Podcasts about qdros

⏰ How to Keep Track of Important Deadlines Post-Divorce? | Los Angeles Divorce ⏰ Finalizing your divorce is a huge step—but there's still work to do. From filing QDROs to updating financial accounts, missing a post-divorce deadline can lead to costly mistakes and unnecessary delays. Let's talk about how to stay organized and avoid stress.

How to Divide Retirement Accounts in a Divorce | Los Angeles Divorce

In today's episode of the Divorce661 Daily Perspektiv, we tackle a range of consultations and share insights into how we streamline the divorce process using advanced technology like e-filing. We discuss: How mediation can help when one spouse refuses to engage in discussions. A case involving pension division and spousal support, showcasing how we handle QDROs. A look at amicable cases where most issues are already resolved and ready to proceed. The efficiency of e-filing in counties like Riverside, Los Angeles, and San Diego, where we processed seven filings today. Stay tuned for valuable insights on how Divorce661 simplifies even the most complex cases. Don't forget to subscribe for more updates, tips, and behind-the-scenes stories!

In this episode of Divorce Explored, brought to you by We Chat Divorce, hosts Karen Chellew and Catherine Shanahan take a deep dive into the financial complexities of dividing assets during divorce. Inspired by the Morgan Stanley article, "6 Financial Mistakes to Avoid," they explore the common pitfalls that can derail financial stability and provide actionable insights to help listeners navigate asset division with clarity and confidence. From delayed financial planning to overlooking future expenses, this episode unpacks real-world scenarios, offers expert advice, and underscores the importance of building a trusted divorce team. Whether you're preparing for mediation, tackling financial negotiations, or simply seeking to avoid costly mistakes, this episode is packed with practical strategies to support your journey. Key Takeaways Plan Ahead, Strategically: Learn why delaying financial planning until after your settlement is finalized can protect you from making emotionally driven decisions. Avoid Emotional Agreements: Understand the importance of analyzing the financial impact of your settlement to ensure long-term stability. Account for Future Costs: Discover often-overlooked expenses, from tax liabilities to QDROs, and how to incorporate them into your plan. Be Cautious with Asset Division: Learn how prematurely dividing assets can lead to unintended financial consequences. Update Your Beneficiaries: Ensure your estate plan reflects your new reality while being mindful of state laws and timing. Assemble Your Divorce Team: Build a team that works solely for you, offering personalized guidance to protect your financial future. Resources Mentioned Morgan Stanley's article: 6 Financial Mistakes to Avoid https://www.morganstanley.com/articles/divorce-financial-planning-guide  Learn more about the Divorce Financial Portrait™ https://mydivorcesolution.com Disclaimer: The information provided in this podcast is for educational and informational purposes only and should not be considered financial or legal advice. Please consult with professionals in the relevant fields for personalized guidance. The WeChat Divorce podcast (hereinafter referred to as the “WCD”) represents the opinions of Catherine Shanahan, Karen Chellew, and their guests to the show. WCD should not be considered professional or legal advice. The content here is for informational purposes only. Views and opinions expressed on WCD are our own and do not represent that of our places of work. WCD should not be used in any legal capacity whatsoever. Listeners should contact their attorney to obtain advice with respect to any particular legal matter. No listener should act or refrain from acting on the basis of information on WCD without first seeking legal advice from counsel in the relevant jurisdiction. No guarantee is given regarding the accuracy of any statements or opinions made on WCD. Unless specifically stated otherwise, Catherine Shanahan and Karen Chellew do not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned on WCD, and information from this podcast should not be referenced in any way to imply such approval or endorsement. The third-party materials or content of any third-party site referenced on WCD do not necessarily reflect the opinions, standards or policies of Catherine Shanahan or Karen Chellew. WCD, CATHERINE SHANAHAN, AND KAREN CHELLEW EXPRESSLY DISCLAIM ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST OR THE INFORMATION PRESENTED IN THIS PODCAST. If you would like to obtain a typed transcript of this podcast episode, please email us at hello@mydivorcesolution.com. Please be sure to include the episode name in the transcript email request. Thank you! Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us a textAndrew chats with Shann Winesett, a family law attorney and experienced QDRO preparer. They discuss the importance of the QDRO in retirement plan division in divorce. They discuss common mistakes that are made in preparing QDROs and how to avoid potential financial grief in the future. Thanks for listening! We'd be very grateful if you'd subscribe to the podcast and give us 5 stars! Please visit Transcend Retirement or Wiser Divorce Solutions. Follow Andrew on LinkedIn too!

Welcome back to another insightful episode of Divorce at Altitude. After a brief summer hiatus, hosts Ryan Kalamaya and Bret Hirsh with Obermeyer Wood return to provide a sneak peek into a presentation they did at the Family Law Institute, an annual gathering of divorce professionals in Vail, Colorado. Ryan and Brett share valuable legal and financial insights for navigating the complexities of divorce.Episode Highlights:- Introduction to the Family Law Institute: Ryan introduces the Family Law Institute and the significance of the annual Divorce Lawyers Conference, where hundreds of professionals, including judges, gather to discuss the latest trends and strategies in family law.- Key Strategy #1 - The Marital Balance Sheet: Discover the importance of creating and maintaining a marital balance sheet to make informed decisions during divorce proceedings. Brett emphasizes the role of financial advisors in assisting with this critical document.- Key Strategy #2 - Understanding Tax Implications: Learn about the tax consequences of different assets, including retirement accounts and brokerage accounts, and why it's crucial to consider taxes when dividing assets.- Key Strategy #3 - Mortgage Qualification and Debt Allocation: Explore the complexities of mortgage qualification and debt allocation in divorce, and how a financial advisor can help navigate these challenges.- Key Strategy #4 - Liquid vs. Illiquid Assets: Ryan and Brett discuss the differences between liquid and illiquid assets, and the importance of understanding their impact on a client's financial future post-divorce.- Key Strategy #5 - Retirement Accounts: Learn how to properly address retirement accounts during divorce, including the role of qualified domestic relations orders (QDROs) and the potential pitfalls that can arise.- Key Strategy #6 - Engaging Experts Early: Discover why engaging valuation experts and financial advisors early in the divorce process can save time, reduce stress, and lead to better outcomes for all parties involved.Key Discussions:- Importance of Cash Flow Analysis: Brett explains the significance of cash flow analysis in divorce, particularly when dealing with illiquid assets like real estate and businesses.- Role of Financial Advisors: Understand how financial advisors can provide long-term financial planning and support during.What is Divorce at Altitude? Ryan Kalamaya and Amy Goscha provide tips and recommendations on issues related to divorce, separation, and co-parenting in Colorado. Ryan and Amy are the founding partners of an innovative and ambitious law firm, Kalamaya | Goscha, that pushes the boundaries to discover new frontiers in family law, personal injuries, and criminal defense in Colorado. To subscribe to Divorce at Altitude, click here and select your favorite podcast player. To subscribe to Kalamaya | Goscha's YouTube channel where many of the episodes will be posted as videos, click here. If you have additional questions or would like to speak to one of our attorneys, give us a call at 970-429-5784 or email us at info@kalamaya.law. ************************************************************************ DISCLAIMER: THE COMMENTARY AND OPINIONS ON THIS PODCAST IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES AND NOT FOR THE PURPOSE OF PROVIDING LEGAL ADVICE. CONTACT AN ATTORNEY IN YOUR STATE OR AREA TO OBTAIN LEGAL ADVICE ON ANY OF THESE ISSUES.

In case you missed it, we're excited to bring you an encore episode of The Lebenthal Report. Join hosts Michael and Dominick as they sit down with Karen Svendsen, an esteemed attorney at Long Tuminello, LLP. This episode is packed with vital financial insights, ranging from planning and security to the complexities of divorce. Karen shares her expertise on crucial topics like asset division strategies and the importance of updating life insurance beneficiaries post-divorce. They explore the effects of rising interest rates on loans and the intricate process of negotiating QDROs during divorce proceedings. The discussion also highlights the necessity of full financial disclosure, the pivotal role of tax advisors, and the importance of regular beneficiary updates. Whether you're navigating a divorce or looking to secure your financial future, this episode is a must-listen. Tune in for an enlightening conversation that offers valuable advice and practical tips.

In this episode of the Lebenthal Report, join hosts Michael and Dominick as they welcome special guest Karen Svendsen, an esteemed attorney at Long Tuminello, LLP. Together, they delve into crucial financial topics, spanning from planning and security to the intricate details of divorce. Karen brings her expertise to discussions about asset division strategies and the importance of updating life insurance beneficiaries post-divorce. Dive into their insights on the impact of rising interest rates on loans and the complexities of negotiating QDROs during divorce proceedings. This episode emphasizes the necessity of full financial disclosure, the pivotal role of tax advisors, and the critical need for regular beneficiary updates. Whether you're navigating divorce or aiming to safeguard your financial future, don't miss this enlightening episode.

In this episode of the Lebenthal Report, join hosts Michael and Dominick as they welcome special guest Karen Svendsen, an esteemed attorney at Long Tuminello, LLP. Together, they delve into crucial financial topics, spanning from planning and security to the intricate details of divorce. Karen brings her expertise to discussions about asset division strategies and the importance of updating life insurance beneficiaries post-divorce. Dive into their insights on the impact of rising interest rates on loans and the complexities of negotiating QDROs during divorce proceedings. This episode emphasizes the necessity of full financial disclosure, the pivotal role of tax advisors, and the critical need for regular beneficiary updates. Whether you're navigating divorce or aiming to safeguard your financial future, don't miss this enlightening episode.

