Markiewicz Law – Now Partner with Meagher & Geer, PLLPFindLaw IM Template2025-07-01T12:18:23Zhttps://www.markiewiczlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1404741/2020/02/cropped-favicon-32x32.jpgOn Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[Adjusting your retirement plan due to divorce]]>https://www.markiewiczlaw.com/?p=473112022-07-15T06:48:32Z2021-10-22T13:01:33Zreplenish your retirement accounts in the time you have left. More specifically, you may want to consider doing the following.
Obtain a Qualified Domestic Relations Order
If your spouse had a retirement plan through his or her employer and you did not, obtaining a QDRO is an important and necessary step. QDROs are often complex. However, having one is the only way to secure a payout from your spouse’s pension or 401(k).
Revisit your retirement plan
You may need to adjust your retirement plan in the wake of a divorce to make sure it still fits your needs. Consider when you plan to start accessing the funds inside and how long you have to build back savings. Assess the level of risk in your plan and consider whether it is still appropriate given your new situation.
Create your own savings
It is also beneficial for you to add to your personal savings account as a result of divorce. Try to have about six months of savings available to you so that you do not have to potentially draw from your retirement savings in an emergency.
Once your divorce becomes final, you do not have many options when it comes to retirement. For this reason, it is critical that you consider how to put away as much as possible for retirement before your marriage officially ends.]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[Airline miles are an important part of your divorce negotiations!]]>https://www.markiewiczlaw.com/?p=472592022-07-15T06:48:39Z2021-07-21T12:50:47Zfor another year. If you or your soon-to-be ex-spouse have accumulated airline miles during your marriage, you are able to redeem them for free flights, hotel accommodations, or other perks, and guess what? We have argued successfully that they are divisible in your dissolution!
In Minnesota, divorcing spouses receive an equitable share of the marital estate. As such, if you or your spouse have accrued airline miles during your marriage, they are often considered marital property that should be addressed during your divorce negotiations.
The value of airline miles
When planning for divorce, it is key to estimate the value of all marital assets. Because many airlines assign no cash value to miles, valuing yours may be challenging. Many carriers have assigned miles to be worth approximately 1.3 cents each. Calculating the value of the perks can be useful.
Your options
Please note that certain airlines restrict your options for dividing travel miles as part of your divorce. Some rewards programs expressly prohibit the transfer or sale of miles. Nevertheless, you may be able to redeem the airline miles your spouse has accumulated. Alternatively, your spouse may afford you cash or other assets in exchange for exclusive ownership of the airline miles.
While arguments can be made that airline miles are separate property and not subject to division during divorce, Markiewicz Law - Now Partner with Meagher & Geer, PLLP has been successful in dividing them as marital property. They are certainly of value, and worth fighting for!]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[What tax liabilities should you address in your divorce?]]>https://www.markiewiczlaw.com/?p=472552022-07-15T06:48:47Z2021-06-29T18:10:29ZTax liability issues to consider
Some tax-related matters you may want to look into during your divorce include:
Property taxes: Be sure you consider the taxes for any assets you will own once the divorce is final. You want to ensure you have enough income to pay the ongoing real estate taxes.
Business taxes: If you or your spouse own a company, you must determine how the tax liabilities affect the property division.
Retirement accounts: If 401(k)s or IRA’s transfer between spouses during the divorce, several tax obligations may apply. Professional assistance is valuable to ensure the correct transfer procedures.
Pensions and other benefits: These retirement plans also require detailed attention to understand the tax implications.
Capital gains taxes: You need to know what taxes apply to the sale of assets such as stocks or property following a divorce.
Tax concerns related to children
After your divorce is final, only one parent may claim dependent children on their taxes. These tax credits typically go to the custodial parent. It is vital to obtain a child support order that considers your children's current standard of care, education and living. You may also want to protect their future by addressing taxes related to transferring gifts, inheritance and trust interests.
When you and your spouse have significant assets, the divorce process can be complex, and should not be taken lightly. It is vital to take your time and address assets, debts and taxes to secure your financial future. At Markiewicz Law - Now Partner with Meagher & Geer, PLLP, we will review these issues with you so that you have a wide open view into your future.]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[Should you have a forensic accountant on your divorce team?]]>https://www.markiewiczlaw.com/?p=472442022-07-15T06:48:52Z2021-04-07T17:23:33Zsome challenges many other couples never have to address.
In contested divorces, Minnesota law provides for an equitable division of the marital estate. If you and your soon-to-be ex have complex assets, arguing for what is equitable may be a tough task. Putting a forensic accountant on your divorce team may be beneficial for at least four reasons.
1. Finding hidden assets
If you think your spouse may try to hide marital wealth from you, hiring a forensic accountant may help you track down missing assets. The same may be true if you suspect your husband or wife is trying to dissipate or deplete marital assets in the lead-up to your divorce.
2. Arguing for spousal support
Spousal support, sometimes called alimony, may be available to you after your marriage ends. A forensic accountant is able to investigate your standard of living and your spouse's income to boost your chances of receiving the spousal support you deserve! This is a great tool for success.
