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 […]
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’ […]
Have You Read Your Divorce Agreement Lately?
The Most Important thing you need to do after your divorce is final – READ YOUR DIVORCE AGREEMENT! Sounds like a no-brainer right? But in my experience, I have found that many people never take the time to read their divorce agreement after the divorce. They come home from court, stick the agreement in a […]
College and Divorce -Take the Right Write-Off
If you have a child in college and the child receives a Form 1098-T, you may be able to take advantage of one of three different education tax benefits. What is even better is, if someone else is paying the tuition (per a Separation Agreement) but you are claiming the child as your dependent by […]
