Author Archives: ANEW Divorce Planning

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About ANEW Divorce Planning

ANEW Divorce Planning is a Virginia, Maryland and DC Divorce Financial Planning Company.

EMAIL: dwayne@anewdivorceplanning.com

BIO: About ANEW Divorce Planning

PHONE: 703.289.5041

The Grey Divorce
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Authored by , re: Family & Divorce, on .

{3:24 minutes to read} How does the saying go? “Age is nothing but a number?” Well, that may very well be true, but getting a divorce past the age of sixty creates additional challenges. Let’s be clear, someone getting a divorce over the age of sixty deals with many of the same issues as a younger couple. Issues such as:

  • Property division;
  • Spousal support;
  • Division of investment assets; and in many cases,
  • Child support.
These are issues regardless of age. Unfortunately, for older people going through divorce (often referred to as a Grey Divorce), that is where the similarities end.

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Do We Like Working With People Going Through Divorce?
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Authored by , re: Family & Divorce, on .
Do We Like Working With People Going Through Divorce? | ANEW Divorce Planning

{3:36 minutes to read} The other day someone asked us if we liked working in the area of divorce. Actually, the question went something like this: “Do you like working with people going through divorce?” Followed by the statement, “I wouldn’t be able to always be around that misery.” Hmmm. It got us thinking about the emotions and the human element that surround the dissolution of a marriage. A family law judge once said to us, “The difference between criminal court and divorce court is in criminal court you have bad people on their best behavior; in divorce court you have good people displaying their very worst behavior.

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7 Requirements For Spousal Support
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Authored by , re: Family & Divorce, on .
7 Requirements For Spousal Support | ANEW Divorce Planning

{4:06 minutes to read} You and your spouse have finally agreed on spousal support. The amount, while not what you initially wanted, allows you to try and move on with your life. Everything is good, right? Maybe. Let’s make sure. To be considered spousal support, the payments must meet all of the following requirements: 1. All payments must be made in cash, by check or money order. A transfer of property or performing a service does not qualify as spousal support. However, if under the terms of a separation agreement one spouse must pay the mortgage, real estate taxes, and insurance premiums on a house owned solely by the ex-spouse, then the paying spouse can deduct these payments as spousal support.

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What’s Fair Is Fair…Right?
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Authored by , re: Family & Divorce, on .
What’s Fair Is Fair…Right? | ANEW Divorce Planning

{3:42 minutes to read} Recently, I had a consultation with a woman who was separated from her husband, but for several reasons, she had not been able to communicate with him regarding property divisions. She was ready to move forward, but he simply wasn’t. In our meeting, she kept referring to wanting an “equal division” of their property. She surmised that our meeting was to gain my help in identifying the assets and figuring out the best “equal” split. Simple enough. Just take and add all of the:

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Spousal Support: What Are Your Payment Options?
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Authored by , re: Family & Divorce, on .
Spousal Support: What Are Your Payment Options? | ANEW Divorce Planning

{2:48 minutes to read} In a previous blog post, we discussed the process of calculating a Marital Standard of Living (MSL). Assuming you and your ex-spouse agreed to an amount, or worse, the court made the decision, then the questions become: how is the support paid, and for how long? Support is divided into 2 categories: Temporary Support and Permanent Support. Temporary Support is the amount decided during litigation. This money is to pay bills and cover costs while the couple is sorting everything out.

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How We Determine Permanent Spousal Support
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Authored by , re: Family & Divorce, on .
How We Determine Permanent Spousal Support | ANEW Divorce Planning

{2:54 minutes to read} A contentious area in most divorce proceedings has to do with spousal support. Naturally, one spouse will want more than the other feels is equitable. Like everything else in divorce, the more time spent arguing over this means more money lost. Many times, as Certified Divorce Financial AnalystsⓇ (CDFA), our job in working with clients in this area is to help them separate from their emotional state long enough to objectively look at the numbers and come up with a compelling, rational and equitable spousal support request.

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Federal Employees Getting Divorced: Beware Of The Traps
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Authored by , re: Family & Divorce, on .
Federal Employees Getting Divorced: Beware Of The Traps | ANEW Divorce Planning

{4:12 minutes to read} In our previous blogs, we have discussed the ins and outs of Qualified Domestic Relations Orders (QDRO): how they came to be; why they are needed; and how they are used. It recently occurred to us that if you are a Federal Government employee under the Civil Service Retirement System (CSRS) or Federal Employee Retirement System (FERS), QDROs mean absolutely nothing. Zilch. Nada. That’s because Uncle Sam does not recognize QDRO as a method to distribute the Government pension plan or the Thrift Savings Plan (the Government’s version of 401(k)).

