Baltimore Mediation Services

Sheila Russian

Retirement is an important issue to address in mediation. Frequently people have several kinds of retirement accounts--traditional IRA's, SEP IRA's, 403B's or pensions. Some people are employed by small businesses or large corporations; others work for non-profits or for the government. Employers offer different retirement plans. Social Security is another source of retirement income. "If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record." ( During mediation, people share information about retirement savings. Clients find out what forms must be filled out to divide or close accounts, as well as about any fees or penalties. People also discuss the timing of making changes. It is extremely important to understand tax implications. For instance, will a person owe more taxes if he/she is using funds in an IRA for a down payment on a house than if he/she rolls over the funds into another retirement account? Clients frequently consult with accountants, financial planners, and attorneys. Then they are able to make decisions that make financial sense.


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