What is wasteful dissipation of marital property?

What is wasteful dissipation of marital property?

Wasteful dissipation refers to a situation in which one spouse wastefully spends marital assets or purposefully fails to protect or preserve marital assets in anticipation of a divorce. To make up for the amount wasted, you would be entitled to a greater share of marital assets during the process of property division.

Is a 401k part of a divorce settlement?

Any funds contributed to the 401(k) account during the marriage are marital property and subject to division during the divorce, unless there is a valid prenuptial agreement in place. For example, if your spouse also has a retirement account worth a similar amount, you may each decide to keep your own accounts.

How do you value a pension in a divorce?

In divorce or dissolution, pensions are valued using the ‘cash equivalent transfer value’. This is the amount you’d get if you moved your pension elsewhere. It might be less than the ‘fund value’ of your pension because it will include charges for transferring.

Is a cash settlement in a divorce taxable?

As part of my divorce settlement, i am getting cash proceeds from the single and only matrimonial home. Is this cash payment to me taxable? If you only owned the one and it is either being sold or your share being paid to you then no tax is payable as it is a personal use asset and as such there is no tax payable.