The Marriage Zone: Engagement Rings
By Christopher C. Meyer
© May 2009
When things go wrong, and the engagement is broken, what happens to the ring? Interestingly enough, there is caselaw that applies to this issue.
At the risk of over simplification, if the engagement is broken off through no fault of the person receiving the ring, that person can keep it. If the engagement is broken off through some fault of the person receiving the ring, they must give it back.
The rules of etiquette are somewhat different. These rules dictate that the ring should be immediately returned when the engagement is broken off, unless the ring is a family heirloom of the person receiving it.
My own view is you should not give somebody something if you don’t want them to keep it. I will not represent a party in a case that primarily features a dispute involving jewelry. Rings (the precious!) seem to have significance way out of proportion to their intrinsic value, and folks involved in these disputes often lose all perspective.
If you are considering giving your special someone an expensive ring or one with family heirloom characteristics, you may want to have something in writing that expressly states what will happen to the ring if things don’t work out as expected.
This article is for informational purposes only and does not constitute legal advice about your case.
Chris Meyer is an attorney practicing family law in Northern El Paso County. Chris’ law practice is limited to domestic relations cases. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information and articles.
Tuesday, June 16, 2009
Dividing 401k Accounts In Divorce
The Marriage Zone: Dividing 401k Accounts In Divorce
By Christopher C. Meyer
© June 2009
What happens to your 401k account or your spouse’s 401k account if you get divorced? This question comes up routinely since the 401k has largely displaced the traditional pension as a retirement vehicle.
When dividing a 401k account in a divorce, just like with any other account, the first question that must be asked is whether the 401k is marital property. Assuming that the 401k funds were all earned during the marriage, the account is marital and subject to division by the Court. Marital property 401k accounts are usually divided equally between the parties in a divorce.
Since a 401k will be in only one spouse’s name, how does the other spouse get their share in a divorce? Most 401k plan providers like Fidelity require a “qualified domestic relations order” (QDRO) in order to divide the account. The QDRO is not difficult to get. The parties stipulate to the language of the order and the Court reviews and signs it usually within a few days of filing with the Court. The 401k account providers are very particular about the precise language they require to be in the QDRO. There are attorneys who specialize in drafting QDROs and your attorney will likely use the services of such a specialist to draft your QDRO.
After the Judge signs the QDRO, a certified copy of the signed QDRO is sent to the plan provider who divides the account as ordered. The plan provider often simply creates a new account for the other spouse and transfers half the balance to that new account in the other spouse’s name. So, instead of one account in John’s name with a balance of $100,000, there will now be one account in John’s name with a balance of $50,000 and one account in Mary’s name with a balance of $50,000.
Folks often wonder if there are any tax consequences if a 401k account is divided in a divorce. A 401k is a tax-deferred retirement account. However, there are no tax consequences of merely dividing a 401k in a divorce pursuant to a Court order. Keep in mind that there may be tax consequences after a divorce if you withdraw funds from a 401k before you are retired.
Just like any other marital property account, a 401k account can be divided in a divorce, but this will usually require some complicated paperwork.
This article is for informational purposes only and does not constitute legal advice about your case.
Chris Meyer is an attorney practicing family law in Northern El Paso County. Chris’ law practice is limited to domestic relations cases. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information and many other articles.
By Christopher C. Meyer
© June 2009
What happens to your 401k account or your spouse’s 401k account if you get divorced? This question comes up routinely since the 401k has largely displaced the traditional pension as a retirement vehicle.
When dividing a 401k account in a divorce, just like with any other account, the first question that must be asked is whether the 401k is marital property. Assuming that the 401k funds were all earned during the marriage, the account is marital and subject to division by the Court. Marital property 401k accounts are usually divided equally between the parties in a divorce.
Since a 401k will be in only one spouse’s name, how does the other spouse get their share in a divorce? Most 401k plan providers like Fidelity require a “qualified domestic relations order” (QDRO) in order to divide the account. The QDRO is not difficult to get. The parties stipulate to the language of the order and the Court reviews and signs it usually within a few days of filing with the Court. The 401k account providers are very particular about the precise language they require to be in the QDRO. There are attorneys who specialize in drafting QDROs and your attorney will likely use the services of such a specialist to draft your QDRO.
After the Judge signs the QDRO, a certified copy of the signed QDRO is sent to the plan provider who divides the account as ordered. The plan provider often simply creates a new account for the other spouse and transfers half the balance to that new account in the other spouse’s name. So, instead of one account in John’s name with a balance of $100,000, there will now be one account in John’s name with a balance of $50,000 and one account in Mary’s name with a balance of $50,000.
