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Providing men with essential divorce advice, fathers rights divorce information and child custody articles. Dads Divorce is a community for men facing divorce or fathers rights issues and run by Cordell and Cordell. Cordell & Cordell is a family law firm with a focus on men's divorce, child custody and fathers rights divorce.
Tags >> withdrawl from account

Money Made Easy: What's a Safe Withdrawal Rate?

May 05, 2010

In this week's edition of Money Made Easy, host Dan Danford answers this question from a viewer: I'm about to retire and will be living off of my savings. What is a safe withdrawal rate for me?

Danford, MBA, CRSP of Family Investment Center, talks about his recommendations to use as a guideline and offers advice on how to remain financially secure.

 

 


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Ask a Divorce Lawyer topics for March 23: Distribution of retirement money earned pre-marriage; child support wage withholding; child support surcharges; divorcing the same woman twice; attorney malpractice; child support modifications while deployed

Mar 23, 2010

Among the Ask a Divorce Lawyer questions answered today by Cordell & Cordell attorneys:

  • Will my wife get some of my retirement money that was earned prior to us getting married?
  • If child support is being withheld from my paycheck, can any more be taken from my bank account? Can I instead pay in lump sumps?
  • My support is paid off, but the state took a lot of money off our tax return for "surcharges" and we can't figure out why or how they reached that amount?
  • I re-married the same woman I divorced earlier in my life. Now we are divorcing again. Is she entitled to alimony from both marriages?
  • My attorney didn't handle my divorce correctly. Can I fight the judgment?
  • My child support payments increased threefold while I was deployed overseas. These  changes were made in court even though they knew I was at war. What can I do?

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Ask a Lawyer: Court Order for Withdrawl from IRA Account

Nov 29, 1999

Question:

1Divorced 5 yrs. 1 Child - Age 14 living with father State of Reisdence: Ohio This last week when I checked my bank records I noticed that funds had been withdrawn from my IRA account. When I contacted the bank to ask where my money is, they informed me that they had a court order for child support. Strange since child support is being deducted from my check with arreages included. Is it legal for them to make a deduction from an IRA and leave me to pay penalty and interest when I had no knowledge this was going to be done? Upon learing this information, I invoked my Right to a State Hearing. This should stop them from distributing the funds until the hearing decision is made. Is this legal?

Answer:

Allow me to preface my answer to your question with the disclaimer that I am not licensed to practice law in the state of Ohio. Generally any funds available can be seized for payment of back support. However you raise a good point about the penalties and taxes that you are forced to take on. Although I have never heard this issue raised, I think you should raise it. But you have to remember that Judges are not always sympathetic when you owe back support.

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