible. The traditional system analogizes to having two gladiators fighting vigorously to the best of their abilities for their respective clients.
Somewhere along the line, our judicial system came up with the idea that the clash of these legal titans is the best way for the truth to emerge and for the fairest settlement to develop.
However, the truth is that experience has taught those of us in the system differently.
Most serious practitioners of matrimonial law now recognize the limitations that the traditional judicial system has to offer divorcing spouses.
These limitations include the fact that judges have overburdened calendars, thus often resulting in lengthy delays; the fact that some judges are more well-versed in family law issues when they first become judges than others are, and thus some judges make decisions that are or seem fairer than other judges; and a whole host of other factors.
In terms of my mediation background, I completed general mediation training in 1982 through the Metropolitan Assistance Corporation, Victim Services Agency/Travelers’ Aid Services in Brooklyn, New York while I was attending law school and was awarded a “Mediator’s Certification Award” in 1982.
As such, I am one of the more experienced divorce mediators in Central NJ, having been mediating divorce cases for over 30 years (although I no longer serve as a mediator myself; instead I focus on representing divorce clients in mediation and litigation.)
Mediation is certainly not for all couples. Cases involving high conflict, spousal abuse, or child abuse may not be appropriate for mediation. Those cases I litigate in Court.
However, it has been my experience that more and more couples are looking for an amicable divorce. More clients are calling my office and saying, “I want to be fair with my spouse and my spouse wants to be fair with me.”
It is these people that divorce mediation holds the most promise for.
I am involved with a significant number of mediated divorces, and I would be happy to discuss divorce mediation with you.
WOULD YOU LIKE A FREE DIVORCE EDUCATION?
I've been a divorce specialist in Colts Neck, New Jersey (by Delicious Orchards) for 36 years.
I've been involved in over 5000 divorce cases, and I've successfully represented hundreds of people against narcissistic spouses.
I "get it" and I'm here to help.
I've written dozens of brief articles, just like this one, on New Jersey specific divorce-related topics.
I'll teach you how to protect yourself.
You'll learn how to make a fair deal.
My free NJ DIVORCE EDGE 2024 (click here) course will teach you how to turn your situation around to your advantage. I invite you to check it out.
Until next time,
Steve
Steven J. Kaplan, Esq.
Specializing In Divorce
Throughout New Jersey5 Professional Circle
Colts Neck, NJ. 07722
www.KaplanDivorce.com
(732) 845-9010Some of the most common questions that I receive as a New Jersey Divorce Attorney are related to alimony.
Topics: Alimony, Divorce Court
Let me share a story with you about a recent client's not-so-unusual case.
A four-way conference is precisely what it sounds like: four people sitting around the table trying to work everything out.
Earlier we discussed the fact that someone in a divorce case can seek help from a Judge by filing a custom-made set of papers called "a motion."
But how can somebody who is already divorced get help from a Judge?