Pension After Divorce Is Finalized
Many times, a client who is getting a divorce wants to know what will happen to their pension after their divorce. They ask, will my spouse be entitled to half of my pension? As with many questions about divorce, there is no one answer for everyone’s case. Each situation essentially follows the same guidelines but the calculations are different on a case by case basis depending on the marriage.
Some of the factors that need to be considered in the determination of the division of pensions are the length of your marriage as well as the amount of time that you were working at the company giving you your pension during the length of your marriage. These calculations will be considered by the administrator that is in charge of your pension plan.
Your spouse’s interest in your pension will depend on the number of years that you were working at this place while you were married. The percentage relates to the number of years of marriage, but only to a portion of that pension when the pension is paid out.
In the State of New Jersey, there is an equitable distribution statute that says your former spouse will receive a percentage of your marital assets, including any pensions. If the pension plan was acquired before the marriage took place, the soon to be ex-spouse does not typically receive any of the benefits of that pension when the payments begin.
If you have any questions about the future of your pension in the event of a divorce, get in contact with an attorney who has experience working on family law cases of this matter.
The Law Office of Toby Grabelle, LLC is a family and divorce law firm serving Monmouth County and all of New Jersey that would be happy to assist you in legal counsel. If you need quality legal services, contact the firm for a consultation.