New CARES Act Provision Allows Early Retirement Money Withdrawl From Retirement Account Without Penality During COVID-19 Pandemic
Are you aware that the CARES Act made significant changes to the rules about withdrawing money from accounts? If COVID-19 and the pandemic has created an extreme hardship on your financial situation, you MAY have an option that you have not yet considered – but only through the end of 2020. Not many Americans have taken advantage of this new provision thus far.
As you may know, the general rule was that, you couldn’t take money out of your retirement accounts before you were 59 1/2 without incurring an “early withdrawal” charge or penalty. That 10% tax penalty was included by the IRS to discourage folks from taking money out of their retirements early.
CARES Act Changes:
If you meet the criteria, you may withdraw up to $100,000 per person from certain qualifying retirement accounts without owing the 10% penalty. NOTE: This does NOT waive income tax owed on the withdrawal amount.
You may ONLY withdraw the amount needed to overcome a specific group of defined hardships such as defending a foreclosure action, home repairs from a disaster, or medical
What Can I Do If I Am Ineligible For A U.S. Passport Due To Unpaid Child Support?
The Passport Denial Program is a federal enforcement tool, codified in Ohio law, which is designed to bring obligors who are in legal default on their support obligations back into compliance.
If you owe $2,500 or more in child support, spousal support for the parent with whom the child is living, or medical support, then you will not be eligible to receive a U.S. passport and will be placed on the Passport Denial list .
What do I do if I have already applied for my passport and my passport application has been denied?
If you have already attempted to apply for a passport, you will need to make arrangements to pay your support arrears. Once you make arrangements to pay your support arrears, then the state agency in which you paid the arrears to will report to the U.S. Department of Health and Human Services (“HHS”) that you have made acceptable payment arrangements.
What is a Consent Agreement in a Civil Protection Order (CPO)?
A Consent agreement in a civil protection order occurs when the parties agree upon the terms of the protection order. If the parties are able to agree upon the terms of the protection order , then there is no need for a finding of domestic violence nor is there a place in the Consent Agreement form to include a finding of facts. In a Consent Agreement , the accused is not admitting or denying that an act of violence ever occurred. The accused is simply agreeing to follow the terms of the civil protection order. Typically, one of those terms is that the respondent agrees to stay away from the petitioner.
What are the advantages of signing a Consent Agreement?
There are many benefits to signing a Consent Agreement.
How To Maintain a Good Credit Report During Divorce
Debt and Credit Issues Can Create Complicated And Stressful Times. How To Maintain A Good Credit Report During Divorce
Folks going through a divorce have many things on their mind. It can be a very emotional and stressful time! At some point you will inevitably need to start looking carefully at your debt and financial situation. When you are at that point, here are 5 basic tips:
Deal with Your Debt – Don’t Ignore it!
Request a Free Credit Report
The first step you should do is order a credit report from at least one of the three major credit reporting agencies (Equifax, Transunion and Experian). This will list debts attached to your name, both individually and jointly with your spouse.
There are 3 major credit reporting agencies Equifax, Experian and Transunion. You may want to order a report from one or all of them. You can also obtain one free credit report per year through annualcreditreport.com . Your divorce lawyer will want a copy anyway. Once you receive it, take time to thoroughly study it. Make sure it appears accurate. Look for errors such as credit lines
LEGAL ALERT: Who gets Legal Custody of a Minor Child After Termination of a Shared Parenting Plan? The Ohio Supreme Court Intervenes
Last week, the Ohio Supreme Court was asked to resolve a conflict between Ohio appeals courts. The difficult question that the Ohio Supreme Court was faced with in Bruns v. Green was whether there must be a change in circumstance in order to designate a parent the residential parent and legal custodian of a minor child after terminating a share-parenting decree.
The Ohio Supreme Court ultimately concluded that a trial court only needs to consider the best interest of the child when deciding whether to terminate a shared parenting plan and which parent to designate as the residential and custodial parent of a minor child.