In this podcast, we delve into the nuances between legal separation and divorce, exploring the new processes, fees, and considerations for each. We discuss how property division and spousal support are addressed differently in legal separation cases compared to divorce cases. We also examine real-life examples of settlement agreements drafted in various counties, such as San Benito County, LA County, and Alameda County, highlighting factors like assets/debts, minor children, marriage duration, spousal/child support, and more. Learn about the intricacies of specific child support, including distribution among children and maintaining consistent support amounts over time. We also share insights on expediting divorce cases, filing joinders for QDROs, and navigating legal hurdles like incomplete summons issuance. Plus, discover how our service streamlines the divorce process, eliminating the need for a separate process server and saving you time and money. Join us for valuable insights into family law and divorce proceedings.

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In this video, we delve into crucial talking points related to divorce judgment issues, spousal support, and other legal aspects you need to know. Join us as we discuss: Rejected Judgment Issues: We explore a 2022 case with served papers and the unexpected error on the POS. Find out why the response file was filed unnecessarily, leaving us unable to reach a judgment. Discover the reasons behind the lack of activity on the case since December 2022. Complex Divorce Case: We tackle a 2022 divorce case involving two children, where the parties wish to avoid child support and spousal support. Dive into the specifics of dealing with long-term marriages that require special language in the judgment. Spousal Support Simplified: Learn why you may not need a dissomaster when it comes to addressing spousal support in your judgment. Guide and File: Explore the process of filing your case, and understand why you may need to file forms 160 and 150, even when it seems unnecessary. Child Support Considerations: Discover why the "Reserved" option is no longer considered a non-guideline order, and when you do need to use this form. Uncover the circumstances where child support calculations may differ. Address Changes: Delve into the importance of formally changing your address in legal proceedings. Learn from a real case where a client amended their petition but faced issues because a change of address form was not filed. Address Changes in LA County: Understand why address changes may not be possible if you have an LA County divorce case that is finalizing your judgment electronically. QDRO (Qualified Domestic Relations Order): Get insights into the complexities of QDROs and strategies to reduce the number you need, including offsetting other accounts. Learn from a real client case involving multiple pensions. If you're navigating the complexities of divorce and judgment issues, this video provides valuable information and guidance. Don't miss out on these essential legal tips and insights. Subscribe, like, and share to stay informed!

In this episode, join us as we dive into a week in the life of a paralegal, where we handle a variety of legal matters and encounters. From consultations to judgment packages, settlement agreements, and QDROs, we cover it all. Discover the challenges of assisting parties in complex divorce cases, especially when marriages last for decades and unexpected issues arise. We'll also explore the intricacies of QDROs and how they are divided, shedding light on the community property shares and navigating gains or losses. Learn about the frustrations of clients who attempted the self-help route but later sought professional assistance, costing them time and money. Find out the importance of seeking legal advice when dealing with divorce cases, especially when one party has an attorney while the other is self-represented. Plus, we share insights on locating old divorce cases and understanding the intricacies of rejected judgments, specifically in spousal support cases. Join us for an inside look at the paralegal profession and gain valuable insights into the legal process. And if you've ever wondered why it takes so long to receive filed paperwork after processing, we'll unravel that mystery too! Stay tuned for more legal insights and behind-the-scenes experiences. Don't forget to like, subscribe, and hit the notification bell to stay updated with our latest content!

Here is today's Divorce661 #DailyPerspektiv Consultation Overview: The day started with a total of 6 consultations from various counties in California, including Riverside, San Mateo, Santa Cruz, Yolo, Monterey, and Los Angeles. One individual inquired about Monterey County services and was confirmed to be covered. New Cases Filed: Three new cases were filed today, with one each in Los Angeles, Sacramento (non-electronic filing), and San Luis Obispo (initial petition e-filing but not for judgment). Processed Judgments: Six signed judgments were received in the mail for processing. These judgments originated from Contra Costa, Santa Clara, Monterey, Orange County, Sacramento, and Solano County. Approved Divorce Cases: The court approved three divorce cases, with two in Los Angeles and one in Pasadena. Rejected Judgments: Two judgments from San Mateo County and Los Angeles County were rejected. Settlement Agreements: Three settlement agreements were prepared, all from Los Angeles County. Additional key points discussed in the video: The process of filing a case in Los Angeles County with a fee waiver due to unemployment was successfully completed. Self-help centers in Contra Costa County take approximately 3 weeks to respond, but this delay can be bypassed with the consultant's service. The importance of original signatures on judgments, and the challenge of not being able to e-file judgments in most counties, except for LA County. Instances where clients wished to retain 100% equity in their homes during divorce. The significance of being patient during court proceedings and not constantly checking for updates. A discussion on the level of detail required for child custody arrangements. Information on Health Insurance Open Enrollment from November 1 to January 31 and when to remove a spouse from health insurance during divorce. A client's attempt to handle their own divorce paperwork while seeking free information on complex financial matters like QDROs and tax implications. Stay tuned for more insights and updates on legal consultations and divorce processes!

The divorce is final; yet the items on your to-do list are overwhelming enough to make you want to crawl under the covers. For most people, the day after the divorce is just the beginning of the transition process, not the end. The key to maintaining sanity during this overwhelming time is breaking up your financial "To-do" list into manageable “bites”. In this, our first 3 part Mini-Bite Series, Jacki and Melissa break down your post-divorce game plan into things that you should do "NOW", "SOON" and "LATER". Each segment has its own mini episode.   Part Three shares “bites” to do within the first year after your divorce is final. “Bites” include changing your name, estate planning, making QDRO distribution choices and pushing re-set on your financial plan.·        To read about how Pearl Planning and Jacki Roessler, CDFA can help you though and after your divorce or schedule an initial complimentary consult,  CLICK HERE·         CLICK HERE FOR MORE INFO ON SOCIAL SECURITY NAME CHANGES  ·         CLICK HERE FOR INFORMATION ON PASSPORT NAME CHANGES ·        To learn more from Jacki about why timing is so important with QDROs, CLICK HERE TO LISTEN NOW  Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. Pearl Planning is not affiliated with and does not endorse the opinions or services of Brian Cohen or his affiliates. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax or legal position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

Join Melissa Fradenburg for Part 2 of our first "Mini-Bite" series. This series is all about breaking down your post-divorce checklist into manageable mini bites.  Part 2  addresses  managing your finances in the first six months after divorce. Melissa dissects critical aspects such as establishing a post-divorce budget, splitting assets, removing your name from any joint accounts, and why timely completion of paperwork is non-negotiable.  Get the details regarding  the processes of asset transfer, setting up new accounts, and how partnering with a financial advisor can make things a lot easier for you. So tune in and equip yourself with the valuable advice that will make your transition smoother and help you build your best  life post-divorce.  If you missed Part 1, CLICK HERE TO LISTEN NOWTo learn about how Pearl Planning and Jacki Roessler, CDFA can help you though your divorce or schedule an initial complimentary consult,  CLICK HEREIf you're already divorced and are looking for post-divorce financial planning from an advisor who specializes post-divorce planning,  contact Melissa Fradenburg CLICK HERE TO SCHEDULE A CONSULTTo download Pearl Planning's post-divorce "budget" worksheet, Click here and scroll down to  "Divorce Budget Worksheet"To learn more from Jacki about why timing is so important with QDROs, CLICK HERE TO LISTEN NOW Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. Pearl Planning is not affiliated with and does not endorse the opinions or services of Brian Cohen or his affiliates. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax or legal position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

The divorce is final; yet the items on your to-do list are overwhelming enough to make you want to crawl under the covers. For most people, the day after the divorce is just the beginning of the transition process, not the end. The key to maintaining sanity during this overwhelming time is breaking up your financial "To-do" list into manageable “bites”. In this, our first 3 part Mini-Bite Series, Jacki and Melissa break down your post-divorce game plan into things that you should do "NOW", "SOON" and "LATER". Each segment has its own mini episode. Part One covers things to do within the first 1-3 months after your divorce is final. Jacki gives the listener clear and practical tips  for tackling those tasks that (if handled right away) will save much stress, aggravation and possibly money later.To read about how Pearl Planning and Jacki Roessler, CDFA can help you though your divorce or schedule an initial complimentary consult,  CLICK HEREIf you're already divorced and are looking for post-divorce financial planning from an advisor who specializes in this area, contact Melissa Fradenburg CLICK HERE TO SCHEDULE A CONSULTTo download Pearl Planning's post-divorce "budget" worksheet, Click here and scroll down to  "Divorce Budget Worksheet"To learn more from Jacki about why timing is so important with QDROs, CLICK HERE TO LISTEN NOW Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. Pearl Planning is not affiliated with and does not endorse the opinions or services of Brian Cohen or his affiliates. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax or legal position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

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The Fed hikes rates, a new jobs number, and earnings season continues. A lot to talk cover during the Week-in-Review. We'll also review how Annex assists high-net-worth clients, spousal social security, the Annex portfolio review--and toward the end of the show, how QDROs affect divorce agreements. 

