This case should serve as a warning to any divorced spouses who have remarried or live with a common law spouse – in the event of one of you dying, you should have had your policy changed so that your pension benefits will be split between your ex-spouse
Pensions and Retirement
Steering Clear of Financial Landmines
Understanding the financial and tax implications of your options – and avoiding financial landmines – is critical in creating a settlement that will last long-term.
Federal Pensions in Divorce
In terms of value, retirement plans tend to be the largest marital asset in a divorce. Whether you are a family law attorney dealing with these issues on a daily basis or an attorney who knows of (or is related to) a federal employee, here are some important issues to consider if the federal employee you know is going through a divorce.
Does my pension statement show my pension’s marital asset value?
Many pension plans issue yearly individual pension statements to each participant, although it is not required by law to do so. While it is possible to obtain a monthly figure, as if the employee will retire at a given date, this is not the marital present value of the employee’s pension. Depending on the occurrence […]
How can I transfer a portion of my IRA to my ex-spouse?
A portion of an IRA (Individual Retirement Account) can be transferred without tax penalty into an IRA Account for the alternate payee, if the alternate payee is the spouse or former spouse and the transfer is pursuant to a divorce.
What is the ABCs of Public School Employees’ Retirement System ADROs?
What you need to know about Approved Domestic Relations Orders (ADROs).
Do IRAs require a QDRO to be divided?
Contacting an account representative is a guaranteed way to figure out if IRAs require a QDRO to be divided. Click to read more.
How do I transfer some of my interest in a qualified retirement plan to my spouse?
I’m transferring some of my interest in a qualified retirement plan to my spouse in our divorce agreement. How should I go about doing this?
What is a Qualified Domestic Relations Order (QDRO)?
A QDRO is a court order with the purpose of dividing the pension as if it were property between the employee and their non-employee spouse.
How are retirement plan assets handled during a divorce?
A Qualified Domestic Relations Order, or QDRO, will specify the terms under which you or your former spouse can receive an interest in a qualified retirement plan, such as a 401(k) or pension. To avoid mandatory withholding, make sure the transfer is made directly from one qualified, tax exempt account to another. Rock A. Tate […]
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