This is probably one of the most common mistakes in settlement agreements and even final judgments, since often times attorneys prepare the final judgment which the judge simply signs. It often erroneously states “retirement plan” without ever defining the type of plan(s) to be divided. Retirement plans can be defined contribution plans, defined benefit plans or some type of hybrid. …
Splitting Up Military Retirement Accounts
Today you may not think twice about splitting military retirement benefits during a #divorce. But it wasn’t always that way. A 1981 U.S. Supreme Court decision, McCarty v. McCarty, actually precluded state courts from dividing military retired pay as an asset of the marriage. In response, Congress passed the Uniformed Services Former Spouses’ Protection Act (USFSPA in 1982. This legislation specifically …
2016 Changes to Social Security for Divorced People
2016 has arrived, and for the tens of millions of Americans who receive Social Security benefits, the New Year is a good time to review what they can expect from the program over the coming year. While there are changes every year, 2016 has some unusual changes that you need to know about if social security is part of your …
40 Secrets Only Divorce Attorneys Know
The Divorce process is a stressful process that can easily bring out the worst in people. Some people even see divorce as a way to seek revenge on a spouse by seizing money and assets. Although divorce can get you out of an unhappy marriage, it can also milk you for all you are worth if you don’t know your …
10 assets you might forget to include in your divorce
Often the divorcing couple doesn’t remember they have these items, or doesn’t consider them to be assets. When you’re working through your divorce settlement, deciding who gets what, you are likely focusing on major considerations: house, cars, retirement accounts, investments. While these items are clearly important, many other assets are easily overlooked. Often the divorcing couple doesn’t remember they have …
Dividing Military Retired Pay Benefits In Divorce
Dividing Military Retired Pay Benefits In Divorce The Uniformed Services Former Spouses’ Protection Act (USFSPA) was passed by Congress in 1982, specifically to give a state court the authority to treat military retired pay as marital property and divide it between the spouses. This legislation was in direct response to the preceding year’s U.S. Supreme Court decision in McCarty v. McCarty, …
Don’t Forget These Marital Assets in Your Divorce Settlement
Divorce marks the end of one chapter of your life and the beginning of another, and odds are, you’ll look back at this time and see it as a positive turning point in your life. However, before you achieve that perspective, there’s plenty to go through – and much of that comes down to finances. Financially speaking, divorce is mostly …