How are Retirement Plans Handled in a Divorce?
Did you know that you may have to share your retirement plan during a divorce? Check out this educational video by Buffalo Divorce Lawyer Donna L. Haslinger to learn your rights and legal obligations when it comes to retirement plans in a divorce. If you have questions about your divorce matter, please contact us to schedule a consultation. Let our experience work for you.
- Retirement plans can be very difficult for lay persons to wrap their heads around.
- During the course of a long-term marriage, one spouse may acquire substantial retirement benefits through his or her long-term employment and be surprised to learn that they must share that asset with their spouse – even though they were the ones who earned that asset.
- Retirement assets are divided between the parties in a divorce, and are sometimes the couple’s most valuable asset.
- There will be some distribution, either in the form of a direct division or as a set-off against another asset.
- One spouse may have worked and earned that asset but, even if the other spouse didn’t work at all, it will have to be shared.