Divorce with Financial Components

Oftentimes a spouse does not realize the extent of their marital financial estate, whether it’s as seemingly simple as not having copies of tax returns or the discovery of secret bank accounts or mountains of liabilities (debt) the other spouse has kept hidden. When seeking a divorce, each party is required to fill out a financial form called a “DR6” that in theory is meant to make a summary of each party’s financial information transparent and readily available. If you or your spouse own a business, it’s important to know the value of the business before agreeing to how the business will be handled. There are other assets, such as bank accounts, property, etc., as well as liabilities (debt, eg credit cards, lines of credit, loans, etc.) that you may be entitled to or responsible for. Having a trusted attorney help you gather the necessary information in order to make an informed decision is crucial. There may be laws that you are unaware of that protect you from the financial burden of a decision you were not privy to – or in the reverse, entitle you to funds you did not know existed. Attorney Grasso is able to utilize methods such as discovery (a process of requesting specific answers and information from your spouse), subpoenas (legal requests for information from your spouse or other sources, like a bank), depositions (on-the-record, under oath questioning of your spouse), etc. In doing so, Attorney Grasso is able to give you the best legal advice for your specific situation once all the facts are known.

Another question many spouses have concerns alimony (payment of funds from one spouse to another): can I collect it and do I have to pay it? In Rhode Island, there is certain criteria regarding who is responsible for payment of alimony and who is eligible to receive it. Attorney Grasso will look at your financial situation throughout your marriage and advise you. In Rhode Island, a waiver of alimony is permanent.

Retirement is also a big question mark during many divorces. Am I entitled to my spouse’s retirement (pension, 401k, etc.), or are they entitled to some of mine? The process of dividing a retirement account is through a QDRO (Qualified Domestic Relations Order) and requires specific wording and steps to be followed. RI divorce attorney Grasso can answer questions regarding division of retirement funds in your individual divorce case after obtaining the financial facts.