Most people don't prepare for a divorce before they get married. In most divorces, property that was acquired during the marriage is subject to division between the spouses depending on a number of factors.  Dividing assets and understanding how they are calculated post-separation is a crucial step in the divorce process. A QDRO can be … Continue reading QDROs & Divorce: Understanding the Settlement of Retirement Assets with Derrick A. Rubin, Esq. (Ep. 124) →

In this "Giant Mess", divorced dad Neal Lynch recaps his first Christmas without his daughter in South Carolina, gives a Year in Review for 2022, discusses somehow coming down with Covid for the first time in the first week of 2023 (almost 3 full years after this 2-week pandemic swept the globe off its axis), the frustrations of dealing with his delay-ridden divorce lawyer about QDROs, and his daughter's newfound obsession with Osmo and her distaste of basically all things Dad. ABOUT "GIANT MESS": "Giant Mess" is a sloppy sports and entertainment talk show that covers the New York Giants, New York Mets, movies, TV, comedy and more, hosted by a giant mess, Neal Lynch. Leave a voicemail at (862) 248-1986. Subscribe to Giant Mess on YouTube: https://bit.ly/GiantMessYT https://youtube.com/c/NealLynch https://youtube.com/user/realcinch Follow me on: My Official Blog - http://bit.ly/neallynchBLOG Giant Mess Facebook Page - http://bit.ly/GiantMessFB Twitter - http://bit.ly/NealLynchTW Instagram - http://bit.ly/NealLynchIG Subscribe to Giant Mess on Apple Podcasts - http://bit.ly/GiantMessApple Subscribe to Giant Mess on Spotify - http://bit.ly/GiantMessSpotify --- Send in a voice message: https://anchor.fm/neal-lynch/message

In this episode, Jacqueline Roessler, CDFA® explains the QDRO process for post-divorce clients. Clients are often overwhelmed and confused by the length of the time it takes to put QDROs in place. Additionally, clients are confused about who plays what role in getting to the QDRO finish line and why it's important to be proactive.  If you're wondering “where's my money?”, this episode will point you in the right direction.We will cover:What is a QDRO and why do you need one? The many stages of getting your QDRO processed When you can expect to receive your moneyResources:Contact Jacki via email at jacki@pearlplan.comRead Jacki's blog on QDRO timing HERE.Find out how Jacki Roessler, CDFA® advocates for divorce clients during the divorce process by scheduling a complimentary 30-minute initial consult HERE.As a companion to this episode, download our QDRO Process Flowchart by clicking  here: https://pearlplan.com/wp-content/uploads/2023/01/QDRO_Process_Pearl_Planning.pdf  Read the US Government's Accountability Office's Recommendation on the processing of QDROs after divorce HERE.Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax or legal position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

What do you do when your divorce involves a QDRO? Do you even know what that means or who to reach out to? Luckily, our guest on today's episode has the inside scoop. Join Seth and Pete as they talk with Matt Lundy about QDROs and how to navigate the world of sorting out money in your various retirement accounts.Matt's handled over 14,000 QDRO cases – you read that right – so he knows what he's talking about. It's a complicated process that's all about splitting up retirement accounts. So why is it so daunting? And what should you know about them? In this episode, Pete and Seth work with Matt to lay out a few key steps you should have prepared if you're going to end up with a QDRO in your case.Links & NotesMatthew Lundy LawThe Unexpected Legacy of Divorce by Judith WallersteinSchedule a consult with SethGot a question you want to ask on the show? Click here! (00:00) - Welcome to How to Split a Toaster (00:26) - Meet Matt Lundy (03:32) - What Is a QDRO? (07:41) - Where to Start the Conversation (09:50) - Who Has the Power (12:56) - Setting Up the Qualified Domestic Relations Order (15:57) - Working With Plan Administrators (19:44) - The Steps You Should Take (24:05) - What Will You Get From It (28:19) - Sponsor: Soberlink (30:13) - Exceptions (31:40) - Example (35:18) - Solving These Problems (37:22) - Find a Good Family Law Attorney From the Start (42:59) - The Struggle to Accept Good Advice (45:57) - Make Sure They Know What They're Doing (49:18) - Find the Right Family Law Attorney (50:35) - Wrap Up

The divorce is final and everyone wants to take a break from all things divorce-related. Yet, now is the right time for clients to immediately get started on their QDROS. What is a QDRO and why do you need one after your divorce? A QDRO (short for Qualified Domestic Relations Order) is a legal document (separate from your Judgment of Divorce) that transfers ownership from one spouse to the other in a qualified (i.e. employer sponsored) retirement plan-like a 401k or pension. The only way to transfer ownership of these types of assets is with a QDRO. Yet, many people are overwhelmed after the divorce and procrastinate getting their QDRO done. Dave Roessler, of Divorce Solutions, a Michigan QDRO preparation company https://www.divorcesolutionsllc.com/ shares his insight on why people wait and why waiting can be dangerous for the person waiting to receive the money. If you need help getting your QDRO forms completed, schedule a consult with Jacki Roessler, CDFA at Pearl Planning here https://calendly.com/jacki-divorceplanner/get-to-know-you?month=2022-07&back=1.Resources:Divorce Solutions, LLCQDROs PDFInformation about survivor benefits for spouses and beneficiariesIs Time Running out on Getting Your Qualified Domestic Relations Order?Links are being provided for information purposes only. We do not suggest that listening to this podcast will make you wealthy. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

What is Silver Divorce? Silver divorce refers to the split or separation of older couples who have been married for a long time. also called “silver or diamond splitters,” and the term refers to the hair color that older people often have. The term began to be used in the United States in 2004, but the practice had already been prevalent for about 20 years. Research shows that although the overall rate of divorce in the United States has declined over the past 20 years (until 2020), the divorce rate of people over 50 is on the rise. In episode 73, Financial Advisor, Russ Thornton, joins me on the Starting Over Stronger Divorce Survival & Recovery Podcast to discuss why Silver Divorce is the fastest growing age group facing divorce and what the primary concerns are for Silver Divorcees.Does living longer contribute to the rise in Silver Divorce? What effect does the rise in double income families contribute to this issue?We also touched on standard of living, equitable distribution, alimony / lack of career potential at advanced ages, retirement, QDROs, complicated and complex marital estates, pre-nups, post-nups and more.Tune in now if this affects you.Support the show (https://www.paypal.me/anniejallen)

