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.
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 […]
