You live in N.J. and you may be heading for divorce.
You've worked you backside off to save for retirement.
As a result, your pension has grown significantly.
Now your spouse wants a divorce.
Does your spouse get part of the pension that you worked so hard to save?
Yes.
Pension plans are subject to "equitable distribution" in a NJ divorce.
The relevant period for the sharing of a pension is "the duration of the marriage", which in New Jersey is defined as from the date of your marriage until the official date of the filing of the divorce complaint.
Whatever amount of money came into the plan during that time period is subject to the claims of your spouse.
It is commonly understood in the context of pensions that the result in a roughly equal split.
To navigate the division of a pension, a systematic approach is essential.
The first step is determining how much of the plan constitutes marital property, i.e., the portion accumulated during the marriage.
If any part is considered separate property, valuation becomes necessary to establish a fair distribution.
Calculating the balance that is "in the marital pot", so to speak, on the date of filing the divorce complaint and adjusting for any gains or losses through the date of distribution of the funds provides a clear snapshot of the marital portion.
A Qualified Domestic Relations Order (QDRO) is necessary to divide the plan into two smaller plans, one for each of the spouses, without accruing any current tax ramifications.
For a smooth and cost-effective process, consulting reputable experts like Troyan, Inc. in Sarasota, Florida, is advisable.
Their proficiency in handling pension division ensures compliance with legal requirements and facilitates a fair and efficient outcome.
The final step involves the distribution of the pension assets, necessitating adherence to specific rules to avoid tax penalties.
A QDRO or a similar legal vehicle is often required, and experts like Troyan specialize in ensuring that the division proceeds without triggering unfavorable tax implication.
I am guessing that if you are reading this article on dividing pensions in divorce that you probably live in NJ, are having marital problems, and you feel that divorce may be in your future.
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Until next time,
Steve
Steven J. Kaplan, Esq.
Specializing In Divorce
In Monmouth County
5 Professional Circle
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www.KaplanDivorce.com
(732) 845-9010