On the newest episode of We Chat Divorce we're speaking with Donna M. Cheswick. Donna has over 30 years of experience in the financial services industry. She is a Certified Divorce Financial Analyst (CDFA®) and a Certified QDRO Specialist (CQS). She is the owner of Cheswick Divorce Solutions LLC, located in Southwestern Pennsylvania, where she helps individuals, couples, and family law attorneys with all the financial complexities that arise during divorce to ensure the most financial advantageous settlement possible. Education is the backbone of her business. She frequently teaches workshops on a wide variety of topics relating to finance and divorce, as well as authors numerous articles for local/national print and online publications. Donna also is a trained divorce mediator and a collaborative financial neutral. She has also been drafting QDROs and other like orders for the last ten years. Learn More >>  http://cheswickdivorcesolutions.com/ Connect with Donna Cheswick on LinkedIn >>  https://www.linkedin.com/in/donnacheswick/   The We Chat Divorce podcast (hereinafter referred to as the “WCD”) represents the opinions of Shanahan, Chellew, and their guests to the show. WCD should not be considered professional or legal advice. The content here is for informational purposes only. Views and opinions expressed on WCD are our own and do not represent that of our places of work.  WCD should not be used in any legal capacity whatsoever.  Listeners should contact their attorney to obtain advice with respect to any particular legal matter. No listener should act or refrain from acting on the basis of information on WCD without first seeking legal advice from counsel in the relevant jurisdiction. No guarantee is given regarding the accuracy of any statements or opinions made on WCD.  Unless specifically stated otherwise, Shanahan and Chellew do not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned on WCD, and information from this podcast should not be referenced in any way to imply such approval or endorsement. The third-party materials or content of any third-party site referenced on WCD do not necessarily reflect the opinions, standards or policies of Catherine Shanahan or Karen Chellew.    Karen: Welcome to We Chat Divorce, Catherine and I are so happy today to welcome Donna Cheswick, owner of Cheswick Divorce Solutions LLC. In this episode, we're going to discuss the nitty-gritty on issues with retirement plan division in divorce. But first, let me take a couple minutes to introduce Donna. Donna has over 30 years of experience in the financial services industry. She's a certified divorce financial analyst. You will also hear the term CDFA. She's also a certified QDRO specialist. That term is a CQS. You may have never heard that one. She is the owner of Cheswick Divorce Solutions located in southwestern Pennsylvania, where she helps individuals, couples, and family law attorneys with all the financial complexities that arise during divorce to ensure the most financial advantageous settlement possible. Education is a backbone of her business and she frequently teaches workshops on a wide variety of topics relating to finance and divorce, as well as authors numerous articles for local national print and online publications. Donna also is a trained divorce mediator and a collaborative financial neutral. She's also been drafting QDROs and other like orders for the last 10 years. Welcome, Donna. Donna: Thank you so much. I'm glad to be with you both. Catherine: Oh, always love having a fellow CDFA here, which is how we met. So happy to have you here. And I'm really looking forward to getting to the nitty-gritty of retirement accounts with you. I know I'm burning with some questions and I'm sure Karen is as well. Karen: Absolutely. And you are a wealth of information to us and our clients. And we're so grateful that we have you on our team live. So Donna, let's just start out with how are retirement accounts split in divorce? Let's talk about that. Donna: Well, there are two main classifications as I'd call it of division. You have dividing employer retirement plans and then you have dividing IRAs and other types of qualified plans. And the employer plans require a special document. It's called a qualified domestic relations order. You'll hear the term QDRO or Q-DRO, depending on what part of the country you live in and they both mean the same thing. And that is needed to allow the employer to actually divide an employer plan to an alternate payee. The other process is basically transfer incident to divorce. When you have say an IRA account, you just need special language in your marital settlement agreement detailing how that transfer is going to occur. Both of these methods are done as a tax-free transfer. Nobody's taking out money from their account, writing a check to their soon to be ex-spouse. Everything can be transferred in a tax-free transfer from one party to the other. Catherine: So let's give a couple of examples about that. So, an employer plan would be? Donna: PPG, Google, pensions, a municipality - anywhere where you are working for someone else. Catherine: But that would be a pension…I'm sorry, that would be a pension, a 401k. Donna: Yes. Catherine: A 403(b). Donna: Yes. 403(b). Catherine: Okay. And then the other plans that you're mentioning are just IRAs, Roth IRAs. Donna: Correct. Correct. Karen: I was just going to say how many times do we see IRAs and Roth IRAs designated in the marital settlement agreement that they need a QDRO? I see it more than I don't see it. Donna: They do not. Only employer plans require a QDRO. However, if you put language in your marital settlement agreement that says you're going to divide an IRA by a QDRO, many times the plan administrator will want one because you've put it in your marital settlement agreement because you have to send a copy of the marital settlement agreement along with some paperwork to that IRA custodian. So you need to be careful not to put language in that you don't need because then ultimately- Karen: Spending another $500…(laughter) Catherine: Yeah. Yeah. That's a really good point because actually I never knew that. So I have an IRA. If you're listening, you have an IRA, your attorney just throws the language in there because they think they should throw the language in there, that plan administrator may require you to execute a QDRO, which is costly. Donna: Correct. Correct. Now you can put kind of roundabout language in there that says if the custodian or financial institution requires it, one will be you know what I mean. But if you say this plan will be divided by qualified domestic relations order, likely that plan is going to or that IRA custodian, they're going to be looking then for qualified domestic relations workers. You said you were going to provide one. Karen: Right. And they have to follow the order. They have to follow the marital settlement agreements. They don't have a lot of options. Catherine: I know you can say this, but Karen, you may recall this, but Donna it's the truth. And really, I wish I made this stuff up, but I don't. We had an attorney that charged a client a couple of hours because he did all this research to find out that her IRA did not need a QDRO. Karen: We're not sure what the research was either. Catherine: We asked for the research just out of curiosity, but we never received it. But she did receive the bill for it, which is upsetting. You also bring up something else when you mention the pensions meaning defined benefits or defined contributions like your 401k's, you must hear this just as we hear this. A lot of people feel like, well, my employer won't let you have that money. So that money is mine. Donna: That is not true. Even if the employer, because there are some plans, some employer plans that cannot be divided with the qualified domestic relations order. They're few and far between but that does not mean they are not marital property. And should be attributed, maybe one party is going to keep that asset, but the other party is not. But yeah, I hear that a lot of times too, my spouse says that's my pension not yours. That's not true. That's marital property. It doesn't matter that it's only in one party's name. If it occurred during the course of the marriage, all or some of it, because maybe there's a premarital component or post-separation component, it's marital. Catherine: Mmm-hmm. Karen: Yeah. And that means you have a marital interest in it. So while the one spouse or the other may technically own it, the other spouse has an interest when dividing the asset and when dividing the marital property. I think a lot of people are challenged with that concept. Yeah. Catherine: Yeah. When we talked about the details you mentioned the marital component and the non-marital component, but it's also really important, isn't it? To have details on what happens if one of the spouse dies before the QDRO is actually approved? Donna: Well, that's one reason why you don't want to delay getting these orders done because that's just one possibility that can happen. Now you can do post-death QDROs. Catherine: Oh. Donna: They can be divided post, not every plan, but any ERISA plan can be, but again, not 20 years from now when they've already distributed the assets, that's the problem that you run into. Say you have a 401k, the party dies, the qualified domestic relations order hasn't been processed. And the plan makes a distribution to whomever those beneficiaries are that the employee has on file and they send the money out. Then what? Catherine: Right. Donna: Then you may have to go to the estate of the deceased and a whole bunch of other legal issues that can arise. Catherine: What happens if you get divorced and there is supposed to be a QDRO and neither party initiate or follows up on the QDRO being processed because they're in their 50s, let's say or 40s and now they want to retire. QDRO was never initiated. Will the company know that one is required? Donna: Well, the company doesn't know anything until they're told, right. If the company does not know unless they have that legal document, they may not know. But one can still be prepared. Because I get a lot of attorneys come to me, more recently one from 10 years ago. Nothing was ever prepared and it was a pension and wife or ex-wife knew ex-husband was going to be retiring soon. She calls the company and asks, when am I going to start getting my pension? Well, what did the company tell her? We have no paperwork on file, which they didn't. Nobody did a qualified domestic relations order. I mean you can lose benefits if you… Karen: And the surviving spouse could have been changed by then as well. Donna: Yes. That's another problem. The party could go into pay status and pick single life expectancy. Meaning it's only going to pay out on that employee's lifetime. God forbid if that employee dies an early death, there's no, even if you get a QDRO submitted, the former spouse payment will die when the employee spouse dies. And that could be problematic. Catherine: What if the ex-spouse remarried in that scenario? Donna: Pardon? Catherine: What if the ex-spouse remarried in that ten-year period but the attorney didn't call you. Donna: Well, depends on the plan. But what happens is they may have chosen a joint and survivor benefit with a new spouse. Now that's different while they're living than when they die. Right. So as long as the employee spouse is living, there can still be a division. The court order is submitted for a former spouse, but potentially if that employee spouse dies and they were able to name a second spouse that could be problematic. Every plan is different, there's different rules. You definitely want check that information out. But I would encourage people do not wait to get these legal documents prepared. They should be done. Actually, they should be done at the point when you're signing your marital settlement agreement in a perfect world or very shortly after the divorce decree. Karen: Right. And even asking your council or your attorney to take the steps, to notify the plan administrator that a divorce is pending because usually that'll put a hold on the account until they have further instruction. I know it's only temporary but sometimes that will create a lockdown of sorts until the divorce is completed, especially in these really long divorce scenarios. Yeah, that can be helpful too. Donna: Not all plans that will. So be aware. And sometimes it's only for 18 months. So five years goes by, there's no hold put on after. Karen: Right. Right. Catherine: You've brought up something really great. Of course, I run with this kind of information. I love the client who just called the company where she knew her husband worked and said, "Hey, when is my pension kicking in?" Because that can also bring up an undisclosed asset. So if they say we don't have any information, I think it's really easy for people to overlook because they don't ask about it. And because there aren't as many anymore it's just something that's overlooked, but why not? If you're out there and you know that your ex spouse is retiring and you don't have a pension, but you think they do call the company. I love that, Donna. And say, "Hey, can I receive my benefits?" Donna: Well, but the problem is if it's not been addressed in the marital settlement agreement, there may be no award to the former spouse because depending on the language in the marital settlement agreement, it may have only addressed certain retirement accounts that were disclosed and said the other party keeps all other retirement accounts in their name. So if you know your spouse has worked for a company for at least five years, even if it was years ago, you should be checking if there's any type of pension or 401k type benefits that are kind of out there. The pensions are more problematic. You're right. Because you don't get a statement in the mail every quarter like you do with your 401k. You might get one annually if you're lucky and… Catherine: And now they're digital a lot. So you don't even see them if you don't have access to that information. And that brings me to a really good thing. Why is it so important to get actual account statements? Donna: Oh, that's a huge issue. So you want to get a complete copy of any type of retirement statements, not just a screen print, where a lot of people will go in they'll just print out, "Hey, today, my 401k is worth X." Well, that's good to know and you don't just want the first page of the statement because there's a lot of data that is forthcoming in page two, three, four, five and six that may not be showing on page one. Donna: You need to know if the participant's spouse, that's the employee's spouse is vested. If it's a 401k plan, so all of those dollars that are showing belong to the employee? Obviously the employee's contributions are always theirs, no matter what, but if there's some type of match from the employer, some employers have what's called a vesting schedule. Maybe they only give them 20% a year of that dollar that they're matching. They have to work there for a period of time to get that whole amount. Loans are another big issue. Most account statements do not show if there's a loan on page one, that would be important to know. The other thing that's important to know is the different buckets of money. Most people are familiar with pre-tax, you put a dollar into your 401k. You're not paying any tax on it. But some folks worked for a prior employer, maybe they rolled in their old 401k into their current employer's plan. That's a different bucket of money. The employer has to segment that separately. Maybe their after tax contributions like a Roth 401k. A dollar and a Roth is not equal to a dollar in the kind of traditional bucket. So all of those things show up later on in the statement and I hate to even bring this up but it happens. With the technology age, it's real easy to sort of forge a screen print and manipulate it to be something that it is not. And so it's harder to forge a 12-page account statement. But you want that full account statement. There's data on there that you're going to need to see. Catherine: Oh, amen to all that. We have clients saying, why is it so important to get the whole statement? Here's the value. And for everything that you just mentioned, page three and four are missing, it's one of 12, okay, we want every page in one of 12, and then if it's not there we say why it's not there. But yes, gosh, if you're listening so important to have the statements. Karen: Mmm-hmm. It is. And you touched on the fact that a lot of people have prior employers with 401k accounts still remaining there. We run into that a lot and then they get to their divorce and now there's one, undisclosed 401k accounts and two, they're missing or they're faced with what their attorneys put in the marital settlement agreement. Now you've got five QDROs, the need for five QDROs. Can you talk about that a little bit? How to identify other 401k accounts that you wouldn't otherwise know about? Donna: So again, if you know your spouse has worked for an employer in the past, you want to be asking what your attorney should be asking on your behalf for discovery if there are any plans with those prior employers. Sometimes you can do some digging on the internet. Any ERISA governed plan has to file what's called a 5500, it's a tax document and those are public. And you can see, does the plan even have a defined contribution plan or a defined benefit plan? Sometimes you can call the company and ask. Does your PPG, do they have a 401k plan? Yes, we do. Do they have a defined benefit pension plan? Yes, they do. And at least you will know there is a plan that exists. Does not mean that the employee is eligible for it but you at least want to know first the existence. Catherine: Exactly. Karen: I want you to highlight that because that happens a lot and I just wanted to reiterate that. Thank you for doing that. Donna: Mmm-hmm. Catherine: And it's really the big general question about these defined benefit plans that individuals don't necessarily have the privy to the information so they don't understand it. So when they do get a partial statement or they do get a screenshot or what have you, it'll say what your monthly benefit is at retirement. Now you're still working in most cases and then I'll give you a lump sum option. Can you explain to our listeners what the differences and what are the things to consider when you see that on a statement? Donna: Sure. So not all pension plans will offer a lump sum option but if they do it oftentimes is disclosed on that statement and that gives the employee or alternate pay if there's going to be a division, the potential option to either take a chunk of money and no further payments stream out into the future. You're almost kind of buying out your pension. You're taking that lump sum amount, you're transferring it into another retirement account, an IRA and then there's no more pension. There are some pension plans that'll do kind of a hybrid. You can take a partial lump sum and it reduces that monthly benefit payment. Say without the lump sum, you're going to get $2,000 a month but if you take out the lump sum, now you only get $1,000 a month. You have to weigh those options. A lot of times it is in the plans benefit to offer a lump sum. They want to get the employee off their books. They want to get the liability off of their plate and push it over onto the employee's plate. But if you do the math on what your monthly income stream would be over a theoretical life expectancy and then what the growth rate on that lump sum would be over that same life expectancy, you have to kind of weigh whether it's better to take the monthly payment or whether it's better to take the lump sum. And everybody's needs are different and everyone's concerns are different, but you definitely want to know all those options and what they mean for you and if it's beneficial or not. Catherine: So just as a follow-up to that, let's just say I get divorced and my spouse and I split his pension and now it's gone through a QDRO, will I now have the benefit of choosing a lump sum or an annual payment or do I have to get what my ex-spouse chooses? Donna: Well, it depends when the qualified domestic relations order is prepared. If it's prepared before they go into pay status, there are more choices available potentially. Once an employee goes into pay status, they have to choose what they're going to do right there and then. And usually those choices are irrevocable, right. You can't go back and say, "Oops, I didn't want to do that." Or "I [inaudible 00:20:53] do that." So that is important to know. If it is before the employee goes into pay status, potentially you have the option of what's called on a pension plan at least, a separate interest QDRO, where in theory the pension is sort of dividing the pension into two parts, one for the employee and their marital portion and also any premarital or post-separation amounts. And then kind of one part for the alternate payee who's the former spouse and each spouse once that plan is divided can kind of take their piece and do with it what they want. Catherine: Hmm. So that's called a special interest QDRO. Donna: It's called a separate interest. So think of it riding on a train. Prior to the employee retiring and taking their benefit, usually most plans will allow, it's not a municipal plan or a government plan, they will allow for what's called a separate interest. That kind of division into two parts. And each person's on their own train kind of going forward into retirement. If it's what's called a shared interest, everything is dictated by the employee spouse. The alternate payee doesn't really get to make any choices. They are stuck, not stuck, but with whatever the employee chooses. That's why you need to be sure proper language is in your agreement because you want to protect as many of those rights as you can. You don't want the employee electing something that might not be in your favor because it's permanent. Karen: Right. And if they have that shared interest, what happens when the participant passes? Donna: If they have put in language for survivor benefits, which is very important then the alternate payee or former spouse interchangeable kind of terms can continue on either all or a portion of that pension for their life expectancy. But those benefits have to be elected when the participant retires. Can't go back and say, "Oh, I didn't do that. We need to fix it." So it's very important to make sure those documents get in and that they're worded properly to protect those benefits for the former spouse. Catherine: Donna being a QDRO administrator do you often see, and I already know what the answer is, but if you're listening, this might be one of you, is that it's such lazy language and everyone's marital settlement agreement that you're just going to divide this or hire this person to do your QDRO, but all of these little points that you're bringing up, and I know Karen has experienced this a lot as well are things that could be negotiated. They're expecting this divorced couple to agree to this after the divorce, they're barely talking going through the divorce and these are major life choices that should be discussed before you sign your agreement. Isn't it true? Donna: Absolutely. And you are so right. Usually what happens is there's negotiation going on, the settlement agreement gets signed and then and only then do people start to get information about the plans that are going to be divided. And what happens is if you don't have proper language in your agreement, you may either lose benefits that you probably should have been entitled to. And Catherine, like you said, if they're not even discussed during the settlement process, how do you know what your option is and what you're potentially giving up or not giving up. When you have a vague agreement it's subject to interpretation. Well, I might interpret things one way. Someone else might interpret things another way. Karen: Mmm-hmm. Catherine: Definitely. Karen: And I know I have prepared some QDROs as well. I'm not as experienced as a QDRO administrator as you are Donna, but I know that when the elections come through it's do you want to include gains or losses? And all of these, is it shared or separate and all of these questions that hosts the divorce agreement that the QDRO administrator is either picking for the clients or asking the clients to pick. And probably they have no idea what anything means at that point and a lot of times even their attorneys don't know how to interpret that specific type of language. Donna: Well, and sometimes it's done purposely, right. Sometimes if you have a real savvy attorney and maybe an attorney that maybe not as familiar with retirement account divisions, sometimes what you don't put in your marital settlement agreement favors one person or the other. And so one or two words can make a big difference. Are we going to include gains and losses or are we going to exclude them? That can be a huge thing especially if there's a block of time that goes by before that order gets prepared and sent into the plan administrator for them to divide that plan. If the market's going crazy on the upside, and you're just dividing a plan 50-50 as of a specific date in the past that other party, there's going to be a windfall for one and perhaps a loss for the other and kind of vice versa. The market can go the other way too. Karen: Are you going to include loans, exclude loans? Donna: Yup. Karen: Are you're going to divide by shares or dollars? There's a lot of components there that people really are not aware of when they're dividing retirement plans and that the paragraphs and the settlement agreement is parties agree to split. Catherine: There's also another caution. You hear a lot about the gray divorces and the people in their 50s and 60s, and now even a lot of in their 70s coming to get divorced, but the ones in their 50s and 60s, some are eligible for retirement in earlier ages, right? So no one is anticipating a divorce they can go ahead and go into payee status before their spouse would know this and then file for divorce and you can't do something about it. So if you're kind of in the cusp of that time, this is something that you need to consider or put out there if there's a pension. Donna: A lot of plans but not all of them, if there is a spouse, a married spouse, not a divorced spouse and the participant, the employee spouse tries to go into payee status and chooses an option that's not a joint survivor benefit, many times the plan will require the spouse to be notified or to have a notarized signature or something. Not all plans, not all plans. But again, yeah, you want to know all those things. At least while you're married, death benefits usually are in place, right. Because it's only the divorce that kind of severs that marital relationship. So if you're the beneficiary or even if you're just the spouse and it might be assumed, God forbid, if your husband or wife dies, you may still be covered up until the time the divorce decree is issued. Every state's different. Again, we're making some general kind of assessments today but you need to know all these things because you don't want to lose valuable benefits to which you're entitled. Karen: That's so true. Donna, how important is it to get a summary plan description? And can you describe what that is? Donna: Sure. So a summary plan description is basically the rule book that the company puts out in regards to their retirement account, right. If they have a 401k plan, whatever type of retirement plan that they have, there's a rule book behind the scenes it's called that summary plan description. That summary plan description though be aware, it's usually written for a single individual or a happily married individual. There's usually one little blurb in it that talks about, oh, by the way, if you get divorced see our written divorce procedures. So the summary plan description is important because it does tell you when normal retirement is for a pension plan, it really becomes important more so in my mind, for pensions than for 401k type plans. They are pretty easy to divide. The rules are generally the same. Pensions are where things get tricky. You want to know how they calculate the benefit formula. When is retirement or cost of living increases something that the plan pays. Are there any supplemental type benefits that might need to be divided provided that they exist? And things like that. Catherine: So much information about these plans and people often times they just don't want to get involved with it. There's so many stress factors, as we all know, going through a divorce, dividing your home, dividing every asset and then you get down to this pension and you're just like, "Okay, you keep yours. I'll keep mine." Thinking it's easier thing to do. Where five years later you say, "Holy crap, why did I do that?" Donna: Well, even if you have two pensions that look the same, meaning they're valued roughly at the same, the rule book at each company may be different. Maybe one plan has survivor benefits, one plan does not. A lot of municipality kind of and union type plans have some odd kind of rules about police and firefighter, things like that. So even two plans that look on the surface to be similar, may have vast differences that if you knew what some of those differences were, you may want the right to either share them or give that right up to the other spouse and let them keep that plan. Catherine: Mmm-hmm. Great points. Such a great point. You're not always comparing apples to apples just because it looks that way. Karen: Mmm-hmm. That's so true marital assets, right? Donna: The devil's in the details ladies, you know that. Catherine: Absolutely. But if you're afraid to ask these questions, what are the best questions to ask? Donna: You mean for a divorce and client? Catherine: Mmm-hmm. If you're listening right now and you say, "Oh my gosh, we think my spouse has that. Or he has it somewhere else." What are the best questions to ask? A lot of people are afraid to even ask for that summary plan description. We've heard attorneys say, "Okay, we know what they made every year. We have it." Or "We have the screenshot." Or "We have this." How do you stand in your own confidence to ask these questions? Donna: Well, first of all, as we talked about earlier, definitely complete account statement. Don't do anything without that. A lot of times people can call the employer themselves, even if they're not the employee, right. I call all the time. And I ask for copies of the summary plan description. Some companies have them write on their online website, go onto their website, Google summary plan description or put QDRO or put divorced and see what pops up there. But you can try to call the employer, especially if you are a spouse, because often times you can get that information. And you want to ask for three things. If there's a pension, two things if there's a 401k type plan. So if there's a pension, yes, the summary plan description. Even maybe more important than that is the client's written divorce procedures. Every ERISA govern plan should have them where they're not in compliance, but there's a document that kind of specifically talks about if an employee is getting, what is the kind of rule book there? And then most plans have what's called a model or a sample qualified domestic relations order. You should ask for a copy of that too. Now I caution you there, don't just use it as a fill in the blank. You've got to know exactly what that means because you eliminate a word or you eliminate a paragraph it could have a huge financial effect, a windfall for one, not so much for the other. With 401k type plans which are called defined contribution plans, I usually only get written divorce procedures and a model DRO, obviously again, a statement, but I don't really get the summary plan description because nine times out of 10, there's nothing in there that I'm not going to already know. Catherine: Or you need the full statement. Donna: Yes. Full statement, no matter what. Catherine: Mmm-hmm. Donna: And keep asking if you're not getting it. Catherine: Yeah. Yeah. I love that. And don't sign until you have it. Don't sign, take pause. You deserve it. Karen: And these plans most of the time, if not all of the time cannot be divided until the divorce decree is in place. Am I correct on that? Donna: That depends. Most defined contribution plans will allow for division because the ERISA rule states, you can divide to a spouse, a former spouse, a child or a dependent of the employee. So a spouse is someone who is still married, a former spouse to someone who's not. Different from some pension plans they will require a copy of the divorce decree. When I say they meaning the employer before they will finalize the qualified domestic relations order. And again, that's just something to find out in advance so that you know. Catherine: This is really great information. Before we sign off, I want to touch on a little bit, incident to divorce. Can you explain the one-time withdrawal you're allowed to have from a plan? Donna: Yes. And that applies only really to defined contribution plans. So kind of throw pensions off to the side. It does not apply to pension plans. But if you are going to be receiving an award from your spouse who is the employee, you have the ability, once that money is divided at the plan level into your name, that you can take a one-time distribution. It's only once, you can't call every month and say you need $1,000, and it waives the 10% penalty you are under 59 and a half. So if you roll that money over into an IRA and then take the money out, you've lost that one time ability and you're going to be stuck paying that early withdrawal penalty of 10%. If you're under 59 and a half. Catherine: So you still have to pay taxes on the amount that you receive, you don't have to pay the penalty if you're younger than 59 and a half. Donna: Correct. The employer is mandatorily going to withhold 20%. They don't really care what your tax bracket is. The rule is they withhold 20%. If they withhold too much, you'll get it back when you prepare your tax returns for the following year. And if they don't withhold enough. So if you're in a higher tax bracket than 20%, you may owe a little bit more if you physically take the money out and spend it. We're not talking about rolling it over to another plan, we're talking about if a lot of times you'll see it in divorce, maybe there's debt that needs paid off. And maybe there's not a lot of liquid assets. So one party will maybe take more from the 401k to agree to pay that debt off. And that's one way of getting some money out, still taxable money, but you can avoid that 10% penalty if it's done properly. Catherine: And I really want to bring that up because if you're listening, a lot of times you're being told, okay, you get this asset and you have this one-time withdrawal. Or some people don't even know about the one-time withdrawal, but you're thinking you're getting this and okay, you're trading away something else that might not have the same tax consequence. And you really need to consider what your needs are. Like you mentioned, you might be paying off a debt or you might be using that money to purchase a new home. But before you make that decision thinking that you're going to use those monies, yes you might be exempt from the 10%, but it's still taxable. And is that really equitable compared to what your spouse received? Donna: Well, that's why you'll hear the word thrown around where we're going to tax effect assets so that we're going to look at the tax consequence and theoretically pretend that that asset was liquidated. And if so, what would that tax consequence be? So, if I have a dollar, let's just use a dollar because it's easy. If I'm awarded a dollar, how much of that dollar am I going to keep? It's in a savings account I'm going to keep 100% of it. If it's in a retirement account and I have to spend it, I'm going to be subject to some tax. So that dollar that I get, maybe I'm only receiving 80 cents. If my spouse is keeping a dollar but I'm only keeping 80 cents, how fair of a division do we have? Multiply that out to any type of asset size you're talking about. Catherine: Yes. So important and if you didn't get that rewind then listen again because once you sign that agreement, there's devils in those details that we discussed. If those details aren't there about getting the tax back, you're shit out of luck as my dad would say. So it's very important. Again, rewind and listen to that because I hate hearing these stories years later that you just didn't know, you were so emotionally drained at that point that you wanted to be done with it. And now you're stuck with that scenario. Donna: It's surprising too that some people out there that they physically have to take money out of their retirement account and give their spouse a check. That is not true either. Catherine: In fact, that's good point. Absolutely. Karen: That could be disastrous. Donna: Mmm-hmm. Catherine: Yes. Karen: So Donna do you prepare QDROs across the United States? Are you limited to a specific area? Donna: I am not limited to a specific area. My practice is located in southwestern Pennsylvania. Probably 90% of the QDROs that I draft are for attorneys in that locale. But I do draft for a few other states. I have some connections elsewhere. For ERISA plans, it doesn't matter where the plan is. The rule book is the same. For pensions you need to sometimes know a specific state rules and regulations. For instance, if you have a government employee that works for the state or you have a teacher, each state has different rules and regulations. And so whomever someone is using to draft that document they do need to understand those rules and regulations so that they can properly draft that document to the party's satisfaction and know all the things and bells and whistles that need to be in all the oops factors that could happen if not done properly. Karen: Mmm-hmm. That's great. So how can our listeners find you Donna? Donna: They can find me by Googling my website, cheswickdivorce solutions.com. They can probably Google my name as well. They can call me. My phone number is on my website as well and send an email. Catherine: Or call us. We had to find you for sure because we're always looking for you. Karen: You're on speed dial with us, Donna. Donna: Oh, that's nice. Thanks. Karen: So this concludes our discussion with Donna Cheswick on the nitty-gritty issues based in retirement plan division. So thank you so much, Donna for being here with us and we look forward to more conversations with you. Donna: Thank you. Thank you for having me.    

