What is the best method for splitting a defined benefit plan in a divorce? Qualified domestic relations orders (QDROs) are used to divide qualified retirement plans, such as 401(k)s, 403(b)s and defined benefit plans. Most often, defined benefit plans are available to workers in fields, such as teaching, military service, state and local government and […]
A divorce forces a reset of your financial and retirement goals, especially if you are older and closer to retirement. There are some actions you can take to strengthen your financial condition including implementing a qualified domestic relations order, understanding spousal benefits under the Social Security program, and updating your retirement plan. This article provides […]
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Divorcing at or near retirement creates additional risk to women’s financial security. The statistics indicate that after divorce an average woman’s standard of living drops by 45% as compared to 21% for an average man. According to this article, there are several reasons that may explain this gap including losing employer- based health coverage, reduced […]
To improve your post-divorce finances, there are steps to take both before and during the divorce. This includes the obvious ones like removing your soon to be ex-spouse from your credit cards, deciding whether to sell the martial home, and creating a budget that reflects your future lifestyle. In addition, you should keep in mind […]