As you prepare for retirement, you may be concerned about how you may pay the bills. While social security can supplement your income and help you pay your bills, it might not be enough to fully cover your financial needs, especially if you live in an area with a high cost of living, just like Manassas or Prince William, or Fauquier Counties. Our retirement division attorneys at share what you should understand about the pension plan division.
Retirement Division In Your Divorce
During your divorce, you will undergo the division of marital assets, where all assets purchased during your marriage or determined to be jointly owned by both spouses are divided equitably between the couple.
Commonly included in the division of marital assets:
- Retirement accounts, such as 401(k)s, Roth IRA, military pensions, or other pensions,
- Investment portfolios,
- Real estate or properties,
- Accumulation of debt,
- And more.
Your retirement assets or other elements of your retirement plan may be involved in your asset division process, depending on when they were acquired and how the court determines ownership. A skilled retirement division attorney can advocate for your best interests and protect your future financial stability as you undergo the division of assets process. Since retirement assets will be involved in the same “pool” of assets as your marital assets, fighting for your retirement assets may affect the overall assets with which you will exit your marriage.
Am I Entitled to My Spouse’s Pension?
The answer isn’t quite so simple. If you have undergone a divorce, you should take the time to review your divorce documents and understand if you were granted retirement assets in the division of assets process. Your divorce attorney can help you with this review and help explain what you should expect when retiring.
Your divorce may affect any social security payments you or your spouse may be eligible for after your divorce. If you are preparing for a divorce, you should discuss with your retirement division attorney to learn more about how the division of retirement assets may impact your social security benefits.
How Can I Protect My Retirement Plan?
If you are pursuing a divorce, you should make sure your divorce attorney reviews your retirement assets with you and understands your priorities regarding your retirement plans. You may wish to advocate for the complete preservation of your retirement assets or if you are pursuing an amicable divorce and wish to provide a financially stable retirement for your spouse, divide the assets. When considering what you wish to pursue during the division of assets process, you should consider if other assets can supplement your retirement income, such as an investment portfolio, the sale of vacation homes, and more.
With a better understanding of your retirement assets and desires, your divorce attorney can build a strategy to protect your interests and provide a stable future retirement. Throughout the process, you should check in with your attorney and inquire about the division of assets. They can help you prepare for what to expect at the resolution of your divorce and how to prepare for retirement in the future.
Fully Invested In Your Success
Preparing for retirement can be difficult, especially if you are undergoing or have undergone a divorce. Our retirement division attorneys can help you understand how to protect your assets and prepare for a financially stable retirement and future so you can retire whenever you feel ready.
Are you preparing to retire? Schedule a consultation with our retirement division attorneys today by calling (703) 215-1880. We are waiting for your call.