What happens to your power of attorney is someone files for custody or vistation or for separate maintenance?

Many married couples created powers of attorney (POAs) during their marriages which they would not want the other person to use in the event of separation or divorce. There is a new law that goes into effect in Virginia July 1, 2012 which provides that unless the power of attorney states otherwise, a power of attorney naming the spouse as the agent is automatically revoked by operation of law if either person in the couple files for custody or visitation or for separate maintenance.

This article was written by Phoebe P. Hall. Managing Partner/Attorney, Hall & Hall, PLC, 1401 Huguenot Road, Suite 100, Midlothian, VA 23113, and 4323 Cox Road, Suite 100, Glen Allen, VA 23060, Tel: (804) 897-1515, Fax (804) 897-2499

The information you obtain at this site relates to Virginia law only. It is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

Walt Disney

We salute Walt Disney Company for its announcement on Tuesday that starting in 2015 (due to existing contracts) the company will be supporting the help to fight childhood obesity. Disney has imposed new standards on food advertising on the company-owned tv stations, radio stations, and websites. By doing this, children will be less exposed to junk-food ads while watching children programs. Along with this they have agreed to sponsor public service announcements promoting healthy eating choices and exercise to children. The company also will begin selling Disney food products, that meet its nutritional criteria, in grocery stores. The criteria includes lower calories, saturated fats, sodium and sugar. These products will display the Disney logo. The company has also stated that it will improve the food that is served at its theme parks. Many hope that with Disney doing this it will set an example for other large companies whose audiences are children.

This is just one of a number of steps that have been taken recently to promote healthier lifestyles in the United States. Over a year ago first lady, Michelle Obama began her campaign "Let’s Move" to help fight childhood obesity. The first lady supported this announcement by stating, "Disney is doing what no major media company has ever done before in the United States, and what I hope every company will do going forward. When it comes to the ads they show and the food they sell, they're asking themselves one simple question: 'Is this good for our kids?'"

Another step that recently was taken in May was that Mayor Bloomberg of New York City proposed a ban on sodas and sugary drinks larger than 16 ounces being sold in restaurants and at evenst in New York City.

As family law attorneys working with parents struggling to raise their children well, we are seeing an increasing concern about childhood obesity. It is exciting to see public officials and large corporations taking on this problem in a constructive way.

This article was written by Phoebe P. Hall. Managing Partner/Attorney, Hall & Hall, PLC, 1401 Huguenot Road, Suite 100, Midlothian, VA 23113, and 4323 Cox Road, Suite 100, Glen Allen, VA 23060, Tel: (804) 897-1515, Fax (804) 897-2499

 

Division of a 401(k): A Risky Area

People who come to see us always have questions about their 401(ks)s. This often is the most significant asset to be divided in a divorce. It is a risky area because there are so many choices, and a lack of knowledge could adversely affect the size of a person’s share. It is critically important to get good advice and good craftsmanship. Couple are free to divide the account as they choose, or to allocate it all to one spouse. In most cases where the couple cannot reach an agreement, the court will divide the "martial portion" equally, but it is not required to do so. What looks like an equal division may not be as it seems depending on the wording used, so the agreement and order must be expertly drawn. The marital portion is the part earned during the marriage. The method for dividing defined contribution plans such as 401(k)s or 403(b)s is to utilize a Qualified Domestic Relations Order ("QDRO"). The QDRO will order the division according to the method and amount chosen by the parties or by the court. This can be a dollar amount or a percentage of the benefit. When a loan has been taken out against the 401(k) this must be taken into account in the order or agreement, and care should be taken not to allow further loans or withdrawals until the money is divided. The matter of survivor benefits is another important aspect of the division. The drafting of a QDRO is a highly complex job. There are numerous choices that go into how various terms are worded which can make a significant difference in each person’s share, and the requirements of the individual Plan Administrator must be taken into account. Merely utilizing the plan’s sample QDRO is not sufficient, as the document should be carefully crafted to meet the specific needs of the parties involved, with careful choices regarding optional terms to protect rights in this key asset division.

This article was written by Phoebe P. Hall. Managing Partner/Attorney, Hall & Hall, PLC, 1401 Huguenot Road, Suite 100, Midlothian, VA 23113, and 4323 Cox Road, Suite 100, Glen Allen, VA 23060, Tel: (804) 897-1515, Fax (804) 897-2499

The information you obtain at this site relates to Virginia law only. It is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.