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It’s surprisingly easy to forget major assets

On Behalf of | Jun 28, 2024 | Property And Asset Division

During a divorce, couples need to split up the assets that they own. Many of these are obvious from the beginning of the process and will never be forgotten. Examples include a family home, a family car, a shared bank account or other things of this nature. This is usually where couples begin as they divide up what they own.

But some people actually forget incredibly significant assets that could be some of the most valuable that they own. One example is a pension plan or a retirement plan sponsored by a spouse’s employer. If your spouse is earning such a plan, you may deserve a portion of it during property division. But people often overlook this and don’t take any steps to secure the assets that they own.

Why is it easy to forget?

This is so easy to forget because your spouse is likely not receiving the benefits yet. They aren’t getting monthly payments or using their retirement benefits. They may not even be very close to retirement age, so it’s just not on your mind.

What do you need to do?

But even if your spouse won’t retire for years or decades, you may deserve a portion of the retirement plan they earned during your marriage. You can split this up in advance by using a qualified domestic relations order (QDRO). This way, you ensure that you actually get the assets that you deserve from your marriage. When your ex eventually retires, you get a portion of those monthly payments. 

You certainly don’t want to overlook any major assets during property division. Carefully take the time to look into all of the necessary legal steps.