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Ask Lawrence D. Gorin Your Own Question
Lawrence D. Gorin
Lawrence D. Gorin, Family Law Attorney
Category: Family Law
Satisfied Customers: 1544
Experience:  30+ years family law experience. QDROs, UIFSA, UCCJEA expertise.
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My husband and I come up with our own agreement on property

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My husband and I come up with our own agreement on property division. We decide to each other to keep what we currently have. We have been separated for a long while. Both of us decided each to keep our own houses, cars, savings, retirement plan and anything in each house. In the settlement, is there anything we should be noted? Since we keep our own retirement plan, do we need to get QDRO (qualified domestic relations order) in place? Since we keep what we currently have, we do not need to pay any taxes because none of us actually receive any money from each other? Can I say that I don't want spousal support on the divorce decree, but actually during our negotiation on the property division, we calculated amount of the spousal support on our own and used that to in exchange the debt of the car? It's just a figure we play on our negotiation of property division to decide who keep what.
YOUR QUESTION:
In the settlement, is there anything we should be noted?

ANSWER: Yes, try the following.....

------> Property to Husband: Husband is hereby awarded as his sole and separate property all of the real and personal property that he now has in his possession or control, including but not limited to all retirement and pension plan interests and assets and all bank, savings and financial investment assets, free and clear of all right, title or claim of interest of wife, and subject to any liens and encumbrances thereon, for which husband shall be fully liable and for which he shall defend, indemnify and hold wife harmless.

------> Property to Wife Wife is hereby awarded as her sole and separate property all of the real and personal property that she now has in her possession or control,
including but not limited to all retirement and pension plan interests and assets and all bank, savings and financial investment assets, free and clear of all right, title or claim of interest of wife, and subject to any liens and encumbrances thereon, for which she shall defend, indemnify and hold husband harmless.

YOUR QUESTION:
Since we keep our own retirement plan, do we need to get QDRO (qualified domestic relations order) in place?

ANSWER: No. If the retirement plan is not going to be divided, there is no need for a QDRO.

YOUR QUESTION:
Since we keep what we currently have, we do not need to pay any taxes because none of us actually receive any money from each other?

ANSWER: Since no properties are being transferred, and there is no "gain" being made by the property division arrangment, there are no special tax consequences.

YOUR QUESTION:
Can I say that I don't want spousal support on the divorce decree, but actually during our negotiation on the property division, we calculated amount of the spousal support on our own and used that to in exchange the debt of the car?

ANSWER: ----> Each spouse hereby waives and foregoes any and all claims that either spouse may have for spousal support, alimony and maintenance against the other, both termporary and indefinite, and neither spouse shall take any legal action against the other seeking such support.

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Hope this helps.

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