May

McKinley Irvin Blogs from May 2024

  • What To Do If You Suspect Your Spouse Is Hiding Assets

    What To Do If You Suspect Your Spouse Is Hiding Assets Financial dishonesty within marriages is not a rarity. Indeed, the National Endowment for Financial Education reports that approximately 43% of adults have admitted to financial infidelity, which involves a party in a relationship intentionally deceiving their partner about money. This can include hiding debts, making major purchases without discussing them, or even having secret bank accounts. Even if a spouse does not breach trust and lie about their assets or debts in a marriage, they may do so during their divorce, which ...
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  • Why Consider Divorce Mediation?

    Why Consider Divorce Mediation? Divorce is a complex and emotionally charged process. However, for divorcing couples seeking an amicable and cost-effective resolution, divorce mediation offers a compelling alternative to traditional litigation. A neutral third party, the mediator, facilitates communication and guides couples in working towards mutually agreeable settlements on key issues such as child custody, spousal support, and asset division. Is Mediation Required for Divorce in Washington State? While state law does not require couples to attend ...
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  • How Divorce Can Affect Your Retirement

    How Divorce Can Affect Your Retirement Divorce doesn't merely alter your current life circumstances; it can also significantly reshape your long-term financial outlook, especially when it comes to retirement savings. In Washington state, this is primarily due to the community property laws that mandate an equal division of marital assets, including retirement accounts such as IRAs, Roth IRAs, 401K and 403K plans, employee stock options, and Employee Retirement Income Security Act (ERISA) funds. Understanding the Division of Retirement Plans 401(k) plans and ...
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