Baby Boomers and Divorce: A Bumpy Road for Many? Results of National Poll
June 17, 2009
A first-of-its-kind national poll reveals how divorced boomers are holding up.
To determine if a consensus exists about how divorced baby boomers are holding up, a National Poll on Divorce was conducted by the National Association of Divorce for Women and Children and the Baby Boomer [Knowledge Center].
Questions:
Participants in the poll were asked three fundamental questions about the divorce process, the relationship with their “former” spouse and inevitability the affects of divorce has on the dynamics of the family.
1. What was the most challenging part of getting a divorce: custody of the children, dividing the assets or finances?
2. What life skills would have been helpful when going through your divorce: stress management, coping skills and/or communication skills?
3. What is your relationship now with your former spouse: amicable, have learned to tolerate each other for the sake of the children or can’t be in the same room together and do not speak to each other?
How A CDFA Can Help You Afford to Get Divorced
June 2, 2009
A Recent Survey Conducted By the Institute for Divorce Financial Analysts Shows Increase in Number of People Unable to Afford Divorce
In a recent survey conducted by the Institute for Divorce Financial AnalystsTM of 270 Certified Divorce Financial AnalystsTM from across the country, 68 percent indicate that they have seen clients who could not afford to get divorced because of recession-related financial problems; 63 percent of respondents says this number has increased since the previous year. Those surveyed believe this will result in delayed or drawn-out divorce proceedings as well as an increased number of couples trying to save money through DIY divorces, foregoing professional legal services.
“It’s imperative for divorcing couples to keep in mind that the current economic conditions will indeed change, and planning for their future is paramount,” says Fadi Baradihi, president and CEO of The Institute for Divorce Financial AnalystsTM (IDFATM). “With people cutting back on legal and other professional fees, it’s even more imperative that they understand how to plan for their long-term financial stability. Working with a Certified Divorce Financial AnalystTM can help to preserve the family’s finances – which is crucial in today’s economy.”
Working with clients and their attorneys, a Certified Divorce Financial AnalystTM(CDFATM) forecasts the long-term effects of the proposed divorce settlement. CDFAs assist attorneys by helping the client make financial sense of proposals, and they also give attorneys the tools they need to help prove their cases. While lawyers serve a crucial role as individual legal advocates, they are not necessarily there to explain financial consequences in detail, or to empower their clients with the knowledge they need to make smart financial choices.
FAQs About Qualified Domestic Relations Orders
June 1, 2009
What is a Qualified Domestic Relations Order?
A “qualified domestic relation order” (QDRO) is a domestic relations order that creates or recognizes the existence of an alternate payee’s right to receive, or assigns to an alternate payee the right to receive, all or a portion of the benefits payable with respect to a participant under a retirement plan, and that includes certain information and meets certain other requirements.
Reference: ERISA § 206(d)(3)(B)(i); IRC § 414(p)(1)(A)