This is the 3rd episode of The High Net Worth Divorce Playbook and focuses on Avoiding Retirement Nightmares. It is jam packed with vitally important and rather complex information about retirement benefits.  Today’s guest, Emily McBurney lives, breathes and loves this area of law and explains why it is so important that you understand the basics and that your attorney does as well.  Emily explains why It is essential that you hire an attorney that specializes in retirement benefits to ensure that your divorce agreement is based on what is legal and possible within the laws (both state and federal) and within the guidelines of the corporation’s plan.     This is such a dense and complex topic and yet Emily beautifully explains it in layperson language and has peppered our conversation with excellent and sometimes jaw dropping stories to explain the pitfalls and financial consequences of getting this wrong.    The terms you will hear include: QDRO’s, 401K, IRA, defined contribution and defined benefit, qualified and non-qualified benefits and much more.  I encourage you to listen carefully (and probably more than once).  This will absolutely be a valuable investment in your time.   Today’s guest, Emily McBurney, is a recognized expert in the field of Qualified Domestic Relations Orders (QDROs) and provides QDRO preparation and consultation services for clients across the country.    Her law practice has been exclusively devoted to  (“QDROs”) and other retirement benefit matters for twenty years. Prior to forming Emily W.  McBurney, P.C., she was a founding partner of Kegel McBurney LLC and a shareholder at  Davis, Matthews, & Quigley, P.C.   Emily is a popular speaker and is frequently  invited to lecture on this subject by legal and professional organizations nationwide. Emily has  published numerous articles and contributed to various publications about QDROs. She has also  written a QDRO blog for the Huffington Post.    Emily graduated, magna cum laude, from Brown University with a B.A. in 1990 and was elected  to Phi Beta Kappa. She received her law degree, cum laude, from Harvard Law School in 1995.    Contact Emily here: Emily W. McBurney, P.C. 4279 Roswell Road NE, Suite 208 - #216 Atlanta, GA 30342 (404) 228-0556 emily@emilyqdro.com www.emilyqdro.com   Request a Free Rapid Relief Call at  www.rapidreliefcall.com For more information on Journey Beyond Divorce visit:  www.jbddivorcesupport.com

