Assets and liabilities can each have different tax consequences and if not properly accounted for, a settlement that might look fair on paper may turn out to be favorable to only one party and not the other. This can happen if one party trades a checking account for a 401k, confusing pre-tax with post-tax dollars, or when there are stocks involved and neither party is aware of the cost basis of a given portfolio.
It also possible, as part of settlement agreements to contractually limit the amount and duration of spousal maintenance, and limit or prevent altogether any future modification of maintenance, though what is known as a "Karon waiver". Benefits of such waivers involve certainty to both parties as to amount and duration of maintenance. Risks also are possible, if a party contracts to a set term and amount of maintenance, and either through illness or job loss, either cannot meet their obligation or may need an extension of their award, as most waivers require the court to give up jurisdiction to make such a change. Importantly, Karon waivers may only be agreed upon by both parties. If there is no such agreement, a court may never order such limitations and waivers of rights to future "modification" of the amount or duration of maintenance.
I prepare QDRO’s and DRO’s. A QDRO (“Qualified Domestic Relations Order”) is a legal order, entered as part of a divorce or legal separation, that is required in order to split ownership of a retirement plan to give the divorced spouse his or her share of the asset or pension plan. A DRO (“Domestic Relations Order”) is the usual name for this document if a government pension is being split.
Court cutbacks mean that judges have less time to handle every case; many times, people find themselves stalled for months at a time waiting for a court date or for something to ‘happen’ on their case. Parties can spend tens of thousands of dollars on attorney fees and then one or two years later fire both attorneys and come up with their own agreement. Mediation lets people move forward at their own pace.
A sister company of Divorce Source with over 750,000 forms processed since 1997. Have your completed documents within 1 hour (with or without children) Instantly print your documents (free delivery by US Priority Mail is also available). Instantly make changes (gives you full control, the way it should be!) All required divorce documents ready for signing.
Resolutions emerge from the mediation that are created and accepted by BOTH parties. The resolution will reflect each party's individual values and unique needs. Our experience has shown that settlements created with full participation of the parties, in face-to-face negotiations, are more likely to satisfy the needs of all parties and be honored in the future because they have crafted it themselves.
The number of times you go to court and see a Judge or Referee depends on local court procedures and whether you and your spouse can agree on issues regarding your children, property and other matters. If you do NOT agree, the case usually takes longer to finish. It is a good idea to get legal advice before finalizing an agreement with your spouse.