Folks often wonder if there are any tax consequences if a 401k account is divided in a divorce. A 401k is a tax-deferred retirement account. However, there are no tax consequences of merely dividing a 401k in a divorce pursuant to a Court order. Keep in mind that there may be tax consequences after a divorce if you withdraw funds from a 401k before you are retired.
Just like any other marital property account, a 401k account can be divided in a divorce, but this will usually require some complicated paperwork.
This article is for informational purposes only and does not constitute legal advice about your case.
Chris Meyer is an attorney practicing family law in Northern El Paso County. Chris’ law practice is limited to domestic relations cases. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information and many other articles.
Wednesday, February 25, 2009
Annulment In Colorado
The Marriage Zone: Annulment in Colorado
By Christopher C. Meyer
© February 2009
Under what circumstances can you get your marriage annulled in Colorado? In Colorado an annulment is referred to as a “declaration of invalidity”. Your marriage can be invalidated only under extremely limited circumstances.
There is a popular misconception that you can get your marriage invalidated if you only have been married for a short period of time, such a less than 90 days. Actually, the duration of your marriage has nothing to do with your eligibility for an annulment. There is no “get out of jail free card” just because you have been married for only a few months.
Colorado statutes set out the requirements for invalidating marriages. One of the parties has to have to have been domiciled in Colorado for at least 30 days. The requirements for invalidating a marriage basically involve: lack of meaningful consent to be married (I was so drunk I didn’t know I was getting married.); marriage to an ineligible person (the proverbial redneck jokes – your sister, a twelve year old, etc.); the marriage involves a fraud that goes to the essence of the marriage (my wife didn’t marry me because she loved me, she married me to get my money and she lied about her circumstances to get me to marry her.).
Children born of an invalidated marriage are legitimate. Property, support and child custody issues are determined on the same basis as if the parties had a valid marriage.
Marriage is serious business. There is no easy way out. You can’t get an annulment just because you have been married for a few days or months.
Good luck to you if you are contemplating an exit from the marriage zone, and keep in mind that you are going to have to get a divorce to do it unless your circumstances fit the limited requirements for an annulment.
This article is for informational purposes only and does not constitute legal advice about your case.
Chris Meyer is an attorney practicing family law in northern El Paso County. Chris’ law practice is limited to domestic relations cases. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information including links to 25 other articles he has written.
By Christopher C. Meyer
© February 2009
Under what circumstances can you get your marriage annulled in Colorado? In Colorado an annulment is referred to as a “declaration of invalidity”. Your marriage can be invalidated only under extremely limited circumstances.
There is a popular misconception that you can get your marriage invalidated if you only have been married for a short period of time, such a less than 90 days. Actually, the duration of your marriage has nothing to do with your eligibility for an annulment. There is no “get out of jail free card” just because you have been married for only a few months.
Colorado statutes set out the requirements for invalidating marriages. One of the parties has to have to have been domiciled in Colorado for at least 30 days. The requirements for invalidating a marriage basically involve: lack of meaningful consent to be married (I was so drunk I didn’t know I was getting married.); marriage to an ineligible person (the proverbial redneck jokes – your sister, a twelve year old, etc.); the marriage involves a fraud that goes to the essence of the marriage (my wife didn’t marry me because she loved me, she married me to get my money and she lied about her circumstances to get me to marry her.).
Children born of an invalidated marriage are legitimate. Property, support and child custody issues are determined on the same basis as if the parties had a valid marriage.
Marriage is serious business. There is no easy way out. You can’t get an annulment just because you have been married for a few days or months.
Good luck to you if you are contemplating an exit from the marriage zone, and keep in mind that you are going to have to get a divorce to do it unless your circumstances fit the limited requirements for an annulment.
This article is for informational purposes only and does not constitute legal advice about your case.
Chris Meyer is an attorney practicing family law in northern El Paso County. Chris’ law practice is limited to domestic relations cases. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information including links to 25 other articles he has written.
Tuesday, February 17, 2009
Paternity
IT’S THE LAW - PATERNITY
By Chris Meyer May 2007
Challenging the paternity of a child in a family law case involves such basic issues as whether junior really is junior. If you are concerned that you may not be the actual biological father of a child, you should address this concern at your earliest opportunity in the legal proceeding you are involved in. This opportunity typically arises in a child support case or a divorce case.
