1. Types Of Retirement Plans
2. Earning Retirement Benefits
3. Plan Information To Review
4. Payment Of Benefits
5. Taking Your Retirement Benefit With You
6. Your Benefit During A Plan Termination Or Company Merger
7. Divorce - Potential Claims Against Your Benefit
In general, your retirement plan is safe from claims by other people. Creditors to whom you owe money cannot make a claim against funds that you have in a retirement plan. For example, if you leave your employer and transfer your 401(k) account into an individual retirement account (IRA), creditors generally cannot get access to those IRA funds even if you declare bankruptcy.Federal law does make an exception for family support and the division of property at divorce. A state court can award part or all of a participant's retirement benefit to the spouse, former spouse, child, or other dependent. The recipient named in the order is called the alternate payee. The court issues a specific court order, called a domestic relations order, which can be in the form of a state court judgment, decree or order, or court approval of a property settlement agreement. The order must relate to child support, alimony, or marital property rights, and must be made under state domestic relations law. The plan administrator determines if the order is a qualified domestic relations order (QDRO) under the plan's procedures and then notifies the participant and the alternate payee. If the participant is still employed, a QDRO can require payment to the alternate payee to begin on or after the participant's earliest possible retirement age available under the plan. These rules apply to both defined benefit and defined contribution plans. (see QDROs)
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Showing posts with label marriage. Show all posts
Showing posts with label marriage. Show all posts
Tuesday, October 04, 2011
Monday, October 03, 2011
Divorce and hard times
Gregory Rodriguez, July 13, 2009 Los Angeles Times
Economic woes often cause marital splits, right? Well, not so fast.
Can't stand your boring husband? Thinking of calling it quits? Well, you should have mustered the nerve to leave him well before this economic crisis. Now you might not be able to afford to live without him, literally.
It's a well-known fact that financial woes are the biggest cause of marital spats. With the economy the way it is, you'd expect lots of husbands and wives to be at each other's throats. But the conventional wisdom is wrong. This recession is so bad that you can count divorce lawyers among those professions that have taken a hit.
That's good news, right? People are now forced to stay together and work things out. Well, not if history tells us anything. The Depression also saw a decline in the divorce rate, but, according to marriage historian Stephanie Coontz, incidents of domestic violence and outright family desertion went up.
In any case, despite the fact that divorce can cause all sorts of emotional and financial turmoil, its statistical decline isn't as positive a social indicator as one might think. As economist David Friedman has written, divorce is actually a reflection of "an increase in the range of choice available to individuals," and a high divorce rate and the general weakening of marriage "are bad things only to the extent that they reflect a failure of our institutions and expectations to adjust completely to new circumstances."
In other words, in more traditional days, in which social changes occurred more slowly, we all shared a general idea as to what marriage was and how it functioned. From an economic standpoint, we all understood how the marital division of labor worked. But in a rapidly changing society, it's harder to figure out what kind of arrangement we should make with our spouses. Such changes as the entrance of large numbers of women into the workplace and the mechanization or outsourcing of household duties (from washing clothes to curing bacon) undermined that tradition.
As the basic marriage deal has shifted, our notions and ideals haven't shifted with it, and the disconnect explains the astronomical divorce rate in contemporary America. We haven't figured out a new marriage model that takes into account the greater range of choices for both women and men.
This fits right into the fact that we're divorcing less in hard times. In the context of this recession, we have fewer choices, and fewer choices means we're back to a good fit with the marriage model of old. Still -- and a little paradoxically -- the fact that there are untraditional marriages may also be helping husbands and wives withstand some of the emotional and financial stress of economic hard times. During the Depression, the ego blow to a man who lost his job caused marital problems. Today, if a man loses his job -- and his wife is the breadwinner -- it's less likely to create as much unhappiness.
If it's distasteful to you to look at marriage in economic terms, then it might be easier to consider the economics of divorce. Not only are there attorney's fees to be paid, but the value of the two biggest assets of most marriages -- a home and a retirement plan -- has diminished dramatically. Faced with the prospect of halving their shrunken assets, many couples are deciding to stick it out a while.
A recent survey conducted by the Institute of Divorce Financial Analysts -- who knew? -- found that 68% of its members "have seen clients who could not afford to get divorced because of recession-related financial problems."
So even as most of us are looking forward to happier days of an economic recovery, there must be a number of Americans who are waiting patiently to be able to afford to experience the pain and suffering of divorce. You've heard of the pent-up desire and aspiration that are released after times of war? That's why we get such phenomena as baby booms. When this economic recovery finally arrives, prepare yourselves for a boom of an entirely different sort.
Write to George Rodriguez: grodriguez@latimescolumnists.com
Read the whole article here
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Economic woes often cause marital splits, right? Well, not so fast.
