Julia McCormick

QDRO’s (Qualified Domestic Relations Order) are a common way of dividing retirement plans in the divorce process. QDROs are also renowned for going wrong. Here are few items your attorneys need to be addressing: Confirm with the Plan Sponsor – Not all retirement plans are created equal. 401(k)s, 403(b)s, 457s, etc. are governed by a “plan document” that establishes what can and cannot be done. Just because an equitable agreement has been reached between parties does not mean this plan will be accepted by the plan sponsor. Forgetting to Address Loans – Loans taken from employer-sponsored retirement plans can throw…

For a moment, or at least an article, let us throw out the traditional long term outlook that financial planning typically addresses and discuss what happens with your financial life in the next 2-3 years. As all of us suffer through COVID-19 and hope for good news on the radio in the morning, spending some time doing proactive thinking regarding your finances could turn out to be one of your “successes” while we hunker down. Things You Need to Do Get relief – Accepting the relief that is offered is difficult for independently minded earners and business owners (especially those…

Of course, some challenges are bigger than others. Divorce, loss of a loved one, changing jobs, retirement, etc. can radically change how we think about what we want now and in the future. If you are going through a transition here are a few nuggets to contemplate as you look through your financial plan (and life in general): Be proactive – The definition of “proactive” is “creating or controlling a situation by causing something to happen rather than responding to it after it has happened.” Start completing tasks that will help you down the road (i.e. organize your financial life)….