To understand the law of paternity it is important to understand that there are strong policy reasons that favor a finding that your are the father. The strongest reason is to make sure that a father is available to support the child in order to secure the health, welfare, and happiness of the child. Another strong policy reason favoring paternity is the finality of judgments. People should be able to understand their rights under a judgment and should not have to worry about future events changing their rights.
If you are involved in a child support case or a divorce case and you don’t raise the issue of paternity in that case, you will be determined to be the father. There is nothing you can do about it later, even if it is scientifically determined at a later date that you are not the father!
For example, you are involved in a child support case. You do not raise the issue of paternity, because you mistakenly believe that you are the biological father of the child. The Court orders you to pay child support. More than six months pass after the order is entered. You then discover as a result of genetic testing done for some medical reasons that you are not the biological father. You cannot successfully fight your paternity of this child in a legal action. Legally, you are the father and that is that.
Paternity law is like any other law. You must remember that: you may not understand the law; you may not like it; and you may not think its fair; but it’s the law!
Chris Meyer is an attorney practicing family law in Monument. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information.
By Chris Meyer May 2007
Challenging the paternity of a child in a family law case involves such basic issues as whether junior really is junior. If you are concerned that you may not be the actual biological father of a child, you should address this concern at your earliest opportunity in the legal proceeding you are involved in. This opportunity typically arises in a child support case or a divorce case.
To understand the law of paternity it is important to understand that there are strong policy reasons that favor a finding that your are the father. The strongest reason is to make sure that a father is available to support the child in order to secure the health, welfare, and happiness of the child. Another strong policy reason favoring paternity is the finality of judgments. People should be able to understand their rights under a judgment and should not have to worry about future events changing their rights.
If you are involved in a child support case or a divorce case and you don’t raise the issue of paternity in that case, you will be determined to be the father. There is nothing you can do about it later, even if it is scientifically determined at a later date that you are not the father!
For example, you are involved in a child support case. You do not raise the issue of paternity, because you mistakenly believe that you are the biological father of the child. The Court orders you to pay child support. More than six months pass after the order is entered. You then discover as a result of genetic testing done for some medical reasons that you are not the biological father. You cannot successfully fight your paternity of this child in a legal action. Legally, you are the father and that is that.
Paternity law is like any other law. You must remember that: you may not understand the law; you may not like it; and you may not think its fair; but it’s the law!
Chris Meyer is an attorney practicing family law in Monument. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information.
The Sworn Financial Statement
The Marriage Zone: The Sworn Financial Statement
By Christopher C. Meyer
©July 2008
In a previous article I described the mandatory financial disclosure requirements in domestic relations cases. The most basic mandatory financial disclosure requirement is the obligation of both parties to exchange and file sworn financial statements. This requirement applies to all initial and post decree domestic relations cases that involve financial matters, such as child support, maintenance (alimony), and property division. The sworn financial statement is a seven-page form. You will enter your income, expense, asset, and debt information in the spaces provided.
The sworn financial statement provides each party and the Court with the basic information that is needed to determine the party’s financial status. This form is an extremely useful document. It is the prime source for quick reference as to what the parties can afford on a monthly basis and their net worth. The sworn financial statement is intended to be an accurate snapshot of each party’s financial status as of the date that the party signs the document. Your signature must be notarized.
The sworn financial statement requires a comprehensive listing of the parties’ monthly expenses. It shows the monthly budget for the parties. The income and expense information from the sworn financial statement will be used to determine child support and maintenance (alimony). After the form is completed, it is not unusual for parties to discover that their expenses exceed their incomes.
The sworn financial statement can also be used as a tool for projecting future budgetary needs. Most people’s financial situations change significantly after they are divorced. They will have less money to live on. You can use the sworn financial statement to project what your future budget will look like. You can use the form to project your future financial needs even if you are not involved in a court case.
You can download a copy of the sworn financial statement for no cost from the Colorado Courts website (www.courts.state.co.us.). You will not enjoy filling out this form. However, it is an extremely useful exercise because it makes you come to terms with your financial realities. It is also one of the best tools available for projecting your future financial status. Instead of worrying about your financial future, do something about it! Download the sworn financial statement, fill it out, and see what your future looks like.
This article is for informational purposes and does not constitute legal advice concerning your case.
Chris Meyer is an attorney practicing family law in Monument. Chris’s practice is limited to domestic relations cases. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Please see his website (www.cmeyerlaw.com) for additional divorce and family law information.
