DIVORCE PLANNING

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FREQUENTLY ASKED QUESTIONS

Q: Will I be able to receive maintenance?
A: The tests for maintenance (or alimony) include:

• Need - Can you support yourself with earned income plus investment income?
• Ability to pay - Does the payer of maintenance have sufficient funds to pay?
• Length of marriage - A long-term marriage (10 years or more) is more likely to have
• maintenance paid to the lower-earning spouse.
• Health of both parties.

Q: Do I have to share my pension?
A: Pensions and retirement plans are marital assets. Depending on the state you live in, the portion which was earned before your marriage could also be considered a marital asset.

Q: Should the wife get the house?
A: It depends on several things:
If the wife has custody of the children, you may want to keep change to a minimum. She should not depend on maintenance to make high house payments. If the payments are low, she should probably keep the house. If the equity in the house is all she receives, she may need some liquidity.

Q: What if I bring a house into the marriage that is in my name only, and I add my spouse's name to the deed?
A: Then the whole house is considered to be marital property. You have made a "presumptive gift" to the marriage.

Q: Is my IRA considered marital property? It's in my name only.
A: Everything acquired during the marriage, no matter whose name it's in, is considered marital
property. In some states, the increase in value of separate property is considered marital.

Q: I have never worked. Can I get Social Security?
A: If your spouse has worked and if you have been married for 10 years or more, than you are
entitled to one-half of your spouse's Social Security or your own, whichever is higher.

Q: How do we figure how much child support should be paid?
A: Almost all states now have Child Support Guidelines.

Q: Do we have to go to court?
A: Only if you can't reach an agreement. Then, a court date is set and a judge hears the case.

Q: Can we use just one attorney?
A: It is not recommended. If you do use your spouse's attorney, remember that this attorney
represents your spouse, not you, if the going gets rough.

Q: Where can we find help?
A: There are Certified Divorce Planners who are trained to help people through the maze of divorce. They sift through the financial issues including incomes, expenses, assets, tax issues, pensions, division of property, and help you reach an equitable solution that is fair to both parties. Call 1-800-875-1760 for a list of Certified Divorce Planners in your area.

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