Long Island Divorce Blog: Your Pension and Your Business

by Fred on February 3, 2012

  • Does a 401(k) Distribution in Divorce Require a QDRO? Qualified Domestic Relations Orders (QDRO) are expensive; they are required in order to transfer pension assets in a divorce without incurring the 10% penalty for early withdrawal. But many financial institutions will transfer a 401(k) without a QDRO, and...
  • Divorce Medation Long Island -- Pensions and Divorce: New York State Teacher's Retirement System Your Spouse's New York State Teacher's Retirement System Pension is Marital Property If your spouse was employed by a New York State public school system and earned any part of a pension during the marriage you are probably entitled to share in that pens...
  • Financial Planning and Divorce -- Long Island Divorce Mediation Too often, in the emotional turmoil of divorce, the financial realities get ignored by everyone involved. You and your spouse are dealing with years of resentment and fear of the unknown. Your lawyers are using whatever legal maneuvers are available to ge...
  • Is it a Business or a Job?, Part 2 In my previous post I discussed some of the basis issue in evaluating a small business in a divorce. We left off at the suggestion of using a business appraisor to evaluate a small business that has a few years of audited accounts and a history of busines...
  • Is it a Business or a Job?, Part 1 A common set of facts in a divorce mediation on Long Island is that one of the parties -- typically the husband, has what both he and his wife call a small business. It might be a landscaping business, or a remodeling business, or a construction business....
  • Court holds Sept 11th Compensation Award is Separate Property The Appellate Division for the Second Department recently held (October 5, 2009), in Howe v. Howe, that a September 11th Victim Compensation Award was 100% the separate property of the fireman-husband, even though some portion of the award was for economi...