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Host, Shawn Leamon, MBA and a Certified Divorce Analyst, talks about the complex subject of retirement plans. Retirement plans come in different forms, the most common of which is an IRA. If you or your spouse has worked at some point during your life, it is very likely that you have an IRA of some kind. It works by deducting some specific amount from your pay and saves it. In a simple IRA, you can contribute money until the age of 70, after which time you will have to withdraw a certain amount each year. A Roth IRA is a retirement plan under U.S. law that is generally not taxed, provided certain conditions are met. There is no mandatory withdrawal age, and it is easy on restrictions. In a Sep IRA, the company contributes to the account. Splitting IRAs in a divorce is easy, only requiring an order from the court that states how the assets are to be split, and usually no tax consequences are involved. Pension plans and defined contribution plans are more complex issues. A pension plan is characterized by a company promising specific benefits after an employee’s retirement. These are also called defined benefit plans because the benefits you receive are usually guaranteed. Defined Contribution Plans are different, as they involve defining a specific amount held by the holder. The same method applies to both for dividing them. This process is called a QDRO and has specific instructions on how to split the plans. You will need to consider many factors when you think about splitting these plans. A QDRO has two sets of information. The basic set includes your basic information and evaluation date. QDROs become complicated because of the information they can’t include, for example, giving certain benefits to a spouse that are not already allocated in the plan. As these plans have strict legal complications and rules, they need to be followed properly. They also require a specialist to prepare them, given the legal, technical, and investment complications involved. You can find a specialist by searching QDRO and the name of your state, and you should do this as soon as possible. Key Learning Points: Retirement plans are complex. An IRA is the most common form of retirement plan. Splitting IRAs in a divorce is easy, only requiring an order from a judge. IRAs usually do not have any tax consequences. Pension Plans and Defined Contribution Plans are complicated. These plans have the same method for dividing them, which is called a QDRO. A specialist is needed to prepare it because of its complexity. Thank you for listening to the Divorce and Your Money Podcast. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also the author of Divorceand Your Money: The No Nonsense Guide. One-on-one divorce coaching services are available at www.divorceandyourmoney.com. If you enjoyed the show, please take a moment to leave a review on iTunes, as it will help other people discover this helpful advice. …(read more)
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I got divorced in about 2001 and we were married 23 years and 4 children. My ex spouse would not show up at court did not answer the door or reply to my attorneys mailings. His place of employment would not answer my attorneys messages or phone calls. I don’t know how my attorney got the info to fill out the paperwork for my divorce or qdro, but in my divorce decree there is a QDRO, which states that I’m to receive 50% of his pension. Now it’s 2020, and I should’ve started receiving payment from his retirement, but I can’t even talk to the firm that deals with it. They would not talk to my attorney and they won’t look at the qdro is there anything I can do? My attorney has not did anything since he was not able to get in touch with the firm handling the pension. I didn’t know what else to do.
Can you get your pinchion plan out with out husbands signature
Possibly you can answer this. My ex spouse will not work with me on the QDRO which is in dissolution and final judgement which I'm to receive half of 401k. How do I get a plan statement in order to have QDRO drawn up if he will not give to me or lawyer.
Or will I need to just fine for Contempt?
currently my ex and i are splitting part of his ira…..i have one too…we both live in ky……the iras have been invested with a private holding company for the last 10 yrs….as of this month…the company we are invested in , is now paying their notes off …hense the split ot the ira is taking place now,with the private holding company….my ex and i have gone through divorce and mediation where the judge signed off on a fixed amount of his ira to transfer into my existing ira …..the question i have is….should the case # of the divorce be included in the transfer of the ira …my ex husband just emailed me a transfer letter that he is fixing to send to the holding company as to how to transfer ….the transfer letter he typed did not include the case # of my divorce and mediation agreement…all it stated was our account #'s the amount to be transfered , and to transfer from one ira to the other ira…….thanks
I have been married for 43 years and separated for about 12 (not legally separated) now my husband is retiring and he won’t share his pension. Can he do that?
I know a coworker whose husband never worked. She got surplussed then had to give her dead beat ex husband half
Do u answer questions
It's so stupid u have to give a person half your pension and they cheated on you for 20 yrs
If you are divorced and retire does the wife get half your pension even if she also will be receiving social security and a pension from her employment? I know every state may be different, but it seems in divorce the spouse gets half the pension. But what if they also will receive a pension and S.S.?
This needs to be regulated!!!!!
Judges are SLOPPY and cause unessessary stress and legal fees, and a divorce strategy. Every day courts and clients delay you loose/gain money!! Not complicated to order the right drug for the right patient at the right time and right route. Intentional sloppiness is FRAUD! Delayed approval from a plan Administrator after a Judge signs an order is criminal! Have you experienced fraud with splitting this asset? I would love to hear about it. Divorce degrees need to finalized AFTER the Quadro is agreed or at the same time! Are you gaslighted by the courts and financial institutions? Thank you for this resource Shaun ! I think I listened to every one of them! . Lawyers are committing malpractice with these issues every day! It has to STOP!