A Brooklyn splitting pensions in a divorce attorney can help you with what is likely to be some of the most significant assets in your divorce. Dividing up a pension is an important issue for most people because pensions may have significant assets inside that were accumulated over the course of the marriage, particularly if the marriage lasted for many years. Brooklyn Splitting Pensions in a Divorce Attorney
A Brooklyn splitting pensions in a divorce attorney can help you with what is likely to be some of the most significant assets in your divorce. Dividing up a pension is an important issue for most people because pensions may have significant assets inside that were accumulated over the course of the marriage, particularly if the marriage lasted for many years.
If you do have a pension to be divided and it’s a qualified plan, then a qualified domestic relations order attorney is needed.
One spouse may be entitled to a portion of the other party's pension at the time of retirement if he or she receives this as part of the equitable distribution of property. Along with other items that are classified as marital property, pensions can be divided up between two parties but require additional paperwork and documentation.
Without the support of a splitting pensions in a divorce lawyer in Brooklyn who has been practicing in this field over the course of many years, you may expose yourself to risks that could make it difficult to support yourself in your own retirement. A pension that was earned over the course of the marriage is typically considered a joint asset of the wife and the husband. It is up to the divorce courts and the judge's discretion to identify whether or not pension assets should be divided and whether or not survivor benefits should be paid out.
If a pension plan is divided between spouses getting a divorce, it is often done so with a Qualified Domestic Relations Order for qualified plans. This typically must be done at the conclusion of the divorce when marital assets are divided. The court authorized property settlement or court order that outlines a pension plan to make payments to an ex-spouse is known as a domestic relations order. Many retirement plans will distribute pension benefits directly to a former spouse if the DRO already meets specific requirements. Private retirement plans, however, require a Qualified Domestic Relations Order.
Certain city, county, state and town retirement plans do not make direct payments to former spouses. How this is divided up and how it may be collected in the future is extremely important for both parties because the person who will have to give up some of their pension benefits may have to adjust their own retirement planning as a result. The person who is to receive the retirement benefits wants to ensure that all of the details have been handled appropriately to give them the peace of mind that they will be protected in the future if something happens to the other spouse. It is not enough to have a divorce decree that states that one party is to receive benefits from the other. Instead the divorce decree must go one step farther with the domestic relations order that is then accepted by each individual plan administrator. The plan administrator is responsible for putting together the actual structure for how these benefits will be paid out to another party. Since the plan administrator must accept the terms of the domestic relations order, it is extremely important for him or her to have an attorney at their side over the duration. A Brooklyn splitting pensions in a divorce attorney is a crucial asset.
You want the paperwork organized so that when it’s time to get access to the pension plan, you have everything set up for easy access. Don’t wait until it’s time to get the benefits to realize there’s a problem.