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