Top Legal and Financial Services in Lewisville, TX 75067
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Lone Star Toyota of Lewisville
By ChristinaCoggins January 10, 2016
I've gone to different Toyotas in Texas with moving around but lonestar has given the best customer service ...read more
Lone Star Toyota of Lewisville
By RebeccaPollard January 07, 2016
I came in for an oil change and had no problems. ...read more
Lone Star Toyota of Lewisville
By VanKam December 24, 2015
It was okay ...read more
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Dividing Retirement Accounts in your Denton County, Texas Divorce
It is extremely important for anyone considering a divorce in Texas to know how a divorce can affect their entitlements to retirement or investment accounts. When two parties decide to divorce, Texas law requires courts to consider certain property acquired during the marriage as community property. Unlike separate property which is given to the spouse who acquired it, community property is divided in a “just and right” manner by the divorce court. It can be divided regardless of which spouse acquired it, including investment accounts, retirement and savings plans. In many cases, these retirement and investment accounts are the most valuable assets that that a court will consider in a divorce. There are many common forms of retirement and investment accounts, such as annuities, individual retirement accounts (IRAs), 401(k) plans, and pensions. All money accumulated in these accounts during the marriage is subject to division by the divorce court. The most common mistake made by parties and their attorneys in divorce is lack of knowledge about the plan being divided. There are many details to be addressed, from what plan the employer reports to the IRS each year, to whether a government regulation or code mandates unique treatment for a spouse’s plan. Among the most important questions to be answered is whether a party has a defined contribution plan or a defined benefit plan. Knowing this information can help a divorce client and his or her attorney calculate the present value, or potential value, of an account that may be subject to division in the divorce. Experienced divorce attorneys also know that tax consequences are of great importance when dividing a retirement or investment account. The timing of tax consequences needs to be calculated into the division of property, especially if one spouse is a much higher wage earner than the other. The most popular tool that family law courts apply to the division of retirement accounts is a qualified domestic relations order (QDRO). QDROs allow the beneficiary of an investment or retirement account to change the payout for the plan. Withoutonein place, the plan administrator (usually, an employer or bank) has no legal obligation to direct payment to anyone but the owner of the plan. QDROs are beneficial because they incur no early withdrawal fees from the IRS. Without a QDRO, the transfer of money from a retirement account can incur strict fines or penalties. Additionally, a QDRO can define either the exact sum or percentage of the total savings amount a spouse is entitled to receive upon the date of divorce. While QDRO’s are invaluably useful in divorce cases, they are not simple or quick documents to prepare. Each QDRO must conform to specific rules set by the administrator of the plan, so a spouse may need a separate QDRO for each plan to be divided or transferred. It is vital that a spouse considering divorce consult with a divorce attorney about the retirement, savings or investment accounts used during the marriage. In many cases, non-employee spouses are at a tremendous disadvantage of ever receiving their share of benefits which would otherwise be divisible because they did not consult an attorney, or because they wrongly believed they were not entitled to any funds from an account. On the other hand, employee spouses are at risk to award too much of their accounts to their spouse because they lacked knowledge about dividing a complex financial asset. Assessing how your retirement or investment accounts will hold up in a divorce can be a daunting process on your own. Contact the Wright Firm, L.L.P. at (972) 353-4600 to answer your questions about valuating or splitting investment and retirement accounts to ensure that you receive all of the marital property to which you are entitled or visit us on the web atwww.thewrightlawyers.com ...read more
By The Wright Firm, L.L.P. October 07, 2012
Credit Report Seminar
A Voice Full of Purpose Financial Consultant 1140 Teller Avenue Bronx, NY 10456 Credit Report Repair Seminar October 12, 2011 @ 12noon – 2pm One Hour Free Consultation When you take advantage of these services we offer Business&Personal Tax Preparer Bookkeeping Budget Planning Website Designer SAVE, SAVE, SAVTAKE CONTROL OF YOUR FUTURERegistration Fee$10.00Call: Lavera Wright (347) 867-0904for your Individual ConsultationAppointments ONLY ...read more
By L Wright Co LLC September 30, 2011
Credit Report Seminar
A Voice Full of Purpose Financial Consultant1140 Teller Avenue Bronx, NY 10456Credit Report Repair Seminar October 12, 2011@ 12noon – 2pmOne HourFree ConsultationWhen you take advantage of these services we offer Business&Personal Tax Preparer Bookkeeping Budget Planning Website Designer SAVE, SAVE, SAVETAKE CONTROL OF YOUR FUTURE ...read more
By L Wright Co LLC September 25, 2011