Understanding State Pension Division in Divorce: What is the Annuity Savings Account?
Dividing a state pension in divorce can be tricky. Not many divorce professionals fully understand what should be considered when dividing a state pension and major mistakes can be made that will affect both parties. In MA, state employees have an annuity savings account which is the account where the employee’s mandatory contributions go. This account is used to help fund their future pension benefit in retirement and cannot be accessed or divided while the employee is still employed by the state. Unfortunately, many mistakes are made with regards to this account when accounting for and dividing retirement assets in divorce. These mistakes can have devastating financial implications for the owner of the pension.
Honored to have Received The IDFA 2023 Lifetime Achievement Award
Recently, I was surprised to learn that I was one of two recipients of the inaugural Lifetime Achievement Award that the Institute for Divorce Financial Analysts® (IDFA) awarded at their 2023 annual conference held in Dallas this past September. The award honors distinguished Certified Divorce Financial Analysts® (CDFA®) across the country who have demonstrated outstanding leadership and have made significant contributions to the industry. The IDFA is the premier national organization dedicated to the certification, education and promotion of the CDFA professional.
QDRO Bootcamp – May 2023
Many QDROs and DROs are entered into court with major mistakes in them. These mistakes can have serious negative impacts for your clients and also for the family law attorney in terms of risk for future liability. Working with a Certified QDRO Specialist in the beginning of the process will eliminante any unintended mistakes and […]
Are You Shipwrecked on Divorce Island?
Many times the divorce process stalls and becomes a shipwreck. But it doesn’t have to be that way. One of the most common reasons for the process to stall or become derailed is when one spouse has less knowledge of the finances than the other spouse. This imbalance of power typically leads to one spouse […]
Divorce is Paperwork Intensive – How To Prepare for Your Divorce
If you are contemplating asking your spouse for a divorce or are already in the beginning stages of the process, it is very important that you prepare for what lies ahead. Divorce is paperwork intensive and the one thing that drives up the cost of a divorce is the process of gathering all the necessary […]
Divorce Just Got More Difficult: Here’s One Thing You Can Do to Help Make Smart Choices
Divorce is hard enough without adding a global pandemic into the mix. These are unprecedented times and if you are in the middle of the divorce process, I can only imagine what is going through your mind. I was going through my own divorce in 2008 when the stock market crashed due to the lending […]
How I Reduced My Post Divorce Monthly Expenses…Again
After my divorce, I went on a rampage to reduce my monthly living expenses… read on to see how you can play the divorce card and take back control…
It’s National Make-a-Will Month: Realize the Power of Estate Planning
Did you know August is National Make-a-Will Month? How prepared are you in protecting your family especially after a divorce…read more
How to Survive A Post-Divorce College Graduation
When you are divorced, family events, like a graduation, can be a stressful time for everyone involved. Will my parents get along or will they make a scene? Will they sit together or on opposite sides of the auditorium? Who will be in the ‘family’ photo? Will we all be able to go out for […]
Contemplating Divorce? Take an Asset Inventory Now!
Ask ten different people what’s the first thing you should do if you are contemplating a divorce and you will get ten different answers. But ask a CDFA™ (Certified Divorce Financial Analyst) what the first thing is you should do, and they should say, take an asset inventory. What is an Asset Inventory? An ‘inventory’ […]
