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Divorce- Savings & Retirement- Alimony Considerations

By: Jeffrey D. Urbach, CVA, CPA/ABV/CFF

At some point in the difficult divorce process you will be asked to fill out a CIS (Case Information Statement). The CIS is a financial disclosure document which, among other things, establishes your standard of living while married.

Schedule C of the CIS has a line where you put your historical savings/investments. Although the CIS shows monthly expenses (assuming 4.3 week/mo.), simply take your annual savings and divide by 52 and multiply by 4.3. Many people fund their retirement plans once a year, so it’s easy to forget this when filling out the form.

This includes all savings, not only what you may be contributing to your 401K or another pension plan. It also includes IRAs, Sec. 529 Plans, and non-retirement related investments.

Although this has been a long-established principle, it recently grabbed the attention of the legal community and the forensic CPAs who assist them. On September 12, 2016, the N.J. Appellate Division issued a ruling in the matter of Lombardi v. Lombardi. For more details click here:

NJ Court Ruling Lombardi

Urbach & Avraham has almost a thirty-year history of providing attorneys and their clients tax, forensic, and other advice in current or post-divorce matters. Feel free to call or email if you have any questions.

 

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