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McKinley Irvin Blogs from October 2016

  • Can Divorce Affect College Education Savings for Your Child?

    Can Divorce Affect College Education Savings for Your Child? When you begin saving money for your child’s college education, divorce is likely the furthest thing from your mind. However, if you do decide to divorce, there is a chance that the funds will be subject to property division. How can you ensure that the money you have saved for your child will indeed be used for its intended purpose? This question must be addressed in your separation agreement. Parents who wish to save for their child’s education may do so by investing in a tax-deferred 529 College Savings Plan or a ...
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  • 11 Things You Should Do After Your Divorce is Finalized

    11 Things You Should Do After Your Divorce is Finalized So, your divorce has been finalized and you’re relieved it’s over. It is at this point that many people would like to not have to think about it for a while, or ever again. While this may be tempting, there are still things that you need to take care of. Take comfort, however – completing these tasks are your first steps into the next chapter of your life. Once you have received your divorce decree, take some time to review it and ensure that you have resolved all matters related to your divorce. The list below includes some ...
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  • How Different Types of Assets are Valued in a Divorce

    How Different Types of Assets are Valued in a Divorce One of the most important, and often contentious, aspects of divorce is the division of assets. For a marital estate to be divided equitably, each asset must be assigned an accurate monetary value. While this may seem straightforward for some assets (cash, for example), the task can become much more complex for other types of assets. It takes more than knowledge of the current dollar value of an asset to divide the asset properly; a thorough understanding of the asset’s liquidity and potential tax implications is also ...
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  • Why Rushing a Divorce Can be a Bad Move

    Why Rushing a Divorce Can be a Bad Move Divorce can be a highly emotional process, so it is no surprise that many couples want to get it over with as soon as possible. However, in most situations, it does not do you any good to rush through a divorce. With all of the delicate legal issues that require careful consideration, such as property division , child custody , child support , and spousal support , rushing through these decisions could end up prolonging your emotional pain, costing you property or support that you were entitled to, and/or resulting in ...
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