3. Determining business valuation
If you and your spouse own a business together or either of you owns one separately, the value of the business may be in dispute during your divorce. Businesses are often valuable marital assets. As such, you may want a forensic accountant to help you determine the worth of the venture.
4. Analyzing corporate benefits and tax implications
Your and your spouse's corporate benefits, retirement accounts and investments are also subject to division during your divorce. Not only can a forensic accountant help sort out these complicated items, but will be able to explain current and future tax implications upon request.
Whether you should put a forensic accountant on your divorce team ultimately depends on your circumstances and goals. Here at Markiewicz Law - Now Partner with Meagher & Geer, PLLP, we will assist you in making the decision whether working with one may be an effective way to protect your post-divorce financial future.]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[4 potential issues in a high asset divorce]]>https://www.markiewiczlaw.com/?p=472362022-07-15T06:49:02Z2021-01-22T21:19:49ZDivorce can be a challenging endeavor for any couple. A high asset divorce involves couples who have accumulated significant assets during the marriage, or couples where one or both went into the marriage with significant assets.Dealing with significant assets has the potential to raise both the cost and complexity of the divorce. A skilled lawyer can help you effectively address these issues and suggest additional professionals that may be of help throughout the process.
Here are four of the most common issues that arise in high asset divorce:
1. Hidden assets
Sometimes one spouse may have reason to fear that assets are being concealed from them. Someone with the will and capability to conceal can hide accounts, physical property and investments. Reviewing financial documents and tax returns could provide clues that something is amiss. Consider enlisting a forensic accountant to help uncover any hidden assets.
2. Property division
With more assets to divide, there is much to gain or lose. The debate regarding what is marital property and what is separate property could get heated. Generally, marital property covers all assets obtained during the marriage. All marital property is subject to equitable division. Separate property is not part of the division equation.
3. Custody and child support
Custody is always an issue when couples with children divorce. Couples with substantial assets may have additional things to account for that the average couple does not when it comes to child support. Tuition for private schools, expensive sports or hobbies, residential camps, nannies and expensive college tuition may make the situation complicated.
4. Privacy
Privacy may also be of great concern in a high asset divorce. Divorce is a public process like any other court proceeding. Individuals with significant assets may wish to request the records of the divorce sealed so that their financial information is not available for public consumption.]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[How much child support will I pay in Minnesota?]]>https://www.markiewiczlaw.com/?p=470202022-07-15T06:49:08Z2020-10-06T15:06:49Zchild support after a divorce in Minnesota because you earn significantly more than your spouse or will have limited parenting time, review the provisions of the child support guidelines.
Factors in determining support
Your child support amount will depend on:
How many overnights you spend with your children each month
How much you and your former spouse pay for medical, dental and child care costs each month
Whether any of your children receive government benefits (for a disability, for example)
Whether either you or your former spouse have existing spousal support orders or child support orders
How many children you have together
The gross monthly income each of you earn
Each parent's debt
Each parent's ability to pay
The calculation process
When you file for divorce or answer your spouse's divorce petition, you can also ask for a child support order. The state will gather the data above as part of your required financial disclosure. You can also provide information about costs that do not fall into the standard legal factors. For example, if your child attends private school, parents must agree on how to fund tuition.
Child support payments end when your child turns 18, or until age 20 if he or she is still in high school. You and your former spouse can also agree to provide a longer period of support if you can afford to do so, until your child graduates college for example.]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[The importance of hiring a financial planner post divorce]]>https://www.markiewiczlaw.com/?p=471592022-07-15T06:49:12Z2020-09-11T20:12:17ZWe can help
Here at Markiewicz Law - Now Partner with Meagher & Geer, PLLP, we don’t abandon you once the ink is dry on your divorce papers. We are committed to leading you on the path to becoming a happy and healthy single person. That includes assisting you with everything from putting together a single monthly budget to making sure that your divorce settlement is protected and invested properly. We will work with you to put you in the hands of a financial planner or investment firm that is a fit and works for you.
Per Forbes, only 5% of women surveyed recently said that they were aware of how using a financial advisor might help them position themselves for life post-divorce. This would never happen at our firm. You will always be made aware that you have many avenues and choices.
How will a financial planner help you?
By making sure you cover all your bases
Unless this is not your first divorce, you may not have much experience when it comes to asset division and fighting for the things that you need. A good financial advisor well-versed in divorce cases will have a firm sense of how to maximize your takeaway by making sure you consider all assets, including those that might otherwise slip under the radar.
By helping you plan for your future
A financial advisor can also help you preserve the assets that you value most. For example, if you have fears about having enough set aside for retirement after your divorce, the advisor can review your accounts, look at any settlement you were awarded, and assist in diversification in your portfolio to meet your financial goals, taking into consideration your risk tolerance.
This is the rest of your life. At Markiewicz Law - Now Partner with Meagher & Geer, PLLP, we will work with you to make sure you are prepared and ready for it!]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[4 social media mistakes to avoid during your divorce]]>https://www.markiewiczlaw.com/?p=468972022-07-15T06:49:21Z2020-06-15T20:40:08Zuse social media, but this number has grown dramatically from just 5% of Americans in 2005.
