Answers in Divorce Financial Planning

The financial impact of a divorce can be devastating. However, with proper planning and expert help from professionals, you can be best prepared for common divorce planning issues.
4 votes
Frederick, I know you posted this question nearly a year ago. It comes up so often however when we do the financial analysis for clients, that I'd like to add a few points for those who may be facing this now. We want clients to have the benefit of ...(more)
2 votes
Short answer: Your ex-spouse is probably going to be awarded half of your pension, 401(k), and whatever else you both have accumulated during your marriage.
7 votes
Peter C. Karp Level 20
Frederick, There are many factors involved when it comes to divorce and the impact on retirement benefits. A pension earned during marriage is generally considered to be a joint asset of both husband and wife. However, it is up to state divorce courts ...(more)
3 votes
Frederick, what is settled in your divorce decree is what will go into a "Qualified Domestic Relations Order' or QDRO. It is actually a court order. Whatever it says in the QDRO is what your ex-spouse will get. Your pension cannot be touched, unless ...(more)
3 votes
Frederick, DC is correct - it will depend upon a lot of factors. Some states do not spell out what happens in the divorce decree. Often the division of assets is enumerated in the separation instrument, or SAPS. If your pension is your sole property ...(more)
5 votes
That really depends on a lot of factors. One of the biggest will be division of assets / payments that will be laid out in your divorce decree. You could be responsible for paying half of all payments to your ex-spouse, or if their is a lump sum option, ...(more)
1 vote
The rules are prescribed by the plan administrator. To provide for the efficient functioning of a pension plan, funds need to be managed in a way consistent with the preservation of the money to be there when it is needed based on actuarial assumptions. ...(more)
1 vote
In reality, there is nothing that you need to do short of updating the address of the owner of record with the 529 plan administrator. In the divorce financial planning part of my practice, I will consider these assets to be for the kids and not part ...(more)
2 votes
The plans should not be impacted. Although one of the parents is most likely the owner, we consider 529 assets to be property of the children and do not include them in the divorce process other than to note them and address any questions the couple ...(more)
2 votes
Jim Blankenship Level 17
Isla, There should be no "required" impact on the plans, other than possibly changing who is the account owner, and then only if there is bartering going on between the spouses on the facts about how education will be paid for in the future. Since the ...(more)
3 votes
529 plans can only have one adult "account owner" and one beneficiary for whom the plan assets are designed to help pay for qualified educational expenses. However, since the account owner can withdraw funds from the plan at any time (even though there ...(more)
5 votes
Wyatt. Although your question involves finances, the answers lie within the legal community. Therefore, I recommend seeking the advice of legal counsel in this situation. I will share some considerations I would ask if I were consulting with you during ...(more)
3 votes
Bonnie - Depending on the timing of your divorce and your ex-husband's employer health coverage, you may be eligible for COBRA health insurance coverage for a period of up to 3 years following your divorce. This assumes your husband had health insurance ...(more)
-2 votes
Because life isn't fair
  • posts per page
  • 50