Older women often find themselves in devastating financial situations when
they are the victim of a poorly constructed divorce settlement. This is
because older women often rely on their husband's pension for income
if their ex-spouse is retired and they did not work because they were
busy raising children and homemaking. Women in this situation should be
careful to make sure that they get a division of their spouse's pension
through a QDRO. This is a court order issued to a retirement plan administrator
that defines how two parties will receive the plan's benefits.
Unfortunately, the rules governing the QRDO are extremely complicated,
and it is easy for very important aspects of the case to fall through
the cracks. Sometimes, women will forget to include a survivor's benefit
in the QDRO. This can be devastating for older women because the older
women live much longer than men. In some cases, a woman who did not make
sure that she had a survivor's benefit may be left without any source
of income at the end of her ex-husband's life.
It is also very important for women to avoid exchanging their right to
a pension or other retirement savings for the marital home. In the past,
this has been a common arrangement in grey divorces. Yet in these situations,
unemployed homeowners eventually end up selling the home because they
can't afford to maintain their property on one income. At the point,
the individual will need to live off of the proceeds from the house.
If you want more information about grey divorces and pension plans, then
you need to talk to an attorney at the firm today to learn more. At Claery
& Green, the lawyers are willing to help walk you through a gray divorce
and keep your best interests in mind as you work out the details of your
property division or payments. Hire a lawyer at the firm today to learn more!