For those in the process of or considering getting divorced, one of the major questions you'll face is what assets you'll be entitled to. Between shared property, pension plans, and even debt, your portion may or may not be what you had in mind.
If you receive CalSTRS pension benefits, you may be required to divide them upon divorce. Read on to learn the different types of plans available under CalSTRS and under what circumstances they must be divided. Then, be sure to call A People's Choice for help with the required joinder!
Believe it or not, retirement benefits are the most valued assets during a divorce. In fact, sometimes a retirement benefit is worth more than a home! As a result, calculating retirement benefits is a very important part of dividing community property. Read on to learn how retirement assets are usually calculated and how A People's Choice can help.
Most couples think their most valuable community property asset is their house. Surprisingly, however, the most valuable asset is often their retirement plan. Just as with other community assets, a divorcing couple must settle retirement division. In general, the law considers retirement benefits accrued during the marriage until the time of separation as community property. This article will explain the steps to divide retirement in divorce.
Divorced spouses often contact us with concerns that their ex-spouse won’t sign QDRO, a qualified domestic relations order. The courts use QDROs (pronounced "quaw-dro") to officially divide a former spouse's interest in a retirement plan or pension plan. If your spouse won't sign QDRO, then you will not be able to complete the process of dividing the retirement account . However, the spouse refusing to sign could find themselves held in contempt of court for refusing to do so. This article reviews options you may have if your ex-spouse is refusing to sign your QDRO.
Contributions made to retirement and pension plans during a marriage are community property. During a divorce, couples divide retirement and pensions plans just like any other marital asset. The couple may split them any way they see fit, whether it be that one spouse completely buys the other one out of their share, or one spouse receives a percentage or fixed amount of the retirement payments. It is necessary to prepare a QDRO for each plan that is divided.
It is not necessary to divide all retirements plans in a divorce. However, if the court has ordered the division of a retirement account, or the parties have agreed to divide one or more retirement account, it will be necessary to file a QDRO after divorce. Here are the steps on how to file a QDRO after divorce.
A Thrift Savings Plan (TSP) is a retirement system and plan for federal employees, military personnel and reservists. Congress established the plan in 1986. The federal TSP is a defined contribution plan. This means the amount of money a plan participant receives from the plan depends on how much he/she contributed throughout his/her working years. The [...]
Gilmore rights allow a divorcing spouse to receive a share of community interest held in their spouse’s pension plan. Specifically, this means the spouse can choose to receive these benefits before the participant actually retires. Benefits become eligible at the earliest date in which the employee spouse would be eligible to retire. To enforce your [...]
Couples who have been married for more than ten years often face challenges when dividing retirement accounts during a divorce. Fortunately, there are creative ways to avoid having to divide retirement plans in divorce. Read on to learn more about how to avoid retirement division in divorce and how A People's Choice can help. [...]