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Qualified Domestic Relations Orders | SEONewsWire.net http://www.seonewswire.net Search Engine Optimized News for Business Thu, 10 Mar 2016 10:49:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.0.8 Gray Divorce: Divorcing During Your Golden Years http://www.seonewswire.net/2016/03/gray-divorce-divorcing-during-your-golden-years/ Thu, 10 Mar 2016 10:49:12 +0000 http://www.seonewswire.net/2016/03/gray-divorce-divorcing-during-your-golden-years/ Divorce among seniors may not be talked about as much, but it is more common than you would imagine. Stepping into retirement, you may find time on your hands, but you may also discover that you and your partner have

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Orange County divorce attorneys; The Maggio Law FirmDivorce among seniors may not be talked about as much, but it is more common than you would imagine. Stepping into retirement, you may find time on your hands, but you may also discover that you and your partner have drifted apart. With the children long flown from the nest, you now have the independence to make this decision to live out the rest of your days as you desire. Here’s what you need to know about divorcing in your golden years.

Retirement Savings

Worries about your 401(k) and other retirement plans become more immediate when you go through a divorce after retirement.  Be sure that your divorce attorney is familiar with working on QDROs or Qualified Domestic Relations Orders. This separate court order deals with how retirement benefits are split during a divorce.

Be sure to involve your retirement plan administrator so you fully understand the terms of your plan. Learn about tax penalties as well as breaks on these penalties, check on survivor benefits and whether those hold even post divorce, find out if you can take a hardship withdrawal when needed, whether you have entitlements on contributions made post divorce, and get clarity on other specific concerns you might have.  For civilians that had a spouse who served in the military, also find out if the military retirements benefits you had been getting when you were married will continue as part of the Survivor Benefit Plan.

Don’t forget to check if your spouse has loans on the 401(k) that will need to be paid off before the funds can be split.

Social Security

With things like Social Security, the rules are fairly clear cut, with details available on the SSA website. For marriages that are 10 years or over, where the surviving spouse is 60 plus, and the survivor’s own retirement benefits are lower than their spouse’s, they become eligible to receive survivor benefits of 100% against their ex’s Social Security benefit. While both partners are alive, for those aged 62 and up, you are eligible to get as much as 50% of your ex-spouse’s benefit without impacting their benefits.

Your Home

Divvying up proceeds from the sale of the family home or deciding which spouse gets to keep it can play out differently when you’re 50-plus. As you grow older, you get certain tax breaks from the government which could be a game changer. Exclusions from gains when you sell the home, as well as deductions on mortgage interest will also be critical factors when you’re a senior.

You also could potentially earn rental income by letting out your home, if you choose to move into a smaller place or a nursing home. After 62, you become eligible for a reverse mortgage that can get you an additional income stream. For anyone qualifying for receiving public benefits like Medicaid, having a primary residence works in your favor.

divorce_attorneyGerald A. Maggio is an experienced Orange County divorce and family law attorney and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.

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Top 20 Financial & Legal Steps To Take After Your Divorce Is Done http://www.seonewswire.net/2014/01/top-20-financial-legal-steps-to-take-after-your-divorce-is-done/ Fri, 17 Jan 2014 19:33:37 +0000 http://www.seonewswire.net/2014/01/top-20-financial-legal-steps-to-take-after-your-divorce-is-done/ In most divorce cases in most states, you cannot charge estate plans, life insurance beneficiaries, etc., until after your divorce case has been resolved and your divorce judgment has been entered by the court.  However, once your divorce is final, you need to

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In most divorce cases in most states, you cannot charge estate plans, life insurance beneficiaries, etc., until after your divorce case has been resolved and your divorce judgment has been entered by the court.  However, once your divorce is final, you need to take immediate financial and legal steps to reflect your new reality.  The following is a checklist of the actions that you need to take:

  1. Change your name on all of your financial documents, bank accounts, etc.
  2. Close and/or change the names on all joint accounts.
  3. Make sure that all credit card bills and loans are paid promptly and closed by you (or your spouse if such bills or loans were designed as their responsibility in the divorce).
  4. Open a checking and savings account in your name.
  5. Open a credit card in your name to establish your own credit history.
  6. Set up and start depositing money into an emergency bank account to cover 6 months of living expenses and don’t ever dip into it.
  7. Check all of your investment accounts to make sure that the stated ownership of stocks, bonds, mutual funds, annuities, and retirement accounts are correctly listed.
  8. Change your name with the Social Security department.
  9. Change your name on your driver’s license.
  10. Change the title on your automobile(s) into your name if necessary.
  11. Change your automobile insurance coverage into your name alone.
  12. Have your spouse’s name take off of the mortgage (or lease).  This may be difficult to do without a refinance of the mortgage.
  13. Make sure that you transfer ownership of all deeds for your real estate and record with your county recorder’s office if not accomplished in the divorce case.
  14. Change your beneficiaries on all life insurance policies.
  15. Change beneficiaries on all retirement and pension plans.
  16. Revise your health insurance coverage, dependent on the terms of your divorce judgment.
  17. Make sure any Qualified Domestic Relations Orders that need to be done to divide retirement benefits per your divorce judgment get done.
  18. Contact an estate planning attorney and have a new estate plan done.  Be sure to update your medical and financial powers of attorney.
  19. Speak with a financial advisor if you did not do so prior to concluding your divorce case and determine a financial roadmap for you post-divorce.
  20. Review your tax withholding allowances and taxes with your CPA, particularly if you are receiving or paying spousal support (alimony), and make any necessary adjustments with your payroll department.

For more information or to schedule a consultation, please contact the Orange County family law firm of The Maggio Law Firm at (949) 553-0304 or at www.maggiolawfirm.com.

 

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