Category Archives: Family and Divorce Financials

How Much Will Divorce Mediation Cost? (Part One) by Steve McDonough, Esq.

I just flew back  from a conference at Walt Disney World and boy are my arms tired (please stop groaning, I know that is a very old joke)!  One of the sessions was about blogging topics, and writing about frequently asked questions was encouraged.  Thus, I am embarking on some blog posts that address questions that are asked, well, frequently. The answers to some FAQs  may not be as straightforward as one might think or as prospective clients might desire.  For example, people always ask where I get my good looks from and if I would be able to fix [...]

Posted in Divorce, Divorce Mediation, Events, Family and Divorce Financials, The Business of Law | Tagged , , , , , , , | Leave a comment

Social Security and Divorce

I have received couple of questions on how divorce may affect social security benefits over the past week, so I thought a post on this topic might be helpful. First, a good point to remember is that social security is a federal system, and is thus controlled by federal regulations.   Social Security benefits cannot be bargained like other assets or retirement accounts since the receipt of social security benefits, how they are paid, and to whom are all controlled by federal law.   This is why you don’t see sections on social security benefits in divorce agreements. A divorced [...]

Posted in Collaborative Divorce, Divorce, Divorce Mediation, Family and Divorce Financials, Property Division | Tagged , , , | Leave a comment

Massachusetts Alimony Virus – Still No Vaccine Available

First of all, I want to be clear that I think that there are cases that certainly call for alimony, also known as spousal support.  There are also cases where our current system seems to create some unfair results.  Those ordered to pay lifetime alimony  might equate their situation to a having a nasty virus – it can make you feel sick and takes a long time to go away.  In fact, one of the current Massachusetts alimony reform bills, HT 1785 even sounds like a new bug requiring lots of hand sanitizer. Much of this recent activity and information [...]

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You Snooze – You Lose!

After your divorce, it is important to change your beneficiary information on your accounts and policies to reflect your then-current intentions, so long as you are not violating any parts of your Divorce Agreement by doing so. There is a good post about this issue by Boston Attorney Lisa Cukier, as a guest blogger on the Massachusetts Divorce Law Monitor blog.  Click here to go to the post. As pointed out in the post, language in your Divorce Agreement concerning your ex-spouse’s waiver alone will likely be ineffective, so don’t forget to update your beneficiary designations on your accounts and [...]

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Retirement Plans – Defined Benefit vs. Defined Contribution

An important part of a divorce case is identifying and dividing up a couple’s marital property.  Within the marital estate, retirement plans frequently are one of the most valuable asset classes.   A qualified retirement plan is one that satisfies numerous requirements set forth by the IRS and ERISA, the Employee Retirement Income and Security Act of  1974.  Qualified plans take advantage of a number of tax benefits.  The two main categories of qualified plans are the defined contribution plan and the defined benefit plan.

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