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We're about ready to file this case, but had a couple of…

Customer Question
We're about ready to...

We're about ready to file this case, but had a couple of questions. Both parties are here to ask a couple of questions.

Lawyer's Assistant: Since laws vary from place to place, what state is this in?

CO

Lawyer's Assistant: Have you talked to a lawyer yet?

Yes, but not about the split/taxation issue. We've come up with a fairly reasonable split 1/3 husband 2/3 wife, and the amount of monies she's agreed to pay (part of it is in an IRA).

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

One of the assets the husband is getting is a property-do we have 90 days for him to acquire a new note?

Submitted: 8 months ago.Category: Family Law
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11/15/2017
Family Lawyer: Lucy, Esq., Lawyer replied 8 months ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Family Law
Satisfied Customers: 32,264
Experience: Attorney with experience in family law.
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Hi,

I'm Lucy, and I'd be happy to answer your questions today. The judge will typically give the spouse keeping real estate "a reasonable time" to get a new note. If there's a mortgage, it can take time to refinance, and the judge can't require a bank to loan you money, so they usually won't give a firm time frame. Or if they do, it can be extended if necessary. Without a loan, it's as simple as the wife signing a quit claim deed, which takes only a few minutes. The judge probably wouldn't give 90 days unless there was a compelling reason to do so (such as the wife needing the time to move out). What other questions did you have?
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Customer reply replied 8 months ago
OK the question is if part of the split is in qualified monies should be discounted to reflect taxes
Customer reply replied 8 months ago
Okay, trying to see as well if arbitration is a suggested course of action - non combative situation
Family Lawyer: Lucy, Esq., Lawyer replied 8 months ago

An IRA is taxed at the time of distribution. Usually, that's not something that you'd calculate during divorce, because there's no way to know what your tax bracket will be when it's time to take the money (unless you're already past retirement age).

If you've more or less come to an agreement on your own, arbitration may not be necessary. But the judge will usually refer you if you wind up able to agree on some, but not all of your jointly owned property.

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Family Lawyer: Lucy, Esq., Lawyer replied 8 months ago

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