54 Search Results for retirement

October 30, 2019 at 11:02 pm

No Retirement for Burt!

...One gets a few grey hairs and makes a few changes to his office, and the questions begin. Burt is healthy, vigorous, and busier than ever:...

January 31, 2019 at 8:16 pm

Financial Disclosure in Divorce: Get it Right!

...Hunter to attach to our disclosure. I understand that I must disclose ALL retirement benefits and long-term and short-term savings. And, I understand that if a retirement plan is to be divided, there may be extra costs for something called a Q.D.R.O. (Qualified Domestic Relations Order), per the federal E.R.I.S.A. law. I understand the difference between a “defined benefit” and “defined contribution” retirement plan. A “defined contribution plan”...

August 31, 2012 at 6:45 pm

Equitable Distribution – WV Divorce Property Law

...he cancelling of the wedding.) e. Where a party works 15 years, building a retirement, before marriage, marries, and divorces 25 years after that, the general rule is the spouse shares 50% of the retirement accumulated during those 25 years. f. The “simple calculation” is to divide 25 years by 40 years and to half the result : 25/40 = .625; .625/2 =.3125, or just under 1/3 of the 40 year fund goes to the spouse. The 25/40 is called the “marital co...

March 7, 2018 at 7:00 pm

2018 Update: Equitable Distribution: WV Divorce Property Law

...the cancelling of the wedding. e. Where a party works 15 years, building a retirement, before marriage, marries, and divorces 25 years after that, the general rule is the spouse shares 50% of the retirement accumulated during those 25 years. f. The “simple calculation” is to divide 25 years by 40 years and to split the result evenly : 25/40 = 62.5%; 62.5%/2 = 31.25%. Thus, the spouse is entitled to just under 1/3 of the 40 year fund. The 25/40 is...

May 23, 2018 at 1:39 pm

YOU HAVE YOUR COURT APPROVED PROPERTY SETTLEMENT AGREEMENT: NOW WHAT?

...a lawyer. b. Some pension plans, including the military who won’t divide a retirement if it is less than ten years, require you to make a “survivorship election” that you may have already done. If so, that’s binding. c. Such an election decreases the overall monthly benefit by approximately 10% as it lasts for the longer of two lives. Be sure this is clear in your PSA and then make sure the “Plan Administrator” approves what you have agreed to. d....

February 22, 2019 at 9:20 pm

Valuation of Marital Assets

...www.thesprucecrafts.com/ : collectables, hobbies, crafts. ** Remember that retirement assets exist in two main categories: a. “Defined contribution plans”. These are “tax deferred” funds or accounts. They really exist. They can be cashed in (with penalty and tax payment), and they can be borrowed against, but they are relatively easy to value. b. “Defined benefit plans”. These funds do not “exist” in the sense that they represent a promise for the...

October 24, 2013 at 9:18 pm

If I Could Know Only Ten Things About My Family Law Case, What Would They Be?

...and it usually doesn’t matter in whose name the property is titled; c. “My retirement” is not just “my” retirement. It is yours equally, and; d. There are very limited conditions where a Grandparent can seek custodial rights for a grandchild. 5. The lawyer who demands the “big retainer” of $6000-$12,000 may not be right for you! I will tailor the retainer to the percentage of likelihood that the case will, or will not, go to trial. Thus, we can of...

November 18, 2017 at 8:19 pm

Mediation Food for Thought

...perty such as cars and furniture; real property such as house or farm, and retirement benefits such as a 401K plan or pension). If alimony (spousal support) is an issue, read the alimony statute, West Virginia Code – Sections: 48-6-301, 48-8-104, and make a list of relevant facts (Length of marriage, relative incomes, age and health of parties, fault, etc.) Family cases other than divorces have other evidentiary requirements. You should have compl...

March 15, 2016 at 11:57 am

Urgent Note to Couples in their ’60’s Re: Social Security Benefits

...ial-security-can-hurt-you/ Apparently, this very important Social Security Retirement benefit, worth up to $60,000, is getting ready to go away! It is called a “loophole”, I called it a “tax increase”. If you are 65-70, this can be very important, especially if you are planning to hold off registering for your retirement benefits to 68 – 70. What I learned, on NPR, and from a book that cost me $20 on Amazon, is that even if you plan NOT to apply f...

October 26, 2014 at 9:39 pm

America’s Love Hate Relationship With The Poor.

...cent money, and the “burden” of having to keep working because my “private retirement” underwent a severe setback a few years ago. Thus, I get to pay 42% of all net earnings to the WV State Tax Dept. and the I.R.S. I don’t like paying that much. Something between 20% and 33 1/3% seems about right, like I charge my contingency fee clients. I could be bitter about paying nearly half of my income to the government, knowing that much of it is used for...