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Tax, Business, Divorce

Posts in Retirement
Divorce and Social Security Benefits

Almost half of all marriages end in divorce.  This article discusses the rules on divorce and social security with the goal of helping you maximize your benefits.  Before filing for social security, you should get the facts on your marriage(s) durations and divorce dates.  

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IRA Withdraw Penalty Exceptions

If you withdraw money from your individual retirement account before age 59 1/2, you will generally have to pay a 10 percent early withdrawal penalty in addition to income tax on the amount withdrawn. This means a $5,000 withdrawal taken by a mid-career worker in the 25 percent tax bracket would result in $1,750 in taxes and penalties. But there are a variety of ways to avoid the IRA early withdrawal penalty if you meet specific criteria:

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Alabama Divorce--Life Insurance, Annuities and Pension Plans

Alabama divorce and beneficiary designations. The Alabama Court of Civil Appeals issued a ruling concerning the post-divorce treatment of beneficiary designations naming a former spouse.  Kowalski v. Upchurch, [2131059, July 17, 2015] (Ala. Ct. Civ. App. 2015) (divorce did not revoke beneficiary designation naming former spouse).

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