Dividing Benefits After a Divorce
Dividing benefits after a divorce is a common concern, especially when it comes to dividing retirement benefits, military benefits, and other types of pensions. If you have any questions, please contact our dedicated New York divorce lawyers today. Let our experience work for you.
Dividing Benefits After a Divorce | Retirement
If you’re getting divorced, you might be concerned about your retirement benefits. You may have a long-term marriage, you might have worked many years, you might be in a union or a New York state employee and be concerned about losing those benefits. Those benefits are something that can be divided in a divorce. Regardless of who the employee is, those benefits will be divided between the spouses. For example, if you have a 401(k) plan that is something that will be valued by the court or by your attorney, and there will be either an agreement or a decision from a judge that divides that asset in some form.
It’s nothing for you to get overly concerned about because this is the law in New York state; it’s not something you will have a lot of control over. What you want to do is have an attorney that will guide you through that process and make sure that if your retirement is the one that’s being divided, that your spouse is only getting exactly what they’re entitled to and no more.
Dividing Benefits After a Divorce | Military
Government pension plans and military pension benefits are also divisible in a divorce. The method is similar. While you don’t use a qualified domestic relations order, there are additional orders that apply to government benefits and military retirement funds. Here at Cole & Sorrentino, we have experience in navigating those requirements.
Dividing Benefits After a Divorce | Non-Vested Pensions
A common question regarding division of pensions is what if I’m not yet vested? Whether or not a plan participant is vested in a plan, that plan can be divided in a divorce. In a divorce decree or an agreement, there still can be a provision for dividing the person’s interest in that pension. At the time of retirement, assuming you did vest in those benefits, that benefit will then be divided.
If you’re going through a divorce, you need experienced legal counsel. Even if you’re in full agreement with your spouse as to the terms of the divorce and want to utilize mediation or collaborative law, you should still at least consult with an experienced attorney to discuss all your legal options and answer any questions you’re bound to have. Contact Cole, Sorrentino, Hurley, Hewner & Gambino, P.C., online or call us to arrange your initial consultation with one of our Buffalo divorce lawyers. We welcome the opportunity to serve you.