Qualified Domestic Relations Orders, or QDROs (pronounced “quadros”) are Court orders entered in domestic relations cases. This kind of Order allows an “alternate payee,” usually the other spouse, all or part of the beneficiary's retirement account, without negative tax consequences. Read the full article here: https://www.oflaherty-law.com/learn-about-law/qualified-domestic-relations-order-in-iowa O'Flaherty Law now serves over 105 counties across Illinois, Iowa, and Indiana. If you have any questions regarding a case or would like to speak to one of our attorneys after watching a #LearnAboutLaw video, give us a call at (630) 324-6666 or send us an email at info@oflaherty-law.com to get in contact with someone from our team. Subscribe to our channel for daily videos dedicated to all things law and leave a comment with any questions about this topic. Find us online for more legal content and to stay connected with our team - Website: https://www.oflaherty-law.com/ - LinkedIn: https://www.linkedin.com/company/oflahertylaw - Instagram: https://www.instagram.com/oflahertylaw - Facebook: https://www.facebook.com/oflahertylawGroup/ This article will discuss: What are Qualified Domestic Relations Orders (QDROS)?, What are alternate payees?, What are the requirements of QDROS?, What may not be in QDROS?, and How does IPERS treat QDROS? ‍ **None of the content in this series is intended as paid legal advice.

