Module Two: Divorce Financial Solutions & Marital Asset Assessments
After completing Module Two, you will know these divorce financial solutions:
Topic: Property
- How to identify marital and separate property.
- How to find hidden assets by reviewing tax returns.
- How to find hidden assets by reviewing other documents and transactions.
- How to determine the value of property.
- What a career asset is.
- How assets and debt will be divided in a community property state versus an equitable distribution state.
- What the options are for dividing a family business.
- The difference between an equitable distribution and an equal distribution.
Topic: Pensions
- What a defined contribution plan is and how they work.
- How to calculate the vested portion of a defined contribution plan.
- How to transfer assets from a defined contribution plan.
- The rules regarding dividing an IRA in a divorce.
- What a defined benefit plan is and how they work.
- Different methods for dividing and transferring a pension.
- How to calculate the present value of a pension, including the marital portion.
- What a QDRO is and how they work.
- The importance of protecting survivor benefits.
- Different vesting options and how they work.
- Common pitfalls of dividing a pension.
Topic: The Marital Home
- What the options are for the marital home.
- How to calculate the cost basis of the marital home.
- How to calculate the capital gain on the sale of the home.
- The rules regarding use and ownership period.
- How to determine the financial viability of keeping the residence.
- How to review case studies to determine if one spouse can keep the residence
Topic: Spousal Support
- The courts’ criteria for ordering spousal support.
- What rehabilitative maintenance is and how it works.
- Whether spousal support is modifiable.
- The tax issues for spousal support.
- Taxable vs. Non-taxable support.
- What front-loading of spousal support is and how to avoid it.
- Methods for guaranteeing spousal support.
Topic: Child Support
- About child support guidelines and their purpose.
- How the non-custodial parent can claim the tax exemption.
- What the child contingency rules are and how they work.
- Six Month Rule
- Multiple Reduction Rule
Topic: Social Security
- How to qualify for spouse’s Social Security Benefits.
- What a spouse’s rights are to Social Security Benefits.
- What happens when there are multiple spouses that qualify for benefits?
- Social Security planning tips and issues.
Topic: Insurance
- What happens to health insurance and COBRA protections for divorcing couples.
- How life insurance can be used.
Topic: Debt, Credit and Bankruptcy
- About the rules regarding different kinds of debt.
- Secured Debt
- Unsecured Debt
- Tax Debt
- The tax treatment and rules of Qualified Principal Residence Indebtedness.
- The rules regarding tax deductibility of divorce expenses.
- How credit and debt work in a divorce.
- General rules regarding the types of bankruptcy.