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Will Divorce Impact My Retirement Plan?

Posted By Center for Mediated Divorce || 17-Jan-2017

One of the biggest concerns of people facing divorce is for the future. It makes sense that an induvial who has planned a certain future and is now faced with another might be apprehensive. What will happen to my kids? Where will I live? What will my new life look like? All of these questions and more are very real concerns for the individual facing the dissolution of marriage.

Many people who have been planning for retirement want to know if their divorce will impact those plans. The short answer is, probably. But like all divorce matters, the answer can be much more complicated than that.

Our Irvine divorce lawyers break down the different retirement plans and how a divorce may impact them.

401(k) Plans

Retirement accounts are considered marital property if money was added to them within the duration of the marriage. That means, any money that was added before you were married is considered individual property and is yours, but any money added during the marriage is considered marital property and must be divided during the property division process.

Pension Plans

Similarly, if the money in this retirement account was added within the duration of the marriage, it is considered marital property. You do have the option to buy out your spouse for the pension or give them the equivalent value in property. In order to do this, the pension must be valued to ensure that the spouse receives equal value.

Social Security Benefits

If your spouse had better benefits than you and your marriage lasted 10 or more years, you can continue to receive the benefits from their work record. However, as part of this, you must remain unmarried, even though your spouse is allowed to remarry.

For more information regarding divorce or the divorce process, contact the Center for Mediated Divorce for the legal assistance and answers you need!

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