Can't stand your boring husband? Thinking of calling it quits? Well, you should have mustered the nerve to leave him well before this economic crisis. Now you might not be able to afford to live without him, literally.
It's a well-known fact that financial woes are the biggest cause of marital spats. With the economy the way it is, you'd expect lots of husbands and wives to be at each other's throats. But the conventional wisdom is wrong. This recession is so bad that you can count divorce lawyers among those professions that have taken a hit.
That's good news, right? People are now forced to stay together and work things out. Well, not if history tells us anything. The Depression also saw a decline in the divorce rate, but, according to marriage historian Stephanie Coontz, incidents of domestic violence and outright family desertion went up.
In any case, despite the fact that divorce can cause all sorts of emotional and financial turmoil, its statistical decline isn't as positive a social indicator as one might think. As economist David Friedman has written, divorce is actually a reflection of "an increase in the range of choice available to individuals," and a high divorce rate and the general weakening of marriage "are bad things only to the extent that they reflect a failure of our institutions and expectations to adjust completely to new circumstances."
In other words, in more traditional days, in which social changes occurred more slowly, we all shared a general idea as to what marriage was and how it functioned. From an economic standpoint, we all understood how the marital division of labor worked. But in a rapidly changing society, it's harder to figure out what kind of arrangement we should make with our spouses. Such changes as the entrance of large numbers of women into the workplace and the mechanization or outsourcing of household duties (from washing clothes to curing bacon) undermined that tradition.
As the basic marriage deal has shifted, our notions and ideals haven't shifted with it, and the disconnect explains the astronomical divorce rate in contemporary America. We haven't figured out a new marriage model that takes into account the greater range of choices for both women and men.
This fits right into the fact that we're divorcing less in hard times. In the context of this recession, we have fewer choices, and fewer choices means we're back to a good fit with the marriage model of old. Still -- and a little paradoxically -- the fact that there are untraditional marriages may also be helping husbands and wives withstand some of the emotional and financial stress of economic hard times. During the Depression, the ego blow to a man who lost his job caused marital problems. Today, if a man loses his job -- and his wife is the breadwinner -- it's less likely to create as much unhappiness.
If it's distasteful to you to look at marriage in economic terms, then it might be easier to consider the economics of divorce. Not only are there attorney's fees to be paid, but the value of the two biggest assets of most marriages -- a home and a retirement plan -- has diminished dramatically. Faced with the prospect of halving their shrunken assets, many couples are deciding to stick it out a while.
A recent survey conducted by the Institute of Divorce Financial Analysts -- who knew? -- found that 68% of its members "have seen clients who could not afford to get divorced because of recession-related financial problems."
So even as most of us are looking forward to happier days of an economic recovery, there must be a number of Americans who are waiting patiently to be able to afford to experience the pain and suffering of divorce. You've heard of the pent-up desire and aspiration that are released after times of war? That's why we get such phenomena as baby booms. When this economic recovery finally arrives, prepare yourselves for a boom of an entirely different sort.
Write to George Rodriguez: grodriguez@latimescolumnists.com
Read the whole article here
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Contact a Los Angeles Divorce Attorney at Law Offices of Warren R. Shiell
Call for a free consultation now 310.247.9913.
Divorce and Money
Los Angeles Family Law Attorney
Divorce Lawyers|Attorneys Los Angeles, Beverly Hills
California Prenuptial, Prenups
Friday, September 30, 2011
Divorce May Make You Sick
NEW YORK, July 28, 2009 CBS News
Study Finds Divorced and Widowed Adults Have 20 Percent More Chronic Conditions than Married People
Psychologist Jeff Gardere spoke to Julie Chen about the damaging mental stress that may result from divorce.
(CBS) Can divorce make you sick?
Yes, according to a new study that finds divorce and widowhood have a lingering, detrimental impact on health -- even after remarriage.
The study, scheduled to be published in the September issue of the Journal of Health and Social Behavior, analyzes data from nearly 9,000 adults nationwide, ages 51 to 61, and finds those who had been divorced or widowed suffered 20 percent more chronic health conditions, such as heart disease, diabetes or cancer, than individuals who were currently married.
Dr. Catherine Birndorf, associate professor of psychiatry at New York Presbyterian Hospital-Weill Cornell Medical Center told CBS News, "With a divorce or with disruption in a family like that,(it) can lead to depression, anxiety, other kinds of psychological illnesses."
Researchers have known for years that marriage is good for your health, but they've been less clear on how you'll do if you lose your spouse to divorce or death.
The study also suggests that divorce can be so traumatic that not even tying the knot again is enough to reverse the physical and mental toll.
So does this mean spouses should stick together even when the going gets really tough?
