Retirement Benefits in an Chatham County GA contested divorce

Retirement Benefits in an Chatham County GA contested divorce

Savannah Georgia divorce lawyers

Community property includes accrued or vested retirement benefits. This means they should be divided in a divorce. Retirement benefits falling under Community property include military pensions, veterans educational benefits, ERISA funds, IRAs, Keoghs, Employee Stock Option Plans (ESOPS), 401K and 403K plans, etc.

Certain retirement benefits are not considered as Marital property. They include:
• Social Security payments
• Compensation for military injuries
• Workers compensation disability awards

Irrespective of the length of the marriage, retirement benefits must be discussed and settled. For example, the petition, marital settlement agreement and judgment must all provide either for the spouses waiver of retirement benefits or the division of any such benefits. A spouse should waive retirement benefits only if that spouses share is worth very little.

There are two methods for dividing retirement benefits: (1) the present-day valuation buy-out, and (2) division into two accounts. In the first, the spouse without the retirement benefits takes the present-day value of his or her interest in the retirement benefit and trades it for something else of equal value, like cash or other assets. Stock options and pension plans where an individual must work for a certain number of years can be worth more than you think. It is wise to use the services of a professional pension actuary or appraiser before making a decision.

When dividing a retirement account, you want to make sure you dont lose any tax advantages. A Qualified Domestic Relations Order (QDRO) is needed to transfer a share of retirement funds from the spouse participating in the retirement plan to the other spouse.

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