Dividing Pensions in Divorce
Do You Know How Your Pension Will Be Divided?
Pensions are often one of the most valuable assets you possess, and just like any other type of property, it may be split between you and your soon to be ex-spouse during the property division phase of your divorce. Unlike other types of property, pensions often require additional calculations in order to determine what percentage was earned during the marriage and how it should be split to ensure that all parties involved walk away with a fair ruling. If either you or your soon to be ex-spouse has a pension, hiring an experienced family law attorney will help you prepare for this process in order to secure you the beneficial outcome you require.
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Our Columbus divorce attorneys at Grossman Law Offices have dedicated their careers to providing families and individuals with the experienced legal representation they require during their time of need. With more than 130 years of collective experience, our attorneys are prepared to help guide you through your divorce proceedings in order to secure the outcome you and your family need to move on to the next phase of your lives. Contact us today to discuss your case with a member of our firm.
How Are Pensions Divided?
Even if the Plan participant won’t receive the benefits or funds that your pension will provide until some point in the future, it can still be divided during the divorce process. In most cases, the court will divide your pension by using either a Qualified Domestic Relations Order (QDRO) or a Division of Property Order (DOPO), depending on the type of pension.
However, pensions can be used to offset against other marital property, instead of being divided in the future. Determining whether to divide a pension or offset it against other assets is a complex undertaking that requires understanding the tax benefits and consequences of either approach and consideration of the most fiscally-sound way to plan for your future. Working with an experienced family law lawyer is essential for your protection if your situation involves a pension.
Depending on the length of your marriage, the spouse not earning the pension may not receive half of its total value. They are only entitled to half of the value earned over the course of the marriage; for example, if you will earn a $100,000 pension after working for 20 years, and you and your spouse were married for 10 of those years, your soon to be ex-spouse is entitled to half of the money earned during the marriage
In most cases, the only way that the spouse not earning the pension is entitled to half of its entire value is if you were married for the entire time you earned your pension.
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Hire The Family Law Lawyer You Need Today
Divorce is a stressful process, and dividing assets is often the most contentious and complicated portion you will need to face. At Grossman Law Offices, our Columbus divorce lawyers have dedicated their careers to providing families and individuals with the experienced legal assistance they need to secure the results they deserve. Call us at (614) 344-4311 to speak with a member of our firm today.