Although social media is a great way to share information and engage with others, please use it cautiously when you go through the divorce process. Take care to avoid the following big mistakes while negotiating a divorce settlement with your spouse:
1. Oversharing information.
Before you post a photo, a status or another form of content online, remember that once you do this, it is incredibly difficult, if not impossible, to remove the information completely. During your divorce process, work on keeping your profile and your posts clean and free from the drama about ending your marriage. It goes without saying that posting pictures of new girlfriends or boyfriends is a no-no.
2. Speaking negatively about your spouse.
It is tempting to turn to social media to vent about the frustrations you have with your spouse, especially as you debate property division, child custody and other issues. Remember to exercise extreme caution about posting while angry. Instead, talk about your feelings privately with a trusted friend, family member or counselor.
3. Forgetting to change your passwords.
You may assume that your spouse either does not remember or does not know the passwords to your social media accounts. Do not count on this! Instead of hoping he or she will not try to access your profiles, change all of your passwords as soon as practicable to protect your privacy and security and to keep your account from getting hacked. Social media evidence in divorce cases is on the rise, and is the “new normal.”
4. Stalking your spouse.
You may find yourself obsessively checking your spouse's social media profiles for updates, especially if your divorce is emotionally painful. Try to get rid of this habit and refrain from stalking your spouse on social media. This improves your ability to move on after your divorce and protects your emotional well-being.]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[Balancing extracurricular activities in shared custody situations]]>https://www.markiewiczlaw.com/?p=467382022-07-15T06:49:26Z2020-03-13T18:29:46ZExperts overwhelmingly prefer that parents share physical custody because it allows children to have adequate time with each parent. This allows them to develop meaningful and beneficial parent-child relationships, which can lead to positive effects in their lives. However, shared custody is not always easy because it involves the children going back and forth between the parents' houses.It can also cause problems when children have extracurricular activities. Managing complex schedules is tough when you are one family, but when you become two families in a divorce, it becomes even trickier. When kids have several extracurricular activities, it is up to the parents to make it work.Make a commitmentThe Minnesota Judicial Branch explains that both parents need to commit to getting children to and from all extracurricular activities. It will not be good for anyone if one parent constantly drops the ball, and the child misses out on the activity. Parents should do what they can to rearrange their schedules to suit the children’s schedules whenever possible.Work togetherWhen making decisions about extracurricular activities, parents must work together. They should make sure both of them can participate before signing a child up for anything. It is important to ensure that their schedules allow time for the activity. It is not fair to sign a child up for something if he or she will not be able to make it to all events.Create a scheduleParents whose children have many extracurricular activities or a complex schedule need to have a family calendar. There are online options that parents can use to create a calendar anyone can access from a phone, computer or another device at any time. These calendars allow everyone to communicate and make changes through the app or website. This is a good way to help everyone stay on the same page about the schedule.]]>On Behalf of Markiewicz Law - Now Partner with Meagher & Geer, PLLP<![CDATA[Do you need a QDRO to divide your retirement assets?]]>https://www.markiewiczlaw.com/?p=466982022-07-15T06:49:35Z2020-02-06T17:15:03Zequitable distribution state, which means that the division of assets is not 50/50 but rather “fair and equitable.” The determination of what fair and equitable means for your divorce is calculated by factors such as financial earning capacity and length of the marriage.
As mentioned above, one asset that majorly affects every individual’s future is their retirement savings. The first thing you need to determine is whether your divorce proceedings will need to include a Qualified Domestic Relations Order (QDRO), which outlines the division of this important asset. Specific types of retirement savings plans need it, referred to here as “qualified plans,” while others do not. Failure to prepare a QDRO can lead to difficulties, including inability to collect benefits years down the road. Here are the guidelines for Minnesota residents.
“Qualified” plans that need a QDRO
Qualified plans under the Employee Retirement Income Security Act (ERISA) must use a QDRO to distribute retirement assets. The process for dividing assets for these plans is two-fold. You must include specific wording in the divorce decree that explicitly states your intentions for asset division. However, you must also prepare the QDRO, which is a separate document entirely. It must be signed by a judge and then accepted by the company who issued your plan.
Qualified plans include:
Profit sharing plans
401(k)s
403(b)s
Simplified employee pensions (SEP)
Savings incentive match plans for small business employees
Employee stock ownership plans
Some other pensions might also qualify. Look into your pension plan documents to know for sure.
What kind of plan doesn’t need a QDRO?
IRAs don’t fall under ERISA. As such, they do not require a QDRO. However, it is still vital to explicitly outline your distribution plan in your divorce decree.
It is crucial that, if a QDRO is necessary, it is filed in a timely and proper matter to avoid legal and financial repercussions. If your course of action is not immediately clear, consult with an attorney or your plan provider to verify your next move. Then you can begin to have your assets valued and considered for fair and equitable distribution.
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