Are you divorced from your former partner and retiring? Now that you are going to retire, you are likely wondering what will happen to your pension. It is normal to have concerns about your ex-partner having access to some of your pension benefits in the aftermath of the divorce. It is often common in divorce settlements for the other person to gain access to a portion of your pension.
However, the portion that a person receives will vary from one case to the next. The pension is not always split evenly between the two previously married individuals. If you had a prenuptial agreement before getting married that included details about your pension, your ex-spouse might not be able to acquire any of your pension. Let’s delve into this situation further to explore what happens to your pension following a divorce.
Are There Pension Rights?
Pension rights do exist. The purpose of these rights is to protect the retirement benefits that a person earns over the years. While these rights are present, a divorce pension payout may still occur. When a person marries, the pension they are accumulating is the joint property of the couple, not just the person who is generating the pension. Your former spouse can receive some benefits, even after the divorce, as well as if he or she decides to remarry in the future.
States possess different laws surrounding the separation of the pension. The court does not always immediately divide the pension between a couple. In reality, the other person would need to request access to some of the pension benefits during the divorce proceedings to get a divorce pension payout. If a signed prenuptial agreement clearly states that the other person agrees to not have access to any pension benefits in the event of a divorce, the person who earned the pension would not have to share their benefits.
Will a Settlement Occur?
Divorce and pension plans are something many divorced couples have concerns about, especially if they feel like their ex-spouse does not deserve the benefits of their hard work and sacrifice spent building those retirement funds. However, due to the laws surrounding pension and married couples, the ex-partner may still receive something.
It is often a good idea for the former married couple to attend mediation to discuss the division of the pension plan and the benefits that come with it. Both sides usually agree on the division of assets in mediation, including pension benefits, but this is not always the case. If both parties find the divorce settlement satisfying, they can resolve the dispute out of court to save money, avoid stress, and preserve time.
Concerned About Retirement After Divorce? Contact an Experienced Attorney to Guide You Through the Process
Are you feeling anxiety at the thought of retiring after divorce? Are you worried about your ex-spouse accessing your pension benefits? Worry no longer with the experienced and professional assistance of a family law attorney on your side. The Law Offices of James C. DeZao, P.A., employs an expert team of attorneys who are knowledgeable in the field of pension benefits following divorce. We will fight aggressively to ensure you continue to have access to the benefits you deserve. Remember, with us, it’s personal. Call us today at 1-833-JIMHELPS or contact us online to schedule your free, confidential phone consultation.