Todd Worthley is a longtime Portland, Oregon, family law attorney who has extensive experience in divorce and legal separation cases. Todd Worthley’s knowledge extends to preventing asset losses in contentious divorce cases.
One key aspect of preventing asset losses involves utilizing a Qualified Domestic Relations Order (QDRO) in cases of asset and property division. The QDRO notifies state and federal tax entities that the transaction is undertaken as part of a divorce or other process in which taxes and penalties are not assessed.
In addition, it is often times essential not to divide pension funds and retirement accounts in specific dollar amounts. As part of the negotiation and settlement process, divisions should usually be stipulated by each party as a percentage of the account value. This avoids problems that can easily occur due to the variability of such accounts’ value. On the distribution day, the actual amount in the account may be significantly different from the planned amount.
One key aspect of preventing asset losses involves utilizing a Qualified Domestic Relations Order (QDRO) in cases of asset and property division. The QDRO notifies state and federal tax entities that the transaction is undertaken as part of a divorce or other process in which taxes and penalties are not assessed.
In addition, it is often times essential not to divide pension funds and retirement accounts in specific dollar amounts. As part of the negotiation and settlement process, divisions should usually be stipulated by each party as a percentage of the account value. This avoids problems that can easily occur due to the variability of such accounts’ value. On the distribution day, the actual amount in the account may be significantly different from the planned amount.
