As if going through a divorce wasn't bad enough on your children, now you are contemplating relocating to another state. This, of course, means moving your children too far away from their noncustodial parent to meet the visitation requirements of your divorce decree. Which, in turns, means that a modification to your divorce decree is in order.
When one spouse needs long-term care, it can be a significant drain on the couple's assets. There have been situations in which long-term care needs eat up the money people were saving for retirement.
The Uniformed Services Former Spouse Protection Act is a special law designed to honor the ex-spouses of military service members by allowing them to maintain certain military benefits that they enjoyed during the course of their marriages. Aside from the ability to remain eligible for health care, exchange and commissary benefits, perhaps the most important benefit for ex-spouses provided by the USFSPA is the ability to receive part of the service member's retirement pay.
If you're like a lot of workers, you think about your pension plan twice: When you get the job and they explain the plan to you, and when you retire. In between, you don't pay much attention to it and just let it go on its own.
When you think about divorce being tough on kids, you typically think of young children who still live at home. These are school-aged kids who wanted a stable home environment. Parents will even, in some cases, decide to stay together until the kids grow up and then get divorced.
Going through a divorce is usually challenging for everyone involved. Whether you have lingering feelings for your spouse, are worried about your children or feel overwhelmed by financial changes, divorce takes an emotional toll.
In the state of Florida, we have a divorce law informally known as the "50-mile rule." It is formally known as the Relocation Statute, and it prevents the custodial parent of a child from moving over 50 miles away from their current residence if a Florida court order has been put in place regarding his or her children.
This second installment in our two-part series on retirement benefits takes a closer look at qualified domestic relations orders. QDROs can be an efficient way to satisfy alimony, child support or property division obligations in a divorce.