When you work for a privately-owned business that offers a retirement plan, the terms of that plan are covered by the Employee Retirement Income Security Act of 1974 (ERISA). This federal law administered by the U.S. Department of Labor sets out the minimum standards that voluntarily offered plans must meet. The name of the act is a bit of a misnomer as it covers not only retirement, but health, disability, and life insurance benefits as well.
If you are getting divorced and you were married for less than three years, the process for splitting up your assets should not be too complicated depending upon the financial arrangements that you and your spouse entered into. Here are three ways to prepare for the splitting of your assets. #1 Car Ownership If you both owned separate vehicles before you got married, you and your spouse can agree to both keep the vehicles that you came into the marriage with.
Thanks to the Internet, drawing up a will yourself is easier than ever. You have access to the forms and opinions from different lawyer websites and blogs as to what information should be included and not included in a will. However, if you need to put together a will, you may find yourself wondering if doing one yourself is really the best option or if you are best paying for an estate planning attorney to help you.
Lawsuits happen all of the time. There are many people who tell themselves that they will never end up in a position where they are fighting over money, or in a legal dispute, but sadly, it happens and even to those people who least expect it. This is why it is so important that you protect yourself and avoid making mistakes that can hurt you in the long run. Here are some mistakes that you should avoid.
With the divorce process leading to so much stress and confusion, it can be easy to focus attention on the big issues like child custody and the division of property and debt. You shouldn't let this focus allow you to neglect a potentially valuable perk of divorce, the QDRO. The Qualified Domestic Relations Order (QDRO) allows divorcing spouses some special privileges in regards to retirement plans, so read on to learn more.