Government Pension And Divorce

divorced pensioner

Parting Before Death or Taxes: Dividing Government Retirement Benefits in a Minnesota Divorce When people think of dividing up property in a divorce, it’s usually bank accounts, furniture and houses that come to mind.  One type of property that it’s easy to overlook in preparing for divorce is retirement benefits. While there are a vast array of retirement benefits out there, in this post we’re specifically considering government retirement/pension benefits.  Even this subcategory comes in a number of different flavors that befits what can, at times, be a vast array of bureaucracy. Remember this is the government after all! For …

Social Security Benefits And Minnesota Divorce

SSD minnesota benefits

Ex-s With Benefits: Collecting social security benefits after a Minnesota divorce Did you know that if you are divorced, you may be able to collect social security benefits based on your ex-spouse’s payment record?  You can be ex’s with benefits—of the financial kind.  To make things even better (or worse, depending on the friendliness of your relationship with your ex), if you collect benefits based on your ex’s record, this does not reduce the amount of benefits that your ex receives. Before I cover what is required to get social security benefits, it’s important that you understand this.  Many people …

What is a Qualified Domestic Relations Order (QDRO)?

Minnesota divorces, property settlements, and federal law If you are in the property division stage of a divorce proceeding, you may have heard reference to a qualified domestic relations order (QDRO).  What is a QDRO, and what do you need to know about them? First off, a QDRO is a subcategory of domestic relations orders.  Great, you think, what’s a domestic relations order then?  A domestic relations order is a court judgment, decree, or order that relates to child support, alimony payments, or marital rights.  This includes court approval of a property settlement agreement. A QDRO is a domestic relations …

How Long Does It Take To Divide A Retirement Account?

As we discussed in a previous post on retirement and QDRO’s we know that 401(k)s are divided by using a legal document called a QDRO. The previous post talked about how and why to do it, but not what you probably care about most, how long does it take to get the money!? As you know by now, the law in Minnesota is not a precise science and the answers are often a bit vague, this post will be no different. In dividing a retirement account there are a few sticking points when it comes to actually getting your money …

How Do I Divide A 401k During My Divorce? (Hint: it’s a QDRO!)

How Do I Divide A 401k During My Divorce?  (Hint: it’s a QDRO!)

A QDRO is short for a Qualified Domestic Relations Order. This is an order that allows you transfer either portions or a whole retirement account between you and your spouse without either 1) the taxes being paid upon transfer and 2) penalty free. It’s very common in Minnesota Divorces to do a QDRO (Hint: we divorce lawyers typically pronounce it as one word a QWAD-RO), but this little beauty is often not talked about very often and many people going through a divorce don’t really understand the mechanism of how retirement money will be divided. My goal is to pull …