San Jose Retirement Assets Lawyer — John S. Yohanan
During the resolution of a divorce, pensions, 401(k)s, annuities and other retirement fund vehicles must be valued and properly divided. Some pension assets can be immediately available for reinvestment once the divorce is finalized; other types of pension assets cannot be distributed until the earning party has reached pay status (retirement age).
Traditional pensions are now few and far between, but older couples may still have such assets. In order to divide these marital assets properly, an actuary or accountant may need to be consulted.
Although only one party earned the pension or retirement fund asset, if it was earned during the marriage, it is marital property according to California divorce law. On the other hand, retirement assets earned before the marriage or after separation can be considered separate property and are not subject to division. Occasionally a retirement asset may contain both separate and community components. Your separate contributions together with any growth or loss will remain your separate property.
San Mateo County Divorce Attorney
Once it has been determined how much of the pension is indeed a marital asset, the next step is determining the proper value of the asset. Several factors can complicate that determination:
- If one spouse dissipated the retirement fund by illegally removing assets (which may have occurred at any time during the marriage)
- If one spouse used separate property assets from a retirement fund to pay marital debt, that spouse may be eligible for reimbursement upon debt division.
Once the divorce is finalized, a QDRO (qualified domestic relations order) will be entered by the court and sent to the pension plan administrator to facilitate the distribution of funds awarded in the property settlement agreement.
I am divorce lawyer John S. Yohanan. For more than 30 years, I have been advising clients on how to secure a fair share of community property assets, how to establish their separate property interests and how to protect their property rights in divorce.
Santa Clara County, California, Asset Division Attorney
You will find that my experience with complex marital estates and access to financial experts offers significant advantages in the proper handling of your property division case. Benefit from my experience as a San Mateo County divorce lawyer by contacting the law office of John S. Yohanan.