Should I Leave My Ex's Retirement Account As Is?
by Leah Hadley, Great Lakes Divorce Financial Solutions
If you are recently divorced and not sure what to do with your ex’s retirement account, you are not alone.
It is common for one partner to handle all of the retirement accounts in a marriage. In fact, I get calls all the time from individuals who are extremely frustrated. After they’ve been divorced for over a year, they still have not moved all the relevant accounts into their own name. There is often a lot of confusion around this issue.
Clearing Up Misconceptions About Thrift Savings Plans & Divorceby Leah Hadley, Great Lakes Divorce Financial Solutions
Let’s start with the basics. There are so many different types of retirement accounts out there – IRAs, ROTH IRAs, and 401(K)s just to name a few. While those are probably the most common, there are numerous others. For someone who is not dealing with them everyday, it can be confusing. More importantly, not all retirement assets are the same nor should they be treated as if they are. Thus, we are dedicating this blog post to one of the less commonly known retirement plans. That is the Thrift Savings Plan, also know as a TSP for short.
Leveraging Divorce to Maximize College Financial Aid
Divorce is rarely a positive thing. But when it comes to helping your clients maximize college financial aid for their children, it can be used to their advantage.
Many complexities are associated with clients sending their child off to college. Perhaps the biggest factor that keeps parents up at night is the cost of college. Unfortunately, at $25,000 per year for many in-state public institutions to $50,000 a year or more at private institutions, a four-year education can approximate that of a small starter house. Multiply that by two or three kids, and the cost approximates that of a very nice house.
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