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How to treat inherited IRAs in a divorce

There is no true consensus as to whether an inherited IRA can be included in an divorce settlement. However, this doesn't change the fact that inherited IRAs have been a part of divorce settlements in Hawaii and throughout the nation in the past. Often, they are allowed by courts to be split tax-free as long as it is done pursuant to a court order. Once a court has made such an order, an IRA administrator is not likely to defy it.

Social security is a consideration in divorce

When a Hawaii couple comes to the conclusion that their marriage is better viewed as past history, then property division, child custody and child support seem to demand most of their attention. These issues need to be addressed and settled first, but it is important to realize that other matters will impact the former spouses as they begin their post-divorce separate lives. Hawaii is an equitable distribution state, and marital assets and debts are evaluated and divided between the two in a fair, or equitable, manner. Social security benefits may be considered as a marital asset based on the facts and circumstances of the marriage.

How divorce can affect insurance coverage

For anyone ending a marriage in Hawaii, there are many emotional, practical and financial considerations involved. Because of the complexities of divorce, it's surprisingly easy to overlook insurance-related matters. However, it's still important for couples separating to be aware of how no longer being legally wed can affect their various insurance policies.

Less obvious signs of a failing relationship

There are many factors that contribute to divorces in Hawaii. One of the most common reasons that couples will divorce is because of adultery. Other reasons are not so easy to identify, but they can build up over time and cause a marriage to fail. Criticism, sarcasm and contempt are a few of the more common causes of divorce that are not so obvious when they begin.

Dealing with retirement accounts during divorce

The end of a marriage can have a major impact on the current and future finances of a Hawaii couple. In many cases, retirement accounts are some of the largest assets held by spouses. Especially if they have been married for many years, a divorce may mean a substantial division of these funds between the two parties. Even when retirement is years away, divorce can still have a serious impact. That's why it is important to understand how ending a marriage can affect different kinds of savings plan.

How might finances impact a divorce?

There are plenty of reasons to get divorced, and it's the sometimes best option for couples to move on. Some experts, however, say that economic realities might make it prudent to reassess the situation. Hawaiians may find it helpful to plan for their finances when considering divorce.

How debt can affect a marriage

Some Hawaii couples may be among the more than 50 percent who have debt when they go into a relationship. In a study by Fidelity, 40 percent of them said their relationship was negatively affected by this debt. Communication suffers and couples fight more when they are in debt, and often each person thinks it is the responsibility of the other.

What are the benefits of mediation in divorce?

Divorces can be extremely difficult for everyone involved. Unfortunately, families can be further torn apart in divorces that end up in court. As a result, many families are choosing to settle their divorces outside of court through an alternative dispute resolution process known as “mediation.”

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