All property acquired during the marriage from earnings of either spouse, no matter whose name it is in or who earned the money with which the property was acquired, is subject to equitable division of property by the court. Equitable division is defined as what is fair and reasonable under the circumstances. Equitable division does not have to be equal division.
Property brought into the marriage by one of the marital partners is a non-marital asset and is not subject to equitable division.
Property received by either spouse through gift, inheritance, bequest or devise remains the separate property of that party and is not subject to equitable division unless the appreciation in the value was caused by efforts of either party during the marriage.
A spouse's business, bank accounts, IRAs, 401Ks, pensions, inventory, accounts receivable, automobiles, and real property may be subject to equitable division.
Contact Daniels & Taylor P.C. to schedule an appointment for a free initial office consultation with one of our Attorneys to discuss your property rights in a divorce. We will use our education and experience in law, business, and accounting to advise and assist you to seeking your fair share of property division.
Qualified Domestic Relations Orders (QDROs)
A QDRO can be used to divide or transfer funds from a pension plan or a Defined Benefit Retirement Plan (usually a 401K or a Profit-Sharing Plan) from one spouse to another incident to a divorce without tax consequences or penalties.
The drafting of a QDRO involves federal (ERISA) and state laws and many complex or technical rules and requirements.
The law firm of Daniels & Taylor, P.C. has been preparing QDROs for its clients and other attorneys for many years. Call today to make an appointment to have a QDRO prepared professionally and accurately.
