Author: Steven

It is important to work with a family attorney who understands the ins and outs of a qualified domestic relations order but you may also wish to engage with a specialist who has experience in drafting and evaluating these types of materials as well. As an individual you should also be concerned about how the qualified domestic relations order is put together and submitted to the plan administrator and judge. The division of retirement assets can have a significant impact on the remainder of your life, which is why it is so important to make sure that everything is handled appropriately. First of all, make sure that a qualified domestic relations order is available. The majority of plans provided by private employers do fall under the ERISA requirements that mandate the use of a qualified domestic relations order. This is not always the case however, as it relates to government plans and military plans. Make sure you understand whether division as a result of a divorce is available in your plan. The easiest way to do this is to contact the plan administrator. In the event that the plan does not belong to you, you may need to reach out to your spouse to ask for assistance with this. This can also be conducted during the discovery portion of your case by working with your family attorney. Understanding the value of all the plans potentially divisible and divorce is essential so that you can compare the documents and align everything as necessary. Do not hesitate to get the right advice about this situation because there is simply too much on the line.

Additionally, make sure you know upfront what the qualified domestic relations order will cost. Although this might be viewed as relatively a simple document in the event that it only includes a defined contribution plan maintained by a big employer in your area, you may also need to engage with the qualified domestic relations order specialist to assist you. This is because there are many complex factors that go into drafting and submitting qualified domestic relations orders. Although a qualified domestic relations order can be expensive, having it done properly the first time impacts your future significantly and you should not hesitate to bring in individuals who are committed to protecting your interests as best as possible. This may include both you family law attorney as well as a QDRO specialist. Although you and your spouse may agree to split everything down the middle, you should not count on a verbal agreement as enough to support this actually happening. You need to have as much in writing as possible which is why the qualified domestic relations order is important in the first place. Your divorce decree alone is not enough to mandate that any retirement plans be divided between you and your former spouse.

Any plans that are subject to regulation by ERISA need to have a qualified domestic relations order linked to them. So, you should ensure that a QDRO has been submitted for each of these individual plans. Do not trust your spouse’s words because he or she could pass away or withdraw the funds before you are eligible to receive them. Plan administrators are also not responsible for passing out benefits in a retirement plan if a qualified domestic relations order does not specify that payments are to be made to someone else. Your QDRO should detail information such as when you are entitled to the benefits, the amount of money you are entitled to and any other necessary details such as your contact information. Ensuring that his document is updated properly and that a copy and version for each individual plan has been submitted goes a long way towards reducing your anxiety and concerns. Do not hesitate to get this done properly the first time so that you can have peace mind about gaining access to these retirement benefits down the road. With so much on the line and with retirement assets frequently being one of the biggest types of assets divided in a divorce, you need the comfort of knowing that things have been handled properly the first time.…

With the rising cost of education parents are often worried, especially the middle class people. While they aspire to give their children the best education possible, the finances required often act as a hurdle for students to embark upon the glorious journey of success in life.

Today, the costs factor involved in attaining degrees in engineering, medicine, computer science, managements, law can costs anything between 5-10 lakh rupees. And if you foresee your child to take a degree in foreign university or institute the figures will triple. Even the riches of the society have to think twice when it comes to sending kids for foreign studies. Resultant is that in such situation parents often have to borrow from relative or friends. Else they might opt for traditional finances, personal loans, property mortgages, gold loans etc. However, traditional finances or borrowing is not easy. It involves very high rate of interest, immediate payments of loan amounts, limited timeframe for payments and no flexibility options for repayments.

The one good easy breather that has come across for students and parents is Study loan Abroad offered by leading private and public sector banks or companies across India.

Government and private finance firms has taken concrete steps for providing better education facilities to the youth of our nation. In order to make sure that no student is denied of pursuing higher education, they have come up with state-of-the-art facilities for Study loan Abroad scheme. So bank a suitable opportunity now and create own your world of successes by pursuing good and quality higher education in India or abroad.

The article offers some tips while taking loan for studies abroad:

While taking admission in foreign university students have to show sufficient proof of funds. Every student has its own set of problems such as getting a visa clearance, fund approvals, slow loan processing, incomplete finances etc. Some of the leading private finance firms have come up with unique and friendly solution for customers such as Pre-Visa Disbursement Loan, Pre-Admission Loan, Certificate of Availability of Funds, GRE score based loan, Bridge loan, fast track loan etc. which cater exclusively to students’ particular requirements and set them free from any form of obstacle in their road for career development.

Government banks demand for margin money of around 15-20% of the loan amount to approve study loan overseas but few of the leading finance firms in India give foreign study loan at no margin money costs. The interest rates offered are as low as 12.75% and the processing fee is mere 1-2% of the Study loan Abroad amount being calculated on a case-to-case basis

Your student loan takes a complete care of your expenses incurred towards the tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc.

As an Indian national, for loans up to 4 lakhs no security is necessary, but above 4 to 7.5 lakhs, collateral security in forms of third party guarantee is compulsory. And, above 7.5 lakhs of loan, tangible security of desired value is required.

Understand your student loan in terms of fund allocated, expense covered, interest rate applicable, discount or concession available, tenure for loan clearance, repayment options & strategy and other costs they’ll have to incur on their own.

Disbursement of the loan amount is done directly to the institute or college to which the student has applied for admission. Other charges like mess and hostel charges are given to the concerned authorities. Banks or private finance firms verify the tenure of the course, and determine the cost of the entire course.

Parents & Families are often tensed on raising funds inorder to meet higher education fees for their children. Hopefully, increasingly attractive option of Study loan Abroad might come as guiding star for them to be able to successfully manage this complex process.…