How to Divide Pensions in a Divorce
Rancho Cucamonga Divorce Lawyers on Your Side
Are you going through a
divorce? Do you have a pension plan? In the state of California, pension plans
are divided upon the
divorce in the same manner that other property is divided. The division of pension
plans requires more work and can be more complicated for the dissolution
of marriage. Pension plans may be made more difficult to divide when you
try to factor in the amount contributed prior to the marriage or try to
evaluate the future value of the plan based on inflation and other factors.
Complex assets like pensions can require the help of a Rancho Cucamonga
Having a divorce attorney during this time can help you:
- Protect the pension plan so it is accurately divided
- Go through the proper qualified domestic relations orders
- Understand what is considered community property in regards to your pension plan
Learn about your rights in a
free consultation by calling (909) 992-0188.
Can My Pension be Split in a Divorce?
While the funds and benefits individuals receive for pension plans are
not available until retirement age, the plan can still be split during
the divorce long before that time. It is possible for divorcing couples
to come up with an agreement on their own, but because of the intricacies
involved, it may be more advisable to hire an actuary, who can help determine
value of the pension plan. This can also help you understand if you get
to keep portions of your pension plan. For instance, if you worked a number
of years and contributed to your pension plan prior to the marriage, you
may be entitled to keep the entire amount of the pension earned before marriage.
For some cases, federal government pension plans may not have to be included,
but plans with the state do. This is when some pension plans are considered
as a party in the matter. This may be necessary before the court can actually
issue a ruling on these.
Separate Property vs. Community Property
Pension plans fall under California’s Family Code regarding
property division. This splits up property based on community and separate categories. Community
property includes assets and earnings that were acquired during the duration
of the marriage. Assets earned prior to the marriage are considered separate
and are not included in the property division process.
If you are going through a divorce and have a pension plan that may complicate
the property division process, trust in our Rancho Cucamonga divorce attorneys
at James D. Madden, Attorney at Law to help you. Discover your options
when you speak with us about the individual details of your case.
Call our firm today at (909) 992-0188.