Divorced? Is your Retirement Plan Beneficiary Really Who You Think it Is?
This is not a typical topic for a blog post during a holiday week, but nonetheless it is an issue of which we should all be aware. Going through a divorce can be analogous to the loss of a loved one. The emotional side-effects can be very difficult and the division of assets can be…Read more
Business Update: A Seminar for Clients and Friends of the Firm
Mackenzie Hughes attorneys strongly believe in keeping their clients informed on the latest developments in law and business.Read more
Social Security Retirement Planning If You Are Divorced
If you are divorced, you are entitled to receive benefits on your ex-spouse’s record (even if he or she has remarried) if: 1. Your ex-spouse is entitled to Social Security benefits. If your ex-spouse worked for ten years or more, then he or she is eligible to receive retirement benefits as early as age 62.…Read more
The ABCs of QDROs
When a couple is going through a divorce, one important consideration is the division of assets, which frequently includes retirement assets such as 401(k)s, pensions, and other plans. To effectuate the division of these plans, typically a specific document called a Qualified Domestic Relations Order (QDRO) is required. The individual requirements of a QDRO are…Read more
MATRO 101: What is “Separate” v. “Marital” Property?
In the event of a divorce, property that was acquired during the marriage or with marital funds is typically deemed “marital” and is equitably divided. However, there are certain exceptions for property that is considered “separate” or “non-marital” in nature. Separate (non-marital) property is defined as one of the following:Read more
How I Solved The Problem With Prenups
Today, parents’ delight at the announcement of their child’s engagement is often followed by concerns about the future success of the marriage. Given that almost 50 percent of all first marriages end in divorce those concerns are well founded. Where there are substantial or just important family assets such as a business, vacation home, retirement…Read more