A divorce later in life can give rise to a very distinct set of complications that other couples going through a divorce may not need to face. Spending a large amount of your life working towards a pension can be seemingly entirely disrupted by the decision to separate. Our Centennial law firm is here to assist you through this legal territory towards your vision of success for yourself and your family, so you can confidently seek your independence with a sense of security for your future.
The economic partnership of a marriage makes certain advancements such as career and retirement plans possible, and legal reforms reflect this with increasingly available grounds on which to secure equal division of assets. However, in most cases, wives are dependent on the pension earned through the husband’s work, and there are currently no provisions in the law to ensure that the wife will receive a share of half of these benefits. Partnering with our Centennial law firm now, during your divorce, may help you win a petition for splitting your spouse’s pension, although it may not be turned over until after your partner’s retirement.
Walker Wright & Associates guides your case in accordance with the laws of state; and in addition cases for partial rights to your spouse’s retirement plan will also be up to the rules of that plan, as laid out by the employer or provider of the benefits. There are various routes to consider taking when working towards splitting assets in cases of divorce and separation.
Off-setting is the most common course of action, and involves the partner with the pension retaining their entire retirement plan, and the other partner receiving property or cash to balance the division. This plan depends on what you value for your lifestyle, how you are planning for the future, and how you wish to communicate with your ex-spouse. It offers a definite break from a partner, but defining the terms of an equal split with different types of assets will leave some things up to interpretation.
Pension sharing results in the partner with the retirement system allocating an amount of their pension to the other spouse, who may invest it in a new account. The partner receiving the allotment may also allow the amount to remain in their spouse’s account, with the understanding they will receive this amount at its future disbursal.
Communicating expectations is essential to marital agreements, and our Centennial law firm encourages you to determine these expectations to best achieve them. Because state legislation may not always order an equal split of a couple’s retirement system by default, knowing what to ask for is your best advantage.
Have questions? Contact Walker Wright & Associates today.