Since retirement benefits are often the largest asset a divorcing couple must divide, careful planning is required to ensure your fair share.
Pensions and Retirement
Dividing retirement plans during a divorce in Texas can be complicated. Learn everything you need to know about Qualified Domestic Relations Orders (QDROs)
The most important thing to remember if you are divorcing and have or are married to someone with a pension is that it is not only a valuable asset, but most likely the most valuable asset in the marriage.
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, […]
Before committing to going through a divorce, make sure you are prepared for the financial changes that divorce brings.
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.
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 […]
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? I don’t see why my spouse should get any of it – he has hardly worked a day in his life!
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 […]