-Will Jones, Partner at Landerholm Family Law, explains the QDRO process and aspects to consider when dividing retirement accounts.- Over 90 million workers in the United States are covered by over 800,000 employer- provided retirement plans, totaling billions of dollars. For many people, these retirement savings represent one of their most significant assets.- When couples divorce with retirement accounts, these accounts need to be reviewed and a shared denominator needs to be determined so that both parties reach a fair agreement.-QDROS cannot be handled by a state judge alone, and require federal intervention for approval. This multi-step process can take anywhere from 1-3 months.-Due to the complexity of QDROs, and the risk of losing out on assets that you may have a legal right to, it’s advisable to discuss your situation with an attorney who can help explain your rights.¿Qué es Una Orden Calificada de Relaciones Domésticas y Cuál es su Importancia?- Will Jones, socio de Landerholm Family Law, explica el proceso de las QDRO y los aspectos a considerar al dividir las cuentas de jubilación.- Más de 90 millones de trabajadores en los Estados Unidos están cubiertos por más de 800,000 planes de jubilación proporcionados por los empleadores, por un total de miles de millones de dólares. Para muchas personas, estos ahorros para la jubilación representan uno de sus activos más importantes.- Cuando las parejas se divorcian con cuentas de jubilación, estas cuentas deben revisarse y se debe determinar un denominador compartido para que ambas partes lleguen a un acuerdo justo.- Las QDROS no puede ser manejadas solamente por un juez estatal, y requiere de la intervención federal para su aprobación. Este proceso de varios pasos puede tardar entre 1 y 3 meses.- Debido a la complejidad de las QDRO y al riesgo de perder activos a los que puede tener derecho legal, es recomendable discutir su situación con un abogado que pueda explicarle sus derechos.

Looking for ideas to help your clients plan for retirement? We’ve got them. Mike is joined by attorneys Stephanie Prestridge and Marcus Foote for his latest podcast. They will discuss why QDROs are important even when divorce isn’t on the table, as well as how to incorporate LTC and Roth IRAs into your planning. Don’t miss it!     Open Call Information: Every Thursday at 10 a.m. Central the team at Lineage Law host a call to ensure that all questions -- general or specific, technical or marketing -- are answered. Dial-In: 712-775-7031 Meeting ID:  833-282-719   ------ Learn more about High Performing Practice here. To join the web course now, text 4DAYS to 72345 For weekly motivation, subscribe to the blog by texting PERFORMANCE, to 72345 ------ Connect with Mike on LinkedIn Follow Mike on Twitter

In this episode, Robyn Ross of Ross & Calandrillo joins to talk about *dun dun dun* qualified domestic relations orders, otherwise know as QDROs. In it, her expertise shines through. Don't miss out! #YouAreYoungMoney

If you practice Family Law in Florida, you know him and love him, he's the King of QDROS. But listen to our talk and he's so much more. Part fan of cinema, part philosopher and total altruist... I won't say a hero, 'cause, what's a hero? But sometimes, there's a man. And I'm talkin' about Matt here. Sometimes, there's a man, well, he's the man for his time and place. He fits right in there.

Douglas C. Gardner is certified by the State Bar of Arizona as a Specialist in Family Law cases, and has helped thousands of clients work through very complex and difficult legal issues. With both a Law Degree and a MBA both from ASU, Douglas is uniquely qualified to address many of the complex financial issues that arise in divorce and family law cases, including business valuations, real estate issues, complex tax issues, QDROs and divisions of retirement accounts, and bankruptcy issues that all cross over into family law and divorce cases. 

Join us for an engaging discussion with our panelists while we answer questions submitted to us by our listeners. Topics include: - What is nesting and is it right for you? - When can I refinance by home and can I do it before I am divorced? - Can I use a QDROs for your refinance? - Should I try to DYI my divorce? - Are there beneficiary considerations for my insurance during divorce? - After divorce can we both use the same financial adviser? SPONSORED BY EAS PRODUCTIONS Panelists - Theresa Beran Kulat from Trinity Family Law - Stephen Koh from Lenox Advisors - Karen Kalliel - Clinical Social Worker and Therapist - Jill Daniels - Jill Daniels Law Also let us know if there are questions on divorce, separation and starting over that you want our need answered at info@splitready.com. Are you considering divorce? Get split ready at www.splitready.com Getting Split Ready is produced by Ernie Scatton and EAS Productions.

Las Vegas Attorney, Bonnie Lonardo of LJ Law discusses QDROs and how to handle a QDRO during a divorce. If you feel you are entitled to a portion of your ex-spouse’s retirement benefits, LJ Law may be able to help. Contact our office at (702) 998-1199 or info@ljlawlv.com to set up a consultation to discuss your specific situation.   DISCLAIMER: THE INFORMATION SHARED IN THIS CONTENT IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT, NOR IS IT INTENDED TO BE, LEGAL ADVICE. YOU SHOULD CONSULT AN ATTORNEY FOR ADVICE REGARDING THE SPECIFIC FACTS AND CIRCUMSTANCES OF YOUR INDIVIDUAL SITUATION. REVIEWING THE INFORMATION ON THIS SITE AND/OR CONTACTING US DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. PLEASE DO NOT SEND ANY CONFIDENTIAL INFORMATION ABOUT YOUR CASE TO US UNTIL SUCH TIME AS AN ATTORNEY-CLIENT RELATIONSHIP HAS BEEN ESTABLISHED.

Depending on the type of retirement accounts each spouse may own, a Qualified Domestic Relations Order (QDRO) may be necessary to divvy up the money. A QDRO is the court order that directs the pension plan administrator to when the titled spouse retires, the one who’s a participant in the plan, to send a check … Continue reading Diving Pension Plans and QDROs – September 21, 2018 →

