By Randy S. Margulis | Published August 30, 2023 | Posted in Divorce | Tagged Tags: 401(k), ERISA, QDRO | Comments Off on Splitting Up a 401(k) in Divorce
Splitting Up a 401(k) in Divorce
When you get divorced, your final settlement or judgment will control how your property will be divided. Retirement accounts such as 401(k)s are significant assets for many couples, and they are subject to division as well. But dividing a 401(k) comes with its share of complexities. First, be aware that New York law applies the Read More
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Who Pays the College Expenses for Children of Divorce?
One of the most expensive aspects of raising children can be providing for their college education. According to the College Board, a nonprofit group, the average cost to attend a year of college in 2022-23 was $27,940 at a public school and $57,570 at a private school. With college costs rising at a steeper rate Read More
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How Business Ownership May Be Divided in a Divorce
If you or your spouse own an interest in a business, you can be certain that it will feature prominently in your divorce. New York is an equitable distribution state, which means all property acquired by either spouse during the marriage is subject to division. However, a stake in a business presents special challenges, especially Read More
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Dividing a Military Pension in a New York Divorce
A military pension requires special handling in a divorce. It is different from a normal pension or retirement account, which is a pool of money that the account holder can draw from. A military pension is more accurately called “retired pay,” which is the term used by the Department of Defense. Each year, a retired Read More
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