When a married couple in Indiana decides to get a divorce, one thing they will have to work out is what to do about joint debt. Credit card companies are not subject to the provisions of the divorce decree. Therefore, creditors may pursue jointly held debt from one spouse if the other one does not pay even after the divorce.
Changes in tax law may affect Indiana couples seeking a divorce in the year to come, especially those with significant assets to divide. Almost everyone faces extra expenses during and after a divorce, but the tax consequences of the end of a marriage can last for years to come. For couples who have a significant difference in income or have been married for a long time, spousal support can be an important part of the divorce agreements. This is especially true when one spouse has given up their career aspirations to support the other spouse or raise the children of the family.
People in Indiana who are over the age of 50 and getting a divorce might be concerned about retirement. However, there is a number of other financial issues they should be aware of as well.
A divorce impacts both people involved in every possible way. In addition to going through emotional turmoil, both parties will also need to account for all marital assets and prepare for property division. This includes real property, works of art, savings accounts, retirement accounts and business interests.
It is not uncommon for people in Indiana and throughout the country to own Bitcoin and other digital coins. However, owning them can create problems when a couple chooses to get a divorce. This is because it can be hard to determine the value of a coin as markets can fluctuate wildly in a short period of time. It can also be difficult to determine where digital currency is being held or how much a person owns.
The division of assets that takes part in a divorce includes retirement accounts. People in Indiana who need to withdraw their share of retirement funds as part of a divorce settlement need a Qualified Domestic Relations Order approved by a judge for every 401(k) plan or other employer-sponsored savings plan or pension. This court order specifies how much money a person gets and makes it possible to shield the person from taxes and penalties as long as the money gets directly rolled into a new retirement plan.