Visit us at divorceandyourmoney.com for the #1 divorce resources in the USA and get personalized help. Learn about coaching services here.   Thank you for listening! Find a transcript of this episode below.   In this episode, we're trying to answer the question, what happens after you sign a divorce settlement, because the conception is that the divorce is over, but that's not true. There's still, unfortunately, a lot of work that needs to be done even after you have signed the divorce settlement. Because of that, I want to give you a sense of some of the things you need to be thinking about as soon as that settlement is signed because you can't just give up and call it a day. There's a lot that needs to happen after you sign the settlement and before and after the judge finally signs off on it. If you didn't listen to the previous episode, I strongly suggest you do.                                   The two main tasks I group into these categories, the first being ensuring that you get, you receive, and also give up everything that you agree to. The second is that you need to update all of your accounts to make sure they reflect your new reality. Now, I'm going to get into what both of those things mean in depth in a moment. But the point is, is there's still a lot to do. I'm going to give you a process and a list of things to search for. For people who I go through in the coaching sessions, we oftentimes have a post divorce checklist and a post divorce summary of things you need to be thinking about the day your settlement is signed.                                   First thing you do, step one, so you've signed the settlement, what do you do? You study it. What do I mean by study your settlement? Well, you need to gather a notepad, gather your calendar, and put yourself in a quiet room, get some highlighters, some different colored pens, however you take notes, and start making a list of everything that needs to happen as part of the divorce. You need to go, sentence by sentence, and make a note of everything you need to keep track of. If something is supposed to happen on a certain date, might be a house needs to be sold by June 30th, well you need to start putting on the calendar, "June 30th, house must be sold." Or if you get the kids' custody, if you alternate holidays every other year, well, you're going to need a multi-year calendar and start thinking about, "Oh yeah, here's the holidays every other year," and start planning those things out. Or if certain things have to happen on certain days of the week or certain times of the month, if you're expecting a payment or you have to make a payment every month on a certain day, you need to make those things and write those things down so they don't get lost. You need to start keeping track of them. These are going to be integral to your life, going forward, until they aren't.                                   Another thing that you might need to think about as you go through your settlement, if you have to split retirement accounts, I have lots and lots of episodes in the archives about retirement accounts and QDROs and things like that. If you need to spend money or need to split the retirement accounts to get the money into the appropriate places, well, you might need a QDRO, a Q-D-R-O, QDRO. If you need one of those, those often take several months from the time that you get them to the time they're actually executed upon.                                   Something else you need to think about. If you need to transfer money somewhere. All of these things, you're going to need to make a note of every little item that needs to happen as part of the divorce process to make sure that you're organized in there.                                   The way that I like to do it is I actually ... It depends on your system, but oftentimes what I'll do with people is we'll go through your settlement, I'll read every line item, exactly how I described, and I'll put a little Word document together where we say, "Date, June 17th, 2018, this thing has to happen." Or "July 2019, this thing has to happen." We'll put it on one, or two, or three pages, however many pages it takes, and just list them out. Because I actually use a lot of my calendars just in a Word document format because it's easier for me to read than the normal calendar, but it's a great way to just keep everything organized. I can look and I say, "Hey, we're in the middle of August, and so, oh yeah, in two weeks, I have this thing that I need to do." If I don't and two weeks go by and that thing doesn't happen, maybe you were owed something, maybe something else, you need to make a note of that and figure out what to do. Anyways, I think you get that point.                                   The first step was comb through your settlement and keep it all organized. The second step is to set up your new life. This is a step that a lot of people fail to handle properly in part because there's just a lot of moving parts to it and, quite frankly, some of the stuff involved in it is not the most fun thing in the world. That said, it is essential that you take care of these things. In fact, whenever I'm faced with a long, boring, and arduous process, now I don't always recommend this and you shouldn't do it too often, but I will treat myself to a nice bottle of wine or a nice, expensive drink. Now, I don't drink that much, but if I'm going to drink and I got to do some work, I'll get something expensive, treat myself, something pretty good, and I'll say, "All right, I'm going to get through this, but at least I'm going to have a couple of glasses of something nice as I go through these things that I don't necessarily want to do, but they are important.                                   What's the first thing on that list of setting up your new life? Checking your credit report. Credit report is a very important thing to monitor. You need to make sure that everything on it makes sense. Whether you have $100 or $100 million, I strongly suggest you check your credit report. I've sat down with people of all income levels and many, many times you will find surprises on there or things you've forgotten about, and it's an essential thing that you should be doing.                                   When you look at your credit report, of course with anything, you have to make sure that the information on there makes sense. But another thing that you should be thinking about is you should keep an eye out for every joint account. Any account that has your spouse's name on it with your name, you need to be closing. You cannot have joint accounts open. Well, you can have joint accounts open, but it's very dangerous to keep joint accounts open after you are divorced. Here's why.                                   Believe it or not, I've seen examples like this happen. Let's say you have a house with a home equity line of credit and both of your names was on this home equity line of credit, but there was a zero balance, so you never used the home equity line of credit. You just had it, should you need it. Well, a couple of years goes by and, all of a sudden, you start getting collection notices in the mail. It turns out that you never took your name off that home equity line of credit. Your spouse, your ex-spouse for two years at this point has already ... or needed money for something, who knows what, and decided to draw down your home equity line of credit and took a bunch of money out. Guess what? They didn't pay it back, or didn't pay the interest, or didn't pay it as agreed. Who's on the hook for that? You are, even though you haven't used that account yourself, even though you've been divorced.                                   Those little things happen all the time. If you have any joint credit cards, any joint loans, any mortgages, anything with your name on it and your ex-spouse's name on it, close it. Or at least have a very clear process for how you're going to close it to make sure that those accounts don't stay out hanging out outstanding.                                   Now, in conjunction with closing some credit reports and credit accounts, you need to open new accounts. If you have a joint bank account, for instance, well, as soon as you can feasibly close that joint bank account, you should. But at the same time, you're going to need a place to put your money. You need to start opening accounts of your own. I speak with many of you, particularly the stay-at-home parents, but many of you who don't have accounts in your name, it's okay. Not a big deal. Now is the time to start doing that. There's no judgment. There's no problem. You just need to walk into your nearest bank. You don't have to have a relationship with them. You just have to have an ID, it has to be convenient for you, and start opening up your new accounts. Most banks are very accommodating. You just find a place that works for you.                                   Same with credit cards and credit accounts. I've sat with many of you before and we walk you through the process of getting a credit card. Getting a credit card, there's a thousand different options. You have to complete what can feel like a daunting application process. But oftentimes, you just need to do it. I will walk through with you how to open a credit card account. Or you can do it yourself and just kind of do the research and figure out a credit card that is good for you.                                   I know people whose families made millions of dollars a year and they got divorced, and one of the spouses never had a credit card before. We were just like, "Hey, let's sit and figure out how to apply for that so that you can have that at your disposal." I know people who don't make very much money and are super savvy in that regard and that isn't an issue for them. But wherever you are, make sure that you have some of the basic financial things taken care of.                                   Now, shifting gears a little bit, you need to update your will and estate planning documents. As I said, you might need a glass of wine for some of these things. This is definitely one of those topics where a nice glass of wine makes it a little less painful to deal with. Will and estate planning documents. I've talked about this on the podcast before, but estate planning is basically just so everyone knows is estate planning is the process of planning for what happens if something happens to you, meaning if you die or if you're in capacitated. Unfortunately, it'll probably happen to us in one way or another at some point, and so the question is what do you want to happen with your stuff, who do you want making decisions, et cetera, et cetera. There are a lot of questions involved in that that are not necessarily the most fun to think about, but they are important.                                   I want you to write down these four documents. You need a will, you need a health care proxy, you need a power of attorney, and potentially a trust. These four things can be very useful to you. If you want to find someone who can help you with this, you should look for an estate planner near you. I work with estate planners as well, but you should look for a local one. Many of them have fixed fee packages for the basics. It oftentimes costs a few thousand bucks, but it's essential. You need these four documents. You should certainly be asking about these four documents. I'm not going to get into all the intricacies. There's people who spend 70 years, 50, 60, 70 years of their career just doing these things, so I'm just going to tell you to look them up. The will, the power of attorney, health care proxy, and trust. They can be very helpful to you and they are essential for you after divorce.                                   Now, if you already have these documents, you need to update these documents. Most of the time when you are married, these documents are written in the context of giving everything to your spouse to manage and to handle, which, while you're married, oftentimes makes the most sense. But now that you are divorced, these things will need to be updated and you need to go through them. Find a local estate planning attorney to help you. It doesn't have to be expensive, but everyone needs to get those basics done, and if you already have them done, to update them after the divorce process.                                   Next thing you need to do is check the beneficiary on every account. What does that mean? Well, your bank account, your investment account, your retirement account, your pension plan, everything has a place it'll go when you die. You need to make sure that those things are still within your wishes. You might want to give everything to your kids.                                   Oh, I should also mention something important. As I said about the will, the same applies to some of these financial accounts. Many of these financial accounts default to your spouse when you were married. If you don't update them and something were to happen to you, believe me, it happens every day, your ex-spouse will end up with a bunch of stuff that you had no intention for them having, and it could be many, many years or decades later. Just take care of this thing now. You got to look at every bank account, every investment account, every retirement account, and ask the institution that manages it for the beneficiary designation. That's what the term is called. Who is the beneficiary of this account if something were to happen to me? They will give you an answer. It's a very common question. You need to make sure it's within your wishes. You can make it your children. You can make it friends. You can make it a brother, a sister. You can make it anyone. But most of the time, you don't want to keep it as your spouse.                                   Next thing on your list. If you haven't already, you should speak with a financial advisor. Now is a great time to get a financial plan together and one that may work well for you. What you do is you find a local financial planner. Now, I have in the archives I think a seven or eight part series only on the financial planner. If you get the quick start guide, which has all the podcast episodes in it, there is a huge multi-hour series on financial advisors because it's a very important topic. You should check that out. But also, you can ask your friends. I'm sure one of your friends has a financial advisor that they work with. They could be local, they could be online only. There's lots of great financial advisors out there that can help you, regardless of your situation. You should find one. Talk to them. Just because you talk with a financial advisor does not mean you have to hire that person, but it's worth having an initial consultation in that regard to see with one or two or three, to see if one of them may work with you.                                   Finally, speak with an accountant. The year after you get divorced, a lot of things change. What do I mean by that? I mean your tax status changes, you might be moving houses, you might have other things that are changing in your life, and particularly even if you just do it for one year and one year only, this is one of those years where it makes a lot of sense to speak with an accountant in this area and just to explain what's going on, make sure there's no major tax things that you need to be aware of, make sure your life is set up properly. An accountant can really help with that and those things. I strongly encourage everyone, particularly the year after they get divorced, to add an accountant to their team and their list, just to make sure they're not running afoul of any rules and that they maximize their ... or I should say, minimize the amount that they pay in taxes in the following year.                                   A lot of stuff in there in regards to what to do in between signing a settlement or right after you sign a settlement, but this is very important information. It's a lot of stuff to take care of and think about, but you can do it. It's just step by step. That's what I always say. Sometimes someone will say, "Well, what's the next step?" I'll give them the next step. Then they'll say, "Well, what's the step after that?" Most of the time, my response is going to be, "Don't worry about it. We'll get there when we get there. For now, we got to focus on one step at a time and you knock them out from there." It's not much more complicated than that, but you have to kind of do these things to make sure that you take care of the rest of your life from a financial perspective.

In this episode of the Proskauer Benefits Brief, Paul Hamburger, co-chair of Proskauer’s Employee Benefits & Executive Compensation Group, and partner Robert Projansky discuss ten basic steps for how to manage qualified domestic relations orders (QDROs). A QDRO is a judgment, decree or order for a retirement plan to pay child support, alimony or marital property rights to a spouse, former spouse, child or other dependent of a participant. Many of our clients and plan administrators spend a significant amount of time on QDROs. Tune in and listen to how we make it easier for them to handle QDRO issues and administration.

QDROs are a financial concept that you won't usually hear a lot of talk about. David will detail how important they can be. He will answer questions like: What is a QDRO? Who needs one? How long does it take to process a QDRO?

Karyn Krause Cumberland is the Principle of SK Lawyers LLC, one of the leading mid-size law firms in NH with offices in Stratham, Hampton and Manchester NH, with an additional Cape Coral, Florida location. Her practice areas include: Elder Law; Estate Planning; Trusts and Wills; Health Care Law; Insurance; Probate Administration; Trust Administration; Social Security; Marital Mediation; QDROS; Auto Accidents; Personal Injury and Wrongful Death; Small Business; Corporations and LLCs. http://sklawyers.net/. We have invited Karyn to speak to our NH seacoast and U.S. audience to speak about how she has grown a very successful law practice, and why estate planning is still so important for everybody, with great insights for all of us. To reach Karyn directly you may email her directly at kcumberland@sklawyers.net or through her assistant Amanda Holland at Office: (603) 778-1984 email: aholland@sklawyers.net

Regardless of whether you’re divorcing in your 30s or your 60s, it’s important to pay attention to retirement assets such as a pension. In this podcast, Chicago divorce lawyer Arin Fife outlines what you need to know about the different retirement plans that may come up during a divorce – such as IRAs, 401(k)s, and 403(b)s – and how they’re divided. She also discusses the role of QDROs in a divorce, whether or not Social Security benefits can be divided, and much more.

When dividing property and assets, the court will consider how pensions and retirement accounts will be divided between the spouses. In this podcast, Alexandria divorce lawyer Carolyn Grimes helps individuals going through a divorce understand one of the most difficult – and complicated – aspects of the property division process. Listeners will learn about how benefits are divided, the role of QDROs, potential issues to watch out for, and more.

Nationally recognized QDRO specialist Tim Voit joins Family Lawyer Magazine CEO Dan Couvrette to chat about retirement benefit plans and QDROs during divorce.