Birndorf said, "If someone's in a bad marriage, I would want to try and help them figure out how to make it better. But I wouldn't rule out the idea that it may need to end in divorce versus staying together for the sake of health."
In fact, Dr. Jeff Gardere, a clinical psychologist, said on "The Early Show" Tuesday, if you're in a "toxic" relationship that involves physical or mental abuse or in a relationship where you just can't get along, it's best to get out of it because the health benefits of divorce are much better than staying in a bad situation.
However, if you are thinking of getting a divorce, Gardere said you should have a doctor on hand.
Why?
"We're finding that divorce is so traumatic on the system, on your mind, on your body, that it's important that you consult your physician or even talk to a mental health professional about the stress that you're going through so that you don't become sick," he said.
The study also showed the benefits of being married versus unmarried, according to Gardere. Men seem to reap the benefits of being married much more than women in terms of emotional and physical health, while women do better financially because of marriage.
Gardere said that's because women tend to tell their husbands to take care of themselves on an ongoing basis, so they take the advice and care for their health.
"Early Show" co-anchor Julie Chen remarked men don't like to be nagged that way.
Gardere responded, "(Men) don't like to be nagged, but I think if you keep pushing them in the right direction, and tell them it is about love and about staying healthy, so that they can have a good marriage and raise their families, that guys after a while tend to listen."
But what about remarrying? Is it worth it?
Gardere says yes.
"We're finding that it is such a trauma to the system being in that divorce or being widowed that it does take years to come back even if you are married, but the advice we seem to be giving is go ahead and remarry because you can get better in time."
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
Study Finds Divorced and Widowed Adults Have 20 Percent More Chronic Conditions than Married People
Psychologist Jeff Gardere spoke to Julie Chen about the damaging mental stress that may result from divorce.
(CBS) Can divorce make you sick?
Yes, according to a new study that finds divorce and widowhood have a lingering, detrimental impact on health -- even after remarriage.
The study, scheduled to be published in the September issue of the Journal of Health and Social Behavior, analyzes data from nearly 9,000 adults nationwide, ages 51 to 61, and finds those who had been divorced or widowed suffered 20 percent more chronic health conditions, such as heart disease, diabetes or cancer, than individuals who were currently married.
Dr. Catherine Birndorf, associate professor of psychiatry at New York Presbyterian Hospital-Weill Cornell Medical Center told CBS News, "With a divorce or with disruption in a family like that,(it) can lead to depression, anxiety, other kinds of psychological illnesses."
Researchers have known for years that marriage is good for your health, but they've been less clear on how you'll do if you lose your spouse to divorce or death.
The study also suggests that divorce can be so traumatic that not even tying the knot again is enough to reverse the physical and mental toll.
So does this mean spouses should stick together even when the going gets really tough?
Birndorf said, "If someone's in a bad marriage, I would want to try and help them figure out how to make it better. But I wouldn't rule out the idea that it may need to end in divorce versus staying together for the sake of health."
In fact, Dr. Jeff Gardere, a clinical psychologist, said on "The Early Show" Tuesday, if you're in a "toxic" relationship that involves physical or mental abuse or in a relationship where you just can't get along, it's best to get out of it because the health benefits of divorce are much better than staying in a bad situation.
However, if you are thinking of getting a divorce, Gardere said you should have a doctor on hand.
Why?
"We're finding that divorce is so traumatic on the system, on your mind, on your body, that it's important that you consult your physician or even talk to a mental health professional about the stress that you're going through so that you don't become sick," he said.
The study also showed the benefits of being married versus unmarried, according to Gardere. Men seem to reap the benefits of being married much more than women in terms of emotional and physical health, while women do better financially because of marriage.
Gardere said that's because women tend to tell their husbands to take care of themselves on an ongoing basis, so they take the advice and care for their health.
"Early Show" co-anchor Julie Chen remarked men don't like to be nagged that way.
Gardere responded, "(Men) don't like to be nagged, but I think if you keep pushing them in the right direction, and tell them it is about love and about staying healthy, so that they can have a good marriage and raise their families, that guys after a while tend to listen."
But what about remarrying? Is it worth it?
Gardere says yes.
"We're finding that it is such a trauma to the system being in that divorce or being widowed that it does take years to come back even if you are married, but the advice we seem to be giving is go ahead and remarry because you can get better in time."
© 2011 Warren R. Shiell. Warren R Shiell is a Los Angeles Divorce and Family Law attorney. All rights reserved. The information contained in this blog/website is an "Advertisement." It is for informational purposes only and shall not constitute legal advice. Nothing in this Website shall be deemed to create an Attorney-Client relationship. An Attorney-Client relationship shall only be created when this office agrees to represent a Client and a Client signs a written retainer agreement.
For more information visit www.la-familylaw.com
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