Liquidating assets divorce
), automobiles, and other valuables because they were worthless to the court.Well all of that is good for Bob, but bad, bad news for Sheree! To the extent necessary to protect an award of alimony, the court may order any party who is ordered to pay alimony to purchase or maintain a life insurance policy or a bond, or to otherwise secure such alimony award with any other assets which may be suitable for that purpose. The provisions of chapter 77 or any other provision of law to the contrary notwithstanding, the court may issue a continuing writ of garnishment to an employer to enforce the order of the court for periodic payment of alimony or child support or both. If the court finds that a party has a need for alimony or maintenance and that the other party has the ability to pay alimony or maintenance, then in determining the proper type and amount of alimony or maintenance under subsections (5)-(8), the court shall consider all relevant factors, including, but not limited to: The earning capacities, educational levels, vocational skills, and employability of the parties and, when applicable, the time necessary for either party to acquire sufficient education or training to enable such party to find appropriate employment. No more of the salary shall be retained by virtue of the writ than is provided for in the order.
He went on to reveal that a short letter could cost you 0 in attorney fees. The length of a marriage is the period of time from the date of marriage until the date of filing of an action for dissolution of marriage. Any disciplinary action against the employee by an employer to whom a writ is issued pursuant to this section solely because such writ is in effect constitutes a contempt of court, and the court may enter such order as it deems just and proper. For purposes of determining alimony, there is a rebuttable presumption that a short-term marriage is a marriage having a duration of less than 7 years, a moderate-term marriage is a marriage having a duration of greater than 7 years but less than 17 years, and long-term marriage is a marriage having a duration of 17 years or greater. The writ may provide that the salary of any person having a duty of support pursuant to such order be garnisheed on a periodic and continuing basis for so long as the court may determine or until otherwise ordered by the court or a court of competent jurisdiction in a further proceeding."Your agreement needs to be clearly drawn," says Benna, "so that the liability is borne by the spouse receiving the benefits." Option 4: Roll the portion of the 401k awarded to the ex-spouse into an IRA.This option is only available if you've left your company or you're over the age of 59 ½.