Saving for retirement is important, but stashing money away in a 401(k) account is not the only way to create financial security for the future. In Alaska, it is fairly common to also rely on Social Security benefits, which help bridge the gap between what a person has managed to save, and his or her actual living expenses. But divorce can change those plans. Here's how to protect retirement money even after ending a marriage.
When one thinks of family, parents, children and grandparents often come to mind. Increasingly, that picture includes family pets as integral members of the familial unit in Alaska. As such, if a divorce is contemplated, not only may child custody become an issue, but pet custody as well. To help accommodate the issue, a new term is becoming familiar in family law.
Your divorce proceedings in Anchorage are sure to be a challenge. Even if you and your soon-to-be ex-spouse go into them having gotten over any bitterness associated with your separation, there will almost certainly be points where the two of you disagree. Both of you being willing to make concessions is the key to ensuring that your proceedings move smoothly and avoid costly delays. Yet one area where you may not be prepared to concede anything is in the division of your 401k.
If you are like a lot of people who live in Alaska and who own a home, your property may be the most valuable asset in your estate. This is one of the reasons that makes it hard to know what to do with a home when you get divorced. In addition to the financial aspect of home ownership, there tends to be a high level of emotional attachment to a person's family home. For this reason, many people work hard to try and keep their house when they get divorced.
As someone navigating an Alaska divorce in 2019, you will have to navigate certain tax changes that did not affect those who divorced prior to this year. At Kalamarides & Lambert, we recognize that this year’s new tax changes can have a substantial effect on parties who divorce this year and moving forward, and we have helped many clients understand the tax implications of divorce and navigate numerous other issues relating to it.
Alaskan residents who get a divorce may have to deal with alimony payments. If you are paying spousal support, you may be wondering just how set in stone these payments are. We at Kalamarides & Lambert are here to discuss that.
If you plan to move out of Alaska after your divorce is over, it could be possible to maintain custody if it is in the best interest of your children. However, you will probably have several things to consider.
It’s often said of the difficult things in life: “this isn’t a sprint – it’s a marathon.” That’s especially true of divorce. Even when handled efficiently, divorce can take longer than most people expect, and it often proves to be more emotionally draining.