By Christopher C. Meyer
©July 2008
In a previous article I described the mandatory financial disclosure requirements in domestic relations cases. The most basic mandatory financial disclosure requirement is the obligation of both parties to exchange and file sworn financial statements. This requirement applies to all initial and post decree domestic relations cases that involve financial matters, such as child support, maintenance (alimony), and property division. The sworn financial statement is a seven-page form. You will enter your income, expense, asset, and debt information in the spaces provided.
The sworn financial statement provides each party and the Court with the basic information that is needed to determine the party’s financial status. This form is an extremely useful document. It is the prime source for quick reference as to what the parties can afford on a monthly basis and their net worth. The sworn financial statement is intended to be an accurate snapshot of each party’s financial status as of the date that the party signs the document. Your signature must be notarized.
The sworn financial statement requires a comprehensive listing of the parties’ monthly expenses. It shows the monthly budget for the parties. The income and expense information from the sworn financial statement will be used to determine child support and maintenance (alimony). After the form is completed, it is not unusual for parties to discover that their expenses exceed their incomes.
The sworn financial statement can also be used as a tool for projecting future budgetary needs. Most people’s financial situations change significantly after they are divorced. They will have less money to live on. You can use the sworn financial statement to project what your future budget will look like. You can use the form to project your future financial needs even if you are not involved in a court case.
You can download a copy of the sworn financial statement for no cost from the Colorado Courts website (www.courts.state.co.us.). You will not enjoy filling out this form. However, it is an extremely useful exercise because it makes you come to terms with your financial realities. It is also one of the best tools available for projecting your future financial status. Instead of worrying about your financial future, do something about it! Download the sworn financial statement, fill it out, and see what your future looks like.
This article is for informational purposes and does not constitute legal advice concerning your case.
Chris Meyer is an attorney practicing family law in Monument. Chris’s practice is limited to domestic relations cases. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Please see his website (www.cmeyerlaw.com) for additional divorce and family law information.
Protecting Your Credit In Divorce
The Marriage Zone- Protecting Your Credit in Divorce
By
Christopher C. Meyer
© February 2008
If you are planning to get a divorce or you are already involved in the divorce process, it is important to protect your credit from potential damage by your spouse. For example, if you have joint accounts, your spouse may be able to damage your credit even if he or she is ordered by the court to assume sole responsibility for the account.
What happens if a court orders one of the parties to be solely responsible for a joint credit account and that party defaults? The creditor is going to come after the other party, even though the court has ordered the first party to pay. How can this be? The contract clause of the United States Constitution prevents courts from interfering with contractual obligations. Credit is a contractual obligation between the creditor and the debtor (you). If you have a joint account with your spouse, and your spouse defaults on a court-ordered credit obligation, the creditor will look to you to pay, and your credit rating will suffer. A bankruptcy court is the only court that can affect your contractual relationship with a creditor.
Since you may be stuck paying for a joint debt, it makes sense to try to avoid placing yourself at such risk. If you are planning for a divorce, get all your joint credit accounts changed into separate accounts, you will need your spouse’s permission to do this. If you are already involved in the divorce process, eliminate as much of the joint debt as you can.
The same is true for joint bank accounts. If your spouse overdraws on a joint account, guess who the bank will expect to pay the overage – you!
Once you are divorced, you will be a single person. You will want to be able to the only person responsible for your credit rating. It pays to take the necessary steps to put yourself in control.
Good luck to you as you leave the marriage zone, and remember to get rid of those joint accounts!
Chris Meyer is an attorney practicing family law in Monument. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information.
By
Christopher C. Meyer
© February 2008
If you are planning to get a divorce or you are already involved in the divorce process, it is important to protect your credit from potential damage by your spouse. For example, if you have joint accounts, your spouse may be able to damage your credit even if he or she is ordered by the court to assume sole responsibility for the account.
What happens if a court orders one of the parties to be solely responsible for a joint credit account and that party defaults? The creditor is going to come after the other party, even though the court has ordered the first party to pay. How can this be? The contract clause of the United States Constitution prevents courts from interfering with contractual obligations. Credit is a contractual obligation between the creditor and the debtor (you). If you have a joint account with your spouse, and your spouse defaults on a court-ordered credit obligation, the creditor will look to you to pay, and your credit rating will suffer. A bankruptcy court is the only court that can affect your contractual relationship with a creditor.
Since you may be stuck paying for a joint debt, it makes sense to try to avoid placing yourself at such risk. If you are planning for a divorce, get all your joint credit accounts changed into separate accounts, you will need your spouse’s permission to do this. If you are already involved in the divorce process, eliminate as much of the joint debt as you can.
