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Archives for March 2019

Finding Hidden Assets

March 10, 2019 By Denise French, CVA, MAFF, CDFA, CRPC Leave a Comment

By Denise French, MAFF, CVA, CDFA, CRPC, Expert on hidden assets and divorce

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A woman who is considering divorce met with us recently.  She has been a stay at home mom for 25 years and her husband has been the primary breadwinner.  Other than the bank accounts, he has kept their passwords protected, their investments secret, his exact income undisclosed and he excludes her in the tax preparation process each year.  She feels like she is in the dark financially.  She also feels like he’s hiding money now that divorce is an option.  This is where we have been asked to help.

We are asked to help her assimilate information which would give her an idea of their net worth or at least an idea of what assets are in the estate.  We asked her to gather any information she can find and bring to us.  She was surprised at what she could find.  She had all the banking information already and then upon digging at their home she found old IRA statements, old tax forms, letters from his employer, and several other forms.  All of which she brought into us.

We were able to give her a rough idea of what she has today based on the statements, but more importantly we were able to find assets she wasn’t aware of.  We did that through the W2 which was sent to their home via regular mail due to tax season.  Her husband may choose to deny owning these assets, but the W2 cannot lie!  Now that these assets are exposed the wife’s attorney can mandate information on these assets through the discovery process, even if the husband tries to deny them.

You can also look for hidden assets and divorce, and tax season is the perfect time to perform this seeking expedition.  Not only will the W2’s be in the mail, but so will a host of other tax forms.  These forms could uncover income from retirement accounts, contributions to retirement accounts and other various bits of financial information.

money and divorce

The W2 is mandated to be mailed by January 31 of each year.  Box 12 is particularly important in discovering what is owned by your estate.  The most meaningful W2 Box 12 codes for finding hidden assets and divorce are as follows:

  • D — Elective deferral under a 401(k) cash or arrangement plan.  This includes a SIMPLE 401(k) arrangement.
  • E — Elective deferrals under a Section 403(b) salary reduction agreement.
  • F — Elective deferrals under a Section 408(k)(6) salary reduction SEP.
  • G — Elective deferrals and employer contributions (including non-elective deferrals) to a Section 457(b) deferred compensation plan.
  • H — Elective deferrals to a Section 501(c)(18)(D) tax-exempt organization plan.
  • J — Nontaxable sick pay (information only, not included in W-2 boxes 1, 3, or 5).
  • K — 20% excise tax on excess golden parachute payments.
  • L — Substantiated employee business expense reimbursements (nontaxable).
  • R — Employer contributions to your Archer medical savings account (MSA).  Report on Form 8853:, Archer MSAs and Long-Term Care Insurance Contracts.
  • S — Employee salary reduction contributions under a Section 408(p) SIMPLE. (Not included in Box 1).
  • V — Income from exercise of non-statutory stock option(s) (included in Boxes 1, 3 (up to Social Security wage base), and 5).  See Publication 525, Taxable and Nontaxable Income, for reporting requirements.
  • W — Employer contributions (including amounts the employee elected to contribute using a Section 125 cafeteria plan) to your health savings account (HSA).
  • Y — Deferrals under a Section 409A nonqualified deferred compensation plan.
  • Z — Income under a nonqualified deferred compensation plan that fails to satisfy Section 409A.  This amount is also included in Box 1 and is subject to an additional 20% tax plus interest.  See Form 1040 instructions for more information.
  • AA — Designated Roth contribution under a 401(k) plan.
  • BB — Designated Roth contributions under a 403(b) plan.
  • EE — Designated Roth contributions under a governmental 457(b) plan.  This amount doesn’t apply to contributions under a tax-exempt organization Section 457(b) plan.
  • FF — Permitted benefits under a qualified small employer health reimbursement arrangement.
  • GG — Income from qualified equity grants under section 83(i).
  • HH — Aggregate deferrals under section 83(i) elections as of the close of the calendar year.

For help with your estate or more information on hidden assets and divorce, call our office to schedule a 30-minute complimentary consultation.

Filed Under: Dividing Property, Divorce Finance

The Gifts of Divorce

March 4, 2019 By Denise French, CVA, MAFF, CDFA, CRPC Leave a Comment

woman paying bills

I think a universal truth is that divorce is a tough thing. When you’re in the middle of the process, the light at the end of the tunnel can resemble something short of heaven. I know. I’ve been there myself. I am here to let you know that after the divorce, it gets very different. There were many benefits of divorce in Texas on the other side. Let me share some of the upsides of life after divorce to help get your closer to the light – some lighthearted, some a little deeper.

1. Space
I no longer had to share the office, the garage, the kitchen, etc. I was especially happy to have that closet all to myself. That was the most impactful, immediate gift. I vacuumed it, cleaned it from top to bottom and put my clothes throughout the entire closet just the way I wanted. Bliss.

2. Peaceful Sleeping
After many nights of restless sleep, it was so nice to have my bed all to myself. No longer listening to snoring or going to bed unhappy with someone who doesn’t want to be there. No more sleeping on the couch. The peace of mind was a sweet treat.

3. Control & Freedom at Home
One of the best benefits of divorce in Texas is I could spend all evening watching Say Yes to The Dress, The Voice, American Idol, and chick flick movies! Not that I did, but the choice was mine. It’s now yours too. You can listen to the music you want, watch any shows you want or dance in your home without judgement. ENJOY IT!

emotional gifts

4. Emotional Gifts
I made a list of all the emotional benefits of divorce in Texas I acquired as a result. I was stronger, no doubt. I had shattered the “dance” of my divorce – no longer letting him emotionally control me. I realized I could be a single, working mother and thrive. I realized I was tough, smart and successful – on my own. I had new friends, new hobbies and new meaning in my life. I had 3 pages of “gifts” I wrote after this experience. Try writing yours. You may be very pleasantly surprised!

5.No Money Battles
Almost every couple that divorces had conflict over finances. Be sure to recognize your weaknesses and set a plan to make good decisions for your own personal finances. After you do, it’s nice not to have to battle with anyone about the decision.

Now is your chance to make the most of your second phase. Make it count!! We can help you with the financials through our sister firm French Financial Group. Call today for a post-divorce consultation free of charge.

Filed Under: Divorce Finance, Divorce Support

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