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Winter 2020 Samalin Wealth Newsletter
Feb 17 2020
Raiding Your 401(K) Can Be a Divorce Disaster
Feb 16 2020
Using 401(k) assets to pay for expenses during the divorce process can be costly. If you are under 59 ½ years old, you may have to pay income tax and a 10% penalty on the withdrawal. It may be a better option to take a loan against the 401(k) up to maximum of $50,000. But […]
Being Involved in Financial Matters During Marriage Provides Better Outcomes After Divorce
Feb 04 2020
Fidelity’s Divorce and Money Study provides some important insights regarding the effects of divorce on the financial and emotional well-being of couples. Being involved and engaged in financial matters during the marriage provides an advantage for dealing with the divorce and for recovering after the divorce. Read more about the study.
Am I due part of my wife’s pension after divorce?
Jan 19 2020
Some employers still offer old-fashioned defined benefit pension plans to their employees. A divorce settlement may provide an employee’s ex-spouse with a present or future interest in the lifetime pension payments. To determine the marital portion of the pension it may be necessary to hire a pension consultant. This article provides useful information regarding the division […]
A thorny divorce problem: Splitting defined benefit plans
Dec 10 2019
What is the best method for splitting a defined benefit plan in a divorce? Qualified domestic relations orders (QDROs) are used to divide qualified retirement plans, such as 401(k)s, 403(b)s and defined benefit plans. Most often, defined benefit plans are available to workers in fields, such as teaching, military service, state and local government and […]