Retirement Plans After A Divorce: What You Need To Know
Everyone wants to be sure they will be financially secure when it is time to retire. That’s why retirement plans and benefits are an important factor to consider during a Connecticut divorce. Many times, one spouse has a more valuable retirement plan than the other or a homemaker spouse may have no retirement savings of their own at all. The LAW OFFICES OF PIAZZA & SIMMONS, LLC can help you understand your options.
How Do Judges Decide How To Divide Retirement Benefits?
Several factors play a part when a judge is deciding how to allocate retirement funds during a divorce. The judge may consider the length of marriage, earning potential, age and education of the parties. A judge may also consider which other marital assets exist and how those are being allocated to the parties. An example might be that one spouse can keep their entire retirement package while the other spouse receives more cash or liquid investments at the time of divorce. Assets often offset each other to help parties come to an equitable settlement.
If one spouse was the primary earner and has a well-funded retirement plan, while the other spouse has little or no retirement savings of their own, a judge has the discretion to assign a percentage of the retirement benefit to the nonemployee spouse. The employee spouse is called the “participant” in the retirement plan, and the nonemployee spouse is called the “alternate payee.” We will sit down with you and explain all of the potential solutions to the problems you are facing.
Consult With An Experienced Divorce Lawyer Today
Our attorneys help clients with every step of the process in finalizing a divorce and separating each spouse’s assets. Make sure you have experienced guidance. Contact the experienced attorneys at the LAW OFFICES OF PIAZZA & SIMMONS, LLC online or by calling 203-936-6772.