Division of Pension and Retirement Accounts in a Family Law Case
Going through a divorce is very stressful for many people. This can be much more intense when major assets, homes, vehicles and bank accounts, specifically pension accounts and retirement accounts, are involved.
In California, there are specific guidelines as to how these are addressed in family law cases. It is important to do your research and understand what your rights and responsibilities in the case are.
It is also important to understand what to expect in a pension or retirement account division in the property asset debt division of the case. These accounts may be considered as community property, and in this situation, the court would typically divide those equally. However, the court may exempt these accounts if they existed before the marriage.
Some plans have different guidelines with regards to survivors’ benefits as well as the alternate payee. While the court does have guidelines for divisions of these accounts, it can be different from case to case, and that is why it is crucial to seek legal advice.
Speaking to an expert will give you an idea of what to expect so that you’re not surprised when dealing with an asset worth hundreds of thousands of dollars.