Michael G. Putter Attorney at Law
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division of pensions Archives

Division of pensions in the state of New York

When it comes to getting divorced in the state of New York you should know how your assets and other property will be divided. It is an important part of the divorce process, especially when talking about the division of pensions. There could be pensions for one spouse, or both, in a divorce. Here's a little background on how pensions are divided in the state.

How do I make the most of my defined contribution plan?

A defined contribution plan is an important part of a person's finances and needs to be protect when headed for divorce. Before you even consider divorce, you need to know how you can make the most of your defined contribution plan so it works for you in retirement and in divorce in New York.

Are qualified domestic relations orders necessary?

If you and your spouse choose to divorce after being married for a significant number of years and either of you has built up a sizable pension, the pension may face a complicated process of division when it comes time to negotiate a divorce settlement. Dividing pensions and other kinds of retirement accounts is more complicated than "he gets half, she gets half," but we are not going to discuss the method of division here at this time. Instead, we will examine one of the tools used in the process — the Qualified Domestic Relations Order (QDRO).

Ex-wife of deceased NFL player can pursue pension benefits

The ex-wife of a deceased NFL player can pursue his pension benefits, according to the ruling of a federal judge in Massachusetts on April 18. A motion to dismiss a lawsuit filed by the ex-wife of a former New England Patriots player by the Bert Bell/Pete Rozelle NFL Players Retirement Plan was denied by Judge Douglas P. Woodlock.

What to address in a qualified domestic relations order

A qualified domestic relations order (QDRO) is common in divorce cases, especially when dealing with division of pensions. There are quite a bit of items that must be addressed in a QDRO in order to protect all parties involved. The items that must be addressed are universal and were outlined by Congress when dealing with a payee and his or her rights.

Pensions and offset strategies in divorce

Pensions are an important part of a person's retirement plans, especially if they have been working for quite some time. Pensions can be earned by local, state and federal employees after so many years on the job. Employees who earn pensions might have to share that pension with their spouse should they file for divorce.

What are defined contribution plans and how do they work?

Defined contribution plans sound fancy, but they are the common retirement savings plans you come across all the time during employment. They include 401(k)s, 457s, 403(b)s and Thrift Savings Plans. These plans are typically sponsored by your employer and are called defined contribution plans because you contribute earnings to them as the employee.

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