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Divorce: What I Would Do Differently – Part 2
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Authored by , re: Family & Divorce, on .
Divorce: What I Would Do Differently – Part 2 | ANEW Divorce Planning

{3:54 minutes to read} In our last blog, we listed the top 3 areas that people going through divorce identified as “If I had known then what I know now…” This article rounds out that list by reviewing the final 3 important items. Create your Future Budget Not taking the time to write out a budget for the future was another big issue among the people we talked with. The lifestyle you maintained will likely not be the same once divorced. Specifically, understand what committed fixed expenses you will have:

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Divorce: What I Would Do Differently – Part 1
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Authored by , re: Family & Divorce, on .
Divorce: What I Would Do Differently – Part 1 | ANEW Divorce Planning

{3:54 minutes to read} In our practice, if we had a dime for every time someone going through a divorce said to us, “If I had known then what I know now…,” we would have an office full of dimes. So we decided to take a close look at the “Eureka” moments in an effort to help others going through the same situation. What follows is Part 1 of the 6 most common experiences that people who have gone through a divorce said they wish they could do over.

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The What, Why, And How Of The QDRO—Part 2
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Authored by , re: Family & Divorce, on .
The What, Why, And How Of The QDRO—Part 2 | ANEW Divorce Planning

{5:30 minutes to read} In our last article, we posed a commonly asked question during the process of dividing marital assets in a divorce: “How much of my pension will he/she get?“ Before answering the question, we took a look at the history of ERISA, the Employee Retirement Income Security Act of 1974, and the exception to ERISA’s spendthrift provision, the Retirement Equity Act of 1984, which established the Qualified Domestic Relations Order (QDRO). In this article, we take the discussion a bit further by looking at a specific example. Allow me to introduce you to Jeff and Kathy.

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The What, Why, And How Of The QDRO
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Authored by , re: Family & Divorce, on .
The What, Why, And How Of The QDRO | ANEW Divorce Planning

{3:42 minutes to read} When going through the process of dividing marital assets during a divorce, I often hear the question: “How much of my pension will he/she get?” This is usually followed by a couple of non-printable adjectives, nouns, and verbs colorfully combined to describe the soon-to-be ex-spouse. Well, the answer to that question (like most when it comes to divorce) is: “It depends.”

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Know Your Divorce Finance Lingo
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Authored by , re: Family & Divorce, on .
Know Your Divorce Finance Lingo | ANEW Divorce Planning

{3:06 minutes to read} As if divorce isn’t difficult enough to grasp, it comes with its own financial language. There are words and phrases that have meanings you will need to understand in order to navigate among the attorneys, mediators, counselors, etc. Here are a few of those “must-know” terms for anyone in the divorce process. Property Settlement Note: A property settlement note is used as a way to divide marital assets between spouses, without having to sell those assets.

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Untying The Knot
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Authored by , re: Family & Divorce, on .
Untying The Knot | ANEW Divorce Planning

{4:18 minutes to read} In the emotional rollercoaster of “Untying the Knot,” the pain and heartache of divorce almost always (at one point or another) takes over and derails even the strongest of individuals. Here are some important things to think through as you maneuver through untying your knot.

1. Know Your Options

Be conversant with the many different ways to end a marriage. Know the difference between mediation, litigation, pro se, and collaboration.

Realize that attorneys, like many professionals, have their own style, preference or specialty which may dictate the direction that they recommend you take.

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In Divorce, Revenge Is A Dish Best Served Cold — Except When It Comes To Social Security
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Authored by , re: Family & Divorce, LAW RELATED ARTICLES, on .
In Divorce, Revenge Is A Dish Best Served Cold — Except When It Comes To Social Security | ANEW Divorce Planning

{3:24 minutes to read} Tom and Jerri, both 62, never really got along, so it wasn’t a huge surprise when they announced that, after just 10 years of marriage, they were divorcing. After their sitcom went off the air, Tom was a stay at home dad and Jerri went on to star in several high profile cartoons. Perhaps the stress of Jerri’s success contributed to the decline of the marriage. What was a surprise to many is how Jerri handled the split.

