If you and your spouse have a number of valuable and/or complex assets that you’re going to be transferring to one another (or maybe just from one person to the other) as part of your divorce, you don’t want to end up having to pay capital gains tax on assets you’re...
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Division Of Pensions
Your divorce lawyer didn’t get you a QDRO? It’s not too late for one
Your divorce was undoubtedly a hectic and stressful affair, with settlements to negotiate, court hearings to attend, documents to file and possibly even litigation in court. Even if you were blessed with a divorce that was relatively free of contention, you still had...
2 reasons why it is best to file a QDRO sooner rather than later
A Qualified Domestic Relations Order (QDRO) can help you secure the share of your spouse’s retirement benefits you are entitled to when you divorce. You can take one out at the time of the divorce or can do it later. Does that mean you should mark it as something to...
Calculating retirement benefits using a QDRO
In New York, divorcing couples can use a variety of ways to divide the portion of the retirement benefits that will be paid to an ex-spouse as part of the divorce settlement. Once the spouses reach an agreement, the information will be included in a QDRO or qualified...
How to receive your assets with a QDRO
A QDRO or qualified domestic relations order gives a former spouse access to retirement plan interest in a divorce. Interest in a retirement plan can not be administered to someone other than the plan participant without a court-ordered QDRO. This may require...
How is the ex-spouse’s share calculated in a QDRO?
In a divorce, retirement accounts are often some of the largest assets. When one of the spouses has a pension, that pension may be included as a marital asset that must be divided equitably between the parties. In New York, the courts typically use the Majauskas...
How to split a pension in New York
If you get divorced in New York state, you may be entitled to a portion of a former spouse's pension benefits. In most cases, the Majauskas formula is used to calculate how much an individual is allowed to receive. However, other methods may be used to create an...
Dividing retirement assets when you divorce
The division of retirement assets in a divorce is a complex matter that requires special considerations. You can’t just look at the total on the most recent statement and go off that. One of the primary things that you need to determine is whether the retirement...
Can you get a QDRO if you’re already divorced?
A Qualified Domestic Relations Order (QDRO) is a very valuable tool to use if you are getting divorced and your partner has a pension or a retirement plan. Even though they may not be retired yet, they earned a portion of that plan during your marriage, and that makes...
Why to ask for a share of a pension when you divorce, not retire
There's a lot of misinformation floating around about what happens in a divorce and what rights people have regarding pensions and retirement accounts. One mistake people make is to assume that their spouse is the only one with a right to the pension because the...