Dissolving a marriage can be a tricky endeavor due to the emotional and financial components of this legal process. However, being proactive may help to make the process less scary initially and easier to navigate. A few tips may help with addressing the financial aspect of divorce in the state of Montana.
For those near retirement, their retirement savings may understandably be a huge concern during the divorce process. It is critical that a qualified domestic relations order, or QDRO, be obtained from the court to determine how retirement savings will be divvied up. In addition, with this type of order, if a divorced person who is getting a pension dies, his or her ex-spouse may be able to receive a survivor's pension, which is usually 50 percent of the original pension amount.
During a divorce proceeding, it is also essential to take an inventory of all assets shared with a future ex. This is necessary to ensure that all assets are included in the property division process. An easy way of achieving this is to collect financial data dating back five years.
If two spouses in the state of Montana can try to see eye to eye in the area of finances, they may be able to achieve a divorce settlement that pleases both parties at the negotiation table. Otherwise, they will have to depend on a judge to decide for them how their assets will be split. The outcome, however, may not be pleasing to one of the parties or even both sides, depending on their particular wishes and expectations.
Source: nerdwallet.com, "Victim of 'Divorce Season'? Protect Your Finances", Kevin Voigt, March 29, 2017