Horenstein Family Law Blog
Dividing Retirement Assets in a Divorce
Posted: January 17, 2010
Retirement plans often are a significant asset to divide in a divorce action. The biggest obstacle to allocating this asset in your divorce is lack of understanding of the retirement benefits. You cannot make an informed decision regarding these assets without completely understanding your benefits and the type of retirement account you have as well as the benefits and plans of your spouse. Many people pay little attention to their retirement plans until they are forced to by a financial planner they hire, or an event such as a divorce or obtaining retirement age. Some people assume it is just something you receive when you stop working. There are two general categories of retirement plans: defined benefit and defined contribution accounts. They are very different which is why you need to know exactly what you have. There are two easy sources of information for your retirement benefits: retirement account statements and plan booklets or plan summary books. How do you obtain information about your own benefits?
Sources Of Information for Your Retirement Benefits
- Retirement Account statements. No matter which type of retirement benefit you have, all plans send or provide statements to you quarterly or yearly minimally. If you do not have your statements, you usually can access the information from an online account you set up or directly from your plan administrator or benefits office.
- Plan Handbooks, pamphlets, plan summary, summary plan booklets: The easiest way is to request a copy of the plan summary book, handbook, or pamphlet from your employer benefits office. Often this information is available online. For example, if you are a public employee in the Washington State Department of Retirement Systems, you can access and copy off your plan booklet from the website at http://www.drs.wa.gov/.
Once you have the information, you should review it carefully, ask questions of your benefits office if you do not understand the information and if you are going through a divorce, you need to provide and review the information with your attorney. If you need information on your spouse’s retirement benefits, your attorney can assist you with obtaining what you need. Spouses in a divorce action can simply agree to exchange the retirement information with each other which, of course, saves the cost of their attorneys having to request the information.
Disclaimer: This blog is written and published by The Scott Horenstein Law Firm and primarily written by Dru S. Horenstein for educational purposes only, i.e. to give information and a general understanding of Washington family law, not to provide specific legal advice. The information provided by this blog should not be used as a substitute for legal advice from a licensed attorney in your state. Dru S. Horenstein is licensed to practice law in the State of Washington only.
You should not use the information in this blog to determine how your own legal case would be resolved. Every legal case is different and the smallest difference in facts between one case and another can alter the outcome and affect the legal advice you would receive from an attorney retained to represent you.
Your use of this blog does not establish an attorney-client relationship between you and The Scott Horenstein Law Firm. Such an attorney-client relationship can only be established by execution of a contract for legal services between The Scott Horenstein Law Firm and a prospective client.
Some material contained in this blog is general in nature and may not reflect the current laws of the State of Washington. The author of this blog does not necessarily support the views expressed in all articles contained herein and cannot guarantee their accuracy.
The inclusion of material from identified sources is for educational purposes only and is not intended to infringe on the copyrights of the identified sources.
The Scott Horenstein Law Firm, PLLC provides experienced legal counsel to clients with family law and personal injury needs in Washington. Our office is located in Vancouver and assists clients in Vancouver, Camas, Battle Ground, Ridgefield, La Center, Amboy, Yacolt, Washougal, Woodland, and throughout Clark County, Washington. Call Today For An Initial Consultation: 360-699-1530.
Contact Us
If you would like one of our attorneys to contact you, please complete the contact form below.