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Are You Separated, Or Are You SEPARATED?
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Authored by , re: Family & Divorce, on .
Are You Separated, Or Are You SEPARATED? | ANEW Divorce Planning

{2:54 minutes to read} What comes to your mind when you hear someone say they are “separated”? A separation agreement is a contract that spells out the terms of your divorce. Let’s understand what separation agreements can and can’t do for you. The separation agreement generally covers those issues that the parties have agreed on, such as the division of property and debts, custody, and child and spousal support. Generally, the separation agreement is put into the final divorce decree.

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Choices, Choices, Choices: Choice 3 — Litigation
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Authored by , re: Family & Divorce, on .
Choices, Choices, Choices: Choice 3 — Litigation | ANEW Divorce Planning

{3:00 minutes to read} In our previous 2 articles, we discussed choosing Mediation or Collaboration as your method of obtaining a divorce. In this article, we look at another option, which is Litigation. With litigation, less than 5% of all cases actually go to court. Most often settle just before the court date (on the proverbial court steps). With litigation, you each decide to hire your own attorney and go through what most people envision as divorce (think War of the Roses). This process can be highly destructive emotionally and financially.

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Choices, Choices, Choices: Choice 2 — Collaboration
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Authored by , re: Family & Divorce, on .
Choices, Choices, Choices: Choice 2 — Collaboration | ANEW Divorce Planning

{3:30 minutes to read} In our previous article, we discussed choosing mediation as your method of obtaining a divorce. In this article, we look at another choice: collaboration. Collaboration is relatively new in the area of divorce resolution compared to other methods, but it is becoming more and more the dispute resolution of choice for the right couple. In a collaborative divorce, the divorcing couples individually select their own collaboratively trained attorneys. The couple then will assemble a team of professionals, including:

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Choices, Choices, Choices: Choice 1 — Mediation
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Authored by , re: Family & Divorce, on .
Choices, Choices, Choices: Choice 1 — Mediation | ANEW Divorce Planning

{2:42 minutes to read} Once you make the decision to get a divorce, the next step is to decide how. There are several different options to settle your divorce, and choosing the right option can impact the cost, not just financially but also emotionally, for you and your spouse. In the next 3 articles, we will take a look at some commonly used options. This article will discuss one method referred to as mediation. Mediation involves utilizing a mediator who is trained to help divorcing couples reach an agreement on many issues including financial, child support, and alimony issues.

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Should I Stay or Should I Go? Divorce and the Marital Home – Part 2
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Authored by , re: Family & Divorce, on .
Should I Stay or Should I Go? Divorce and the Marital Home - Part 2 | ANEW Divorce Planning

{2:31 minutes to read} In our last blog post, we introduced the topic of divorce and the marital home, outlining 3 options for divorcing couples to consider. We covered Option 1 in that article. In Part 2, we elaborate on Options 2 and 3. Option 2: One Spouse Remains in the Home One spouse wants to stay in the home and become the sole homeowner. To do that, they need to buy the other spouse out.

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Should I Stay or Should I Go? Divorce and the Marital Home – Part 1
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Authored by , re: Family & Divorce, on .
Should I Stay or Should I Go? Divorce and the Marital Home - Part 1 | ANEW Divorce Planning

{2:27 minutes to read} Decisions regarding the marital home are among the most contentious and emotionally charged that couples have to make when separating:

  • Who should get the house?
  • Should they sell and split the proceeds?
  • What if they owe more than it’s worth?
As difficult as it is, the first thing you must do when making these decisions is take the emotion out of it. Yup, that’s really hard to do.

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Options for Splitting Employer Retirement Plans
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Authored by , re: Family & Divorce, on .
Options for Splitting Employer Retirement Plans | ANEW Divorce Planning

{2:48 minutes to read} In a divorce, one of the largest assets that has to be divided—besides the marital home—is your employer retirement plans. How you take money out of these plans can really cost you a lot. Generally, if you’re younger than 59½ and decide to take a distribution from your employer retirement plans, you’ll be faced with a 10% penalty in addition to normal income taxes. There are, however, some exceptions to this early distribution penalty. One exception is distributions made to an ex-spouse by what’s called a Qualified Domestic Relations Order, or QDRO (pronounced QUADRO).

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