divorce | Ed Slott and Company, LLC


Revocation-on-Divorce – It Matters Where You Live

Twenty-six states have adopted revocation-on-divorce statutes similar to each other, and these statutes are impacting court decisions.

Liability for Tax Underpayments, Penalties, and Interest: Relief for the “Innocent” Spouse

In many households, married couples divvy up the responsibilities; one will handle the bills and banking while the other cooks and does the grocery shopping, or one will do the laundry while the other manages the yardwork and house. This split often extends to annual income tax responsibilities, even in couples who use a professional preparer. However, when couples submit joint returns, both are jointly and severally liable for the information included in the return. That means if there’s an underpayment, both spouses are going to be liable for the debt.

Divorce, IRAs, and a Twist

Many times when individuals divorce the IRA is split between the spouses. This is done through the divorce decree or separation agreement. An IRA is never split using a qualified domestic relations order (QDRO). That is only used for splitting employer plans, such as 401(k)s.

Does a Five-Year Holding Period Apply to Each Roth Conversion?

This week's Slott Report Mailbag, coming to you live from our 2-Day IRA Workshop in Philadelphia, contains questions from consumers screaming (sometimes literally) for help! In several cases, the issues involve the magic age of 59 1/2 and cover a variety of topics, including life insurance issues, 72(t) payments with a divorce and the Roth IRA 5-year rules.

Do You Know Who Will Inherit Your IRA?

You have contributed to your IRA for years. You have made wise and thoughtful investments. Maybe you have rolled over funds to your IRA from your company plan. You may now have a significant balance. So far, you have taken smart steps toward a secure future. Don’t stop your careful planning there. It is time to ask yourself an important question, “Who will inherit my IRA?”

The 10-Year Married Mark Provides These Social Security Benefits

Divorce is often an expensive endeavor, but sometimes there are steps you can take to minimize that pain. Take Ben Affleck and Jennifer Garner, for instance. This couple just hit the 10-year marriage mark, which brings these new retirement implications into play.

Homer and Marge Simpson - Divorced? What Happens to Homer's 401(k)?

This rumor of Marge and Homer Simpson's divorce made the rounds late last week. It was quickly countered. They are supposedly separating for only one episode. But how would a separation or a divorce affect Homer’s retirement assets?

Timing Problems with IRAs and Divorce

When a married couple gets divorced, IRAs can be divided as a result. So, if you’re in the middle of a divorce, you should know that some or all of your IRA can be awarded to your ex-spouse. The process is similar to how some of your other assets are divvied up, but there are major differences and special rules that apply when you’re dealing with an IRA.

Spousal IRA Contributions and Divorce: What You Need to Know

In a marriage where one spouse (Annie) has earned income and the other spouse (Bernie) has little or no income, an IRA or Roth IRA contribution can be made for Bernie based on Annie’s income. However, what happens if Bernie makes his contribution early in the year and later in the year he and Annie are divorced or separated?

When Splitting IRA Money in a Divorce, Be Careful - Don’t Use a QDRO

There’s a lot of confusion about the retirement plan and IRA rules. Recently, we were made aware of two cases where the attorneys didn’t know how an IRA should be split in a divorce and incorrectly used the employer retirement plan rules when drafting the documents used to divide the IRA.

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