G.63 Planning for divorce, unmarried couples and other special circumstances Flashcards

A legal principle in divorce where marital assets are divided fairly but not necessarily equally, based on various factors such as income, duration of marriage, and contributions.

A system in certain states where all assets and debts acquired during marriage are considered jointly owned and typically split 50/50 in divorce.

A legal contract created before marriage outlining how assets and debts will be divided in the event of divorce or separation.

Financial payments made by one spouse to the other after divorce to help maintain their standard of living, based on factors like income and length of marriage.

Court-ordered payments made by a noncustodial parent to help cover the living and medical expenses of their child.

A legal order that allows the division of a qualified retirement plan, such as a 401(k), in a divorce without triggering early withdrawal penalties.

Financial support awarded to an unmarried partner after separation, based on an implied or written agreement, though not recognized in all states.

A legal contract between unmarried partners outlining financial responsibilities and asset division in case of separation.

Financial and legal planning strategies to ensure fair asset distribution among children, stepchildren, and new spouses after divorce and remarriage.