Retirement Benefits and Divorce

One of the things you may worry about most as you’re looking at a divorce is how it will affect your future. You’ve worked much of your life to establishing a future for yourself, and it can feel as though a divorce is putting an end to your careful plans. While it’s easy to feel this way, it’s not really the case. While you may worry that a divorce will affect your ability to retire when you want, or how you want, there are ways to ensure an equitable, fair split.

If you’re going through a divorce and you’re worried about how much of your retirement money you’ll see, contact the West Palm Beach divorce lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800.

What Happens to Retirement Money?

Money that’s been saved towards retirement is considered community property, and can thus be divided during a divorce. This includes:

• Military pensions
• Veterans’ benefits
• ERISA funds
• IRAs
• Keoghs
• Employee stock option plans
• 401(k) plans
• 403 plans

Money in these savings plans are all considered communal property. When you go through a divorce, this money will need to be divided fairly and adequately. However, certain other plans are not considered communal property, namely:

• Social security payments
• Financial compensation for military injuries
• Workers compensation disability awards

When you divorce, you’ll have to decide between a buy-out of the retirement package at its present-day value, or its division into two accounts. A divorce lawyer may be able to help you decide which option is best for you.

Contact Us

If you or someone you love is going through a divorce and is worrying about how their retirement planning will be affected, contact the West Palm Beach divorce lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800 today.