Pension, Divorce and the Defined Contribution Plan

This is a private tax deferred savings plan set up by a company or individual that will provide an income to a participant upon retirement:

Examples: Any Thrift Savings Plan, Profit Sharing Plan, Employee Stock Ownership Plan sponsored by a company, or John Doe IRA Account #123456

Benefits may be distributed in a lump-sum payment to the Alternate Payee immediately following qualification of the Order, when the Participant actually retires or at any other time as permitted by the plan.

Some Key Facts to Remember:

Once the plan distributes the lump sum payment to the Alternate Payee, the Alternate Payee must roll over the money into an IRA Account or another similar entity or he/she could be assessed a significant penalty. (Could be 20% or more!)



Suggested Reading
Pension Issues in Divorce Pension Issues in Divorce
When couples get divorced they must decide how to divide their property. Retirement benefits (pensions) often form a substantial part of the parties' total marital estate and many times are the largest single marital asset afforded the couple. Similar to other assets, pensions are typically divisible in cases of divorce to the extent that they are acquired during the period of marriage.

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HUSBAND’S ADVANTAGE – Pensions earned during a marriage are marital property and subject to division and distribution, but spouses, even professional couples, tend to defer to the husband's career because men still earn more than women.

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Online QDRO Preparation

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QdroDeskTM. provides family law attorneys, their clients, and pro se filers an instant, easy, accurate, and affordable way to prepare Qualified Domestic Relations Orders (QDROs), the appropriate settlement agreement language, and processing instructions. And does it all online, with an easy to use, question-and-answer format that has made QdroDeskTM. an industry leader.
 

Online Pension Valuations

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PensionAppraisalDeskTM uses a mathematical, web-based calculation software that gives family law attorneys, their clients, and pro se filers an instant, easy, accurate appraisal of the present value of pension benefits for equitable distribution upon divorce.

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