Dividing pensions is one of the more difficult aspects of property division in a divorce. In some cases, this matter involves more than one step. Not only do you have to divide the other marital property in the divorce, you also need to have the valuation done on the pensions. This is one thing that divorcing individuals might miss.
When you are dividing pensions, you can’t use the statement worth as the value. These are two very different things, which is one of the reasons this is a challenging situation. We can provide you with the correct information to handle this matter.
Once the division of the pensions is determined, you must draw up and submit a specific document known as a qualified domestic relations order (QDRO) to the pension plan administrator. Without this order signed by the judge, the nonemployee spouse will not be able to access the benefits of their former spouse.
It is easy to become confused about dividing the pensions while you are going through the asset division process. But remember, this is just one aspect of the bigger picture. You should view it as a whole to determine whether you are being offered settlements that will allow you to live the best life possible.
We understand that all of this might be a lot to think about. We help you explore all the settlement options that you have. These can vary greatly so keep an open mind and think about the logical aspects of each one. Sometimes a major asset can be used to offset the other partner’s interest in your retirement pension. The important thing is to strategize to get what you need to begin your newly single life.