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.
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
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’ […]
