When it comes to getting divorced in the state of New York you should know how your assets and other property will be divided. It is an important part of the divorce process, especially when talking about the division of pensions. There could be pensions for one spouse, or both, in a divorce. Here’s a little background on how pensions are divided in the state.
It is law in the state of New York that pension benefits earned during a marriage must be divided equitably upon divorce. That means they must be divided equally between the two spouses, even if one spouse earned the money working their job. The law only applies to pension benefits that were accumulated during the marriage, not prior to the marriage.
People divorcing in New York have quite a few options when it comes to dividing a pension. The pension can be divided equally between the two spouses right down the middle of what was earned during the marriage.
Divorcing couples can also come to a flat dollar agreement when dividing the pension. A flat fee helps to lock the dollar amount the former spouse will receive in divorce. It will not change should the spouse earning the pension sees a rise in their salary before retirement.
Couples headed for divorce can also choose to divide the pension by using a share that is calculated for a specific date. The retirement system in New York can enter a hypothetical retirement date using the final salary of the employee and their service credit. The date most people use with this method is the date the divorce is set to begin.
Have you decided to file for divorce in Oneida? Contact our experienced firm to talk about your situation and how the pensions will be divided.