Horenstein Family Law Blog
Divorce and Retirement Assets
Posted: August 29, 2010
The division of retirement benefits at the conclusion of a divorce can be very complicated. It is very important to know about the specific type of plan, as the terms for division of the plan can vary significantly from plan to plan.
Many plans are called "defined contribution plans," such as IRA or 401(k) plans which are simply valued based on the amount of money in the plan. Other plans are called "defined benefit plans," such as federal or state government plans that simply provide a monthly payment upon retirement. There are many options with these plans, including varying dates of retirement, lump sum or monthly payment options, survivor benefit options which allow the surviving non employee to receive payments if he or she outlives the employee.
The laws regarding the division of retirement benefits upon divorce is very specific and often very complicated. if you are thinking of a divorce, it is important to have all of the information about retirement benefits earned during the marriage. If you are already divorced and have the right to retirement benefits, yours or your former spouse's, it is a good idea to have your final orders reviewed to make sure you will receive what you are entitled to receive and that the pension administrator has the necessary orders to implement the payments upon retirement. If the employee dies without the proper documents in place for the survivor, it can be very difficult for the survivor to receive his or her benefits.
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.
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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.
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