Pensions and Retirement

What’s the difference between a defined benefit, and a defined contribution pension plan?

A defined contribution plan and a defined benefit plan are different and they can be identified by the wording of them. For example, a defined benefit plan is this: You don’t know what you’re going to be putting in every week. It might 6% of your salary, 6.5% of your salary, 7% of your salary, […]

5 Things You Need To Know About Divorce and Your Finances

Before committing to going through a divorce, make sure you are prepared for the financial changes that divorce brings.

Divorcing After 50? Make Finances Your Top Priority

If you are one of the increasing number of married couples going through divorce after 50, making finances your top priority and setting financial goals could help you protect your future.

Are contributions to a spouse’s retirement accounts considered marital or separate property?

As a general rule, contributions to retirement accounts that are earned during the course of the marriage are considered marital property. If contributions are earned both before and during the marriage, then you would have the situation in which some of it would be considered a non-marital portion, and then some of it would be […]

Must the parties, or their attorneys, wait until after a divorce to enter a QDRO?

A QDRO can be entered prior to or on the date the final judgment is entered, and in fact, it is recommended to do so. Many believe that QDROs can only be drafted after the final judgment, which is why 90% of the QDROs we receive are post-divorce. Nothing could be further from the truth […]

Will I lose some or all of my pension as a result of divorce?

Will I lose some or all of my pension as a result of divorce? I don’t see why my spouse should get any of it – he has hardly worked a day in his life!

If my ex-spouse remarries, will I still qualify for half of his social security benefits?

Yes, if you were married to your ex-spouse for at least 10 years, you will still qualify for social security benefits based upon his work history even if he remarries. The only qualifications for receipt of benefits are that you be unmarried, at least 62, that your ex-spouse be of an age to be entitled […]