The same is true for joint bank accounts. If your spouse overdraws on a joint account, guess who the bank will expect to pay the overage – you!
Once you are divorced, you will be a single person. You will want to be able to the only person responsible for your credit rating. It pays to take the necessary steps to put yourself in control.
Good luck to you as you leave the marriage zone, and remember to get rid of those joint accounts!
Chris Meyer is an attorney practicing family law in Monument. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information.
Divorce Property Division - Basics
IT’S THE LAW: DIVORCE PROPERTY DIVISION – BASICS
By Chris Meyer August 2006
In Colorado marital property is divided in a divorce or legal separation by means of “Equitable Distribution”. “Equitable” does not necessarily mean “Equal”, but for most purposes, and absent unusual circumstances, it is useful to assume that marital property will be divided 50/50 between the parties.
The question then becomes what is the “marital property” to be divided. Marital property is all property acquired during the marriage such as the parties’ earnings and things acquired with such earnings. However, inheritances and certain gifts acquired during the marriage are not considered marital.
“Separate property” is property acquired prior to the marriage, or inheritance or certain gifts acquired during the marriage. The Court has no power to divide separate property. However, any appreciation of separate property during the marriage is marital.
Here is a simple example. A married couple save some earnings during the marriage and buy a house. The parties pay the mortgage with the husband’s earnings. The wife receives an inheritance during the marriage and is careful to maintain this bequest in a separate mutual fund account in her name only. The equity in the house is marital, as is any appreciation included in that equity. The amount of the bequest to the wife is her separate property, but any appreciation of the account is marital.
In most instances, determining what is marital and what is separate property is not difficult. However, the analysis can become complicated in some situations, especially regarding changes to title to real property during the marriage. If you own separate real property titled in your name only but change the title to joint tenants during the marriage (a common occurrence), you may have gifted one half the value of the property to your spouse. For example, Mary owns a condo in her name only, but changes the title to joint tenants after she marries John. John may now be entitled to one-half the value of the condo.
How you title marital property is not critical. For example, the parties buy a car during the marriage with money earned during the marriage, but place the title in the husband’s name only. The car is still marital property.
Even when determining what is marital and what is separate is relatively easy, calculating the proper shares can be difficult. This is true for retirement accounts and pensions earned both prior to and during the marriage. Special Court orders may have to be drafted to accurately divide such assests.
Property division law in a divorce is the same as other law. You must remember that: you may not understand the law; you may not like it; and you may not think its fair; but it’s the law!
Chris Meyer is an attorney practicing family law in Monument. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information.
By Chris Meyer August 2006
In Colorado marital property is divided in a divorce or legal separation by means of “Equitable Distribution”. “Equitable” does not necessarily mean “Equal”, but for most purposes, and absent unusual circumstances, it is useful to assume that marital property will be divided 50/50 between the parties.
The question then becomes what is the “marital property” to be divided. Marital property is all property acquired during the marriage such as the parties’ earnings and things acquired with such earnings. However, inheritances and certain gifts acquired during the marriage are not considered marital.
“Separate property” is property acquired prior to the marriage, or inheritance or certain gifts acquired during the marriage. The Court has no power to divide separate property. However, any appreciation of separate property during the marriage is marital.
Here is a simple example. A married couple save some earnings during the marriage and buy a house. The parties pay the mortgage with the husband’s earnings. The wife receives an inheritance during the marriage and is careful to maintain this bequest in a separate mutual fund account in her name only. The equity in the house is marital, as is any appreciation included in that equity. The amount of the bequest to the wife is her separate property, but any appreciation of the account is marital.
In most instances, determining what is marital and what is separate property is not difficult. However, the analysis can become complicated in some situations, especially regarding changes to title to real property during the marriage. If you own separate real property titled in your name only but change the title to joint tenants during the marriage (a common occurrence), you may have gifted one half the value of the property to your spouse. For example, Mary owns a condo in her name only, but changes the title to joint tenants after she marries John. John may now be entitled to one-half the value of the condo.
How you title marital property is not critical. For example, the parties buy a car during the marriage with money earned during the marriage, but place the title in the husband’s name only. The car is still marital property.
Even when determining what is marital and what is separate is relatively easy, calculating the proper shares can be difficult. This is true for retirement accounts and pensions earned both prior to and during the marriage. Special Court orders may have to be drafted to accurately divide such assests.
Property division law in a divorce is the same as other law. You must remember that: you may not understand the law; you may not like it; and you may not think its fair; but it’s the law!
Chris Meyer is an attorney practicing family law in Monument. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information.
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