There’s a relatively easy way and a potentially very hard way to collect a spouse’s share of the other spouse’s pension awarded in a divorce. The hard way in many cases is to passively wait for the ex-spouse to send … Continue reading
Husband and Wife divorce. As part of their property division, or equitable distribution, Wife is awarded half of Husband’s 401(k). Wife chases Husband for her share. Then Wife chases the administrator of Husband’s 401(k) plan. All to no avail. What’s … Continue reading
This is a good time for the annual refresher of the typical tax issues and impacts of divorce. Filing status – If the divorce is finalized by December 31st of the year, then the filer’s status is considered single for … Continue reading
Divorces among seniors, the so-called “gray divorce”, has been on the uptake since 1990, actually doubling over the last quarter century. The needs and concerns of that group of divorcing couples are generally very different from those of shorter marriages … Continue reading
The end of January is a great time to refresh everyone’s recollection of some of the key tax impacts with divorce. Forbes magazine obliges with: Filing status: You can still file a joint return for 2014 as long as you … Continue reading
Generally, withdrawing money from an IRA or similar retirement account prematurely is costly, in taxes and penalties. But this is exactly what must often happen in a divorce. Giving rise to special exceptions rendering retirement account transfers incident to a … Continue reading
Pensions which are marital property may be divided as part of the marital settlement. But there is a right way and a wrong way to accomplish that. The right way is to use a Qualified Domestic Relations Order (“QDRO”). QDROs … Continue reading
I previously posted on one installment of a series of articles on Basic Tax Questions for Divorcing Parties Answered. A later installment in the series focuses on division of pension plans, IRAs and the like. As the article explains, pension … Continue reading
