Salt Lake City Personal Injury Law Blog

Ending a marriage often means splitting the assets. Some property may be easier to divide than others, and when it comes to addressing retirement accounts, more steps may be necessary in order to avoid possible taxes and fees. In particular, Utah residents going through divorce may want to pay close attention to how the division of IRA funds takes place.

The manner in which the money is transferred plays a significant role in whether taxes will be applied. The correct way to divide these funds involves following rules set forth in the Internal Revenue Code. The IRC indicates that the transfer will not face taxation under these circumstances as long as the a formal and legal divorce or separation instrument is used. This means that a divorce decree or legal separation agreement could work as this necessary instrument.

Ending a marriage can be an expensive endeavor. While some people may feel willing to shell out the needed funds in order to get out of an unhappy relationship, remaining level-headed and thinking through their actions could prove wise. Fortunately, there are many ways in which Utah residents could remain conscious of their finances while going through divorce.

One way that individuals could help themselves is to refrain from taking advice from friends or family. While these loved ones may have good intentions, they could lead divorcing parties down the wrong paths, which could end up proving costly in more ways than one. Instead, parties may want to ensure that they seek information from reliable resources, such as legal and financial professionals.

Some individuals may feel disheartened when another parent obtains primary custody of their kids. Child custody proceedings can often be difficult, and Utah parents may find themselves having to make do with the terms of the agreements. However, the situation could be made worse if a parent attempts to alienate the other parent.

While a parent with primary or sole custody will certainly spend more time with the kids and may have more say in certain decisions, the other parent often still has a role in the children's lives. When parental alienation occurs, the custodial parent may take abusive measures to keep the children from the other parent and even convince the kids that they do not want the other parent around. This manipulation can have harmful effects and present itself in various ways.

It's one thing to mutually decide that your marriage is no longer sustainable, then file for divorce hoping for a swift and relatively painless process so you can gain possession of the assets that are rightfully yours and move on toward a new, independent lifestyle. It's quite another to get drawn into a stressful situation where you suspect your soon-to-be former spouse is trying to hide assets so he or she can gain the upper-hand in a settlement.

Not only is that type of behavior mean-spirited and nasty, it's also (sadly) fairly common and always illegal. It's easy to think it might be a mere figment of your own imagination when you first start to see signs of possible asset hiding. Rather than blame yourself for seeing things that aren't there, it's always a good idea to document your suspicions and then investigate any issues causing you concern. It's also wise to know where to turn for outside support if needed.