Archive for February, 2014

Uncontested versus Contested Divorces

Wednesday, February 19th, 2014

A divorce is either uncontested or contested, and the process of divorce moves much faster when neither spouse contests the end of the marriage.

In an uncontested divorce, the spouses agree on the terms and conditions of the divorce. They agree about the division of community and/or marital property and debt, the custody of any children, and the payment of child and/or spousal support. In the contested divorce, one or more of these issues blocks a settlement, and the couple may have to go to court to resolve the issue.

Uncontested divorces allow for default judgments. A default judgment can be made when the defendant makes no response to the petition. The failure to respond results in a default judgment against him or her, and it is done deliberately. Uncontested divorces move more quickly through the courts and are less expensive than contested divorces, and an uncontested divorce reduces hostility, allowing both parties to resume their lives more quickly.

A Pension Appraisal is a Must

Thursday, February 6th, 2014

Calculating the value of a defined benefit — the old-fashioned company pension – can be difficult because defined benefit pensions have what is known as present value, or time value of money, that is, what today’s money is worth tomorrow, which can make calculating their value difficult.

No one should attempt to divide a pension without first getting it appraised. Very often neither party in a divorce can negotiate the fair division of pension plan without a competent pension appraiser first making an appraisal.

A pension plan can be the most valuable asset a couple divides in a divorce.  It is much too valuable not to take care.