There are a couple of ways to value these accounts and that really depends on what type of plan it is. A defined contribution plan is much easier to value and therefore easier to divide within the divorce. The defined contribution plan has a certain value as of a certain date, which can be divided […]
Pensions, Retirement Plans, QDROs
For someone getting divorced in their 30s or 40s, why is it important to pay attention to the pension?
It really is an easy thing to overlook and undervalue these assets when there’s something like a pension which seems so far off. But it is important to never forget that in assets, such as a pension, without great consideration even though it may be some time before that benefit is actually seen. Pension benefits […]
What’s the difference between a traditional IRA and Roth IRA?
These are both defined contribution plans, but the main difference is the way that the contributions are taxed. A traditional IRA, similar to a 401(k), is not taxed when contributions are made, but they are taxed at the time they are withdrawn. With a Roth IRA, you will pay regular income taxes on the money […]
What are the different types of retirement plans that might come up in a divorce?
There are really two main types of retirement plans: the defined benefit plan and the defined contribution plan. When most people think of retirement plans, they’re usually thinking of a defined contribution plan. This type of plan is an employee sponsored plan with an individual account for each participant. The benefit is fully based on […]
How Do You Approach Cases of Golden-Age Divorce in New Mexico?
Golden-age divorce in New Mexico requires a lawyer to see beyond what the client owns and owes. For example, does one spouse have dementia? Are they an unsafe driver?
Can a military spouse continue to be covered under the military member’s insurance after the divorce is final?
In order for you to continue on TRICARE, which is the type of insurance that you receive when you’re in the military, you have to be married to the military member for 20 years of credible service.
Are there other types of retirement funds that service members can put money into?
There are a couple different ways for service members to save money for retirement, but the big one is the thrift savings plan (TSP).
Can child or spousal support be collected directly from a federal retirement benefit?
Yes. Same way, except if they’re retired, the garnishment order for income goes to OPM offices in Boyers, Pennsylvania. You can garnish retirement income with a court order for child support, spousal support, and you can garnish a thrift savings plan. Carolyn Grimes is a family lawyer at the law firm of […]
If the military member has been married more than once, can that survivor benefit be shared by more than one spouse?
The military survivor benefit plan can only go to one person: it cannot be shared and it’s only designated to one person.
Are there any 401(k) accounts for federal employees?
Strangely enough, there are: 401(k) and 403(b). The federal agencies that deal with money, strangely enough, like the FEC and other financial industries also have 401(k)s and 403(b)s for their employees, in addition to potential for TSPs. If you got someone who works for a financial agency of the government, make sure you look for […]
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