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Oneida County Divorce Law Blog

Debt doesn't go away when a divorce is finalized

If you are working towards a divorce in New York, there's something very important you must understand: Debt does not go away once the divorce is finalized. Take a minute to let that sink in. You will still be responsible for the debt that was accrued during the marriage. This can be quite the shock to some people, especially those who are stuck paying it all back because their former spouse refuses to do so.

No matter what agreement you come to when getting a divorce, your lenders will not care. It won't matter to them that your former spouse said they will pay all of the debt or that both of you will be making monthly payments. The only thing the lender cares about is receiving a payment each month by the due date. It's that simple.

Explaining alternate payee of a qualified domestic relation order

Alternate payee is a term that has been used for quite a while now and it isn't going anywhere anytime soon. This term is used when discussing pensions and who can qualify to receive the benefits of your pension when it comes to a Qualified Domestic Relation Order (QDRO). Let's take a look at the alternate payee so you can understand what it's all about.

The Employee Retirement Income Security Act (ERISA), defines an alternate payee as your spouse, your former spouse, your child or any other dependent of someone participating in a QDRO who has the right to receive a portion or all of the benefits that are payable from a plan.

Stay insured after divorce using spousal support

Going through a divorce is a stressful situation. It becomes even more stressful when you realize you will no longer be covered by your former spouse's insurance policies. All of the coverage you had is now no longer in effect. That's why you need to use any spousal support you receive to remain insured after the divorce goes final.

Being insured is one of the most important things in life. Insurance is protection against lawsuits, paying medical bills out-of-pocket, paying to replace stolen items and more.

Why you may need both an attorney and a CPA when drafting a QDRO

When you and your spouse divorce in New York, one or both of you may have one or more retirement account(s) that represent a major portion of your marital assets. For many couples, the value of these accounts’ long-term benefits represents the single largest marital asset.

Dividing these accounts fairly and equitably during your divorce is a highly challenging and complicated undertaking. In all likelihood, each retirement plan has its own definitions, rules and procedures. If your property settlement agreement runs afoul of any of these, one or both of you could face significant negative tax consequences.

How to handle lies by your spouse on a financial affidavit

When the time comes in your divorce proceedings to complete and sign the financial affidavit, you will be responsible for providing as much information as possible. This is a legal document that is recognized by the courts. It's never a good idea to lie on this document, which is done when people try to hide their assets. Here's how to handle your spouse lying on the financial affidavit.

There are a handful of tactics you and your divorce attorney can use to prove that your spouse lied on the financial affidavit, which can cause him or her to be held in contempt of court for lying.

Moving a pension when you change jobs

Working in a job that provides you with a pension is one of the major benefits of your chosen profession. A pension will ensure that you get to retire at or before the retirement age of most other professionals and not have to worry about having enough money in retirement. Most people earn their full pension after working 25 years in their profession. Here is some information on how to move a pension when you change jobs in New York.

If you are the owner of a defined benefit pension plan today, it might be required by your employer to have worked at least five years with the company in order to be considered 100 percent vested.

Using spousal support to get back to work

If you are going through a divorce, you likely want to acquire spousal support, especially if you've been handling the household for most of the marriage. Spousal support, also known as alimony, is a payment made to you by your former spouse. It is not a lifetime payment. Instead, it is known as a rehabilitative payment. It ends when you either remarry or find employment.

Many people who get divorced haven't worked in years because their spouse has earned enough money to care for them and the family. Getting divorced means that you will need to return to the workforce in order to sustain yourself, pay your bills and put food on your own table.

How to divide a collection when getting divorced

Have you accumulated a lot of stuff in life? It seems like everyone has at one point or another. Some of that stuff might be more important to you than some of your other possessions.

For example, maybe you have a baseball card collection or a collection of signed playbills. This is a collection you likely won't want to part with anytime soon. If your marriage is on the rocks, you may need to think about how to handle collectibles when getting divorced in New York.

Taking your pension: Lifetime payments versus lump sum

You've worked at least 25 years in a profession that offers a pension as a retirement plan. You have decided that it's time to retire. So, what do you do with that pension you've been paying into for most of your adult life? Do you take it all in one lump sum or do you opt for the lifetime payments? This can be a very difficult decision to make in Oneida. Let's take a look at both options so you can make an informed decision.

The only reasons why you should take your pension as a lump sum payment are if you are in poor health, you aren't expecting to live much longer, you don't have a spouse who will receive the pension upon your death and you have another nest egg that can provide you with monthly payments, such as the pension of a spouse.

3 steps to obtaining a QDRO

Going through a divorce opens up many questions about how you and your spouse will adjust financially to your newly single status. Marriage is more than just a union of two lives—it is also a joining of finances, and as such, the separation can get messy. A qualified domestic relations order, or QDRO for short, is one tool that you can use to maintain financial stability in the wake of a divorce.

What is a QDRO? A QDRO divides one spouse's pension or retirement plan in order to fund expenses such as alimony or child support. It confirms an alternate payee's entitlement to a portion of the benefits, and it may be a necessary part of property division in your divorce.

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