Dealing with a Virginia divorce late in life is an upsetting experience. Many women who go through a divorce after several decades of marriage can find themselves unprepared for life on their own. Women may also face financial concerns after a later life divorce, regarding pensions, retirement funds, health insurance, and shared assets.
If you are in the process of ending your marriage, having a skilled and compassionate Virginia Beach later life divorce attorney on your side is crucial. The Virginia divorce lawyers at Hofheimer/Ferrebee represent women only, and will work hard to ensure that your best interests are protected while creating a Virginia separation agreement.
Later Life Divorce Financial Concerns: Pension
Even if you are going through a Virginia divorce, you may be entitled to a portion of your spouse's pension. Typically, you would be entitled to the pension that was earned during your marriage, though this may vary in some cases. You can request to be paid directly from your husband's pension plan; this ensures that you receive the payment in a timely manner and do not have to wait for your ex-husband to write a check each month.
A qualified domestic relations order (QDRO) must be submitted to the pension plan administrator in order to divide up the pension as ordered in the Virginia separation agreement. This order allows the spouse who did not participate in the pension plan to collect the benefits when the spouse who did participate is eligible.
You should also consider Social Security during your Virginia divorce; if you were married for 10 years or more, you may be eligible to your own Social Security retirement benefits or half of your ex-spouse's benefits, depending on which amount is higher.
Later Life Divorce Financial Concerns: Retirement Funds
Retirement funds are generally considered marital property when earned throughout the marriage, and may be subject to equitable division between each spouse. These funds include IRAs, 401(k) plans, 403K plans, and Employee Stock Option Plans. Your Virginia divorce attorney can help you compile a list of retirement funds owned by you and your spouse and assess the value.
There are generally 2 options when splitting up the retirement funds after a later life divorce:
As with a pension plan, a QRDO is required in order to transfer a portion of retirement funds from one spouse to the other.
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information on seminars-www.monthlydivorceseminars.com
info on collaborative divorce-www.virginiacollaborativelaw.com
information-estate planning for young families-www.generationslawfirm.com
information-family law and estate planning for the LGBT community-www.FamilyEqualityLawCenter.com
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