Michael G. Putter Attorney at Law
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Posts tagged "Division of Pensions"

Some pensions are protected from property division

When you are going through a divorce, you might have to take steps to protect your pension. While there isn't a good chance that you will walk away with 100% of it, there might be some hope for keeping your financial security intact. Before you automatically sign half of your pension away, think about these points.

2 reasons you shouldn't delay a QDRO

A Qualified Domestic Relations Order (QDRO) is one of the most misunderstood parts of property division following a divorce. Most people think that their divorce decree alone is enough to grant access to their share of their ex-spouse's pension or retirement plan, but it isn't. For that, you need a QDRO.

Know all options for handling the division of pension in divorce

Pensions are often a top priority when you are divorcing. The person who was working likely put a lot of time in to get the pension to where it is today. When it is time to divide this asset, there are some unique considerations to think about.

Statement balance versus value of pensions

Dividing pensions is one of the more difficult aspects of property division in a divorce. In some cases, this matter involves more than one step. Not only do you have to divide the other marital property in the divorce, you also need to have the valuation done on the pensions. This is one thing that divorcing individuals might miss.

Methods of pension division in New York

The law in New York requires that people who are married divide any pensions that were earned during the marriage. This can be a complex undertaking because of the nature of these assets. It is important to remember that just like other assets, the division of pensions here is done based on what is equitable, not what is equal.

How many workers get defined pension plans?

It used to be quite common for private sector workers to get defined pension plans that allowed them to retire and know that they were financially secure. After putting in enough years for the company, they knew that the company would take care of them after retirement.

Late divorces may not leave time to correct for mistakes

If you are thinking of getting divorced after you turn 50, you really have to think about your financial future. You cannot afford to make any mistakes. It's important to get it right the first time around, and you must explore all of your options.

Does getting remarried impact a divided pension?

Your spouse worked for 30 years to build up a pension, and you were married for 15 years of that employment. When you got divorced, you got a qualified domestic relations order (QDRO) saying that you got 50 percent of your spouse's pension for that 15 years. In total, it's about 25 percent of the entire pension.

Protecting a pension using a prenuptial or postnuptial agreement

If you are planning to get married in New York, you need to think about how you will protect every asset you bring into the marriage. Even if you believe the marriage could never end in divorce, it's still a good idea to have a plan in place to protect yourself should the unthinkable happen. This is best done using a prenuptial agreement. One important item to protect in that agreement is your pension.

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