Division of Retirement Lawyer for Granite Bay
Understand Division of Retirement in Placer County
A special type of court order, also known as the Division of Retirement,
divide the retirement plan between two parties in a divorce of separation.
- According to state law, division of retirement:
- Recognizes the right of a former spouse, domestic partner or child to receive
a part or all of a pension plan that belongs to their former spouse
- Is typically required in divorce proceedings where parties are dividing
their retirement plan benefits
- Applies to both parties in a divorce if one of the spouses earned retirement
benefits during the course of the marriage
There are several ways that the Division of Retirement plan can be calculated.
Unless otherwise specified by the Marital Settlement Agreement or judge,
a formula is used. This formula is based on several variables to compute
the amount payable to the alternate payee. For cases where a lump sum
is distributed, the alternate payee can choose to receive the single payment
or to apply the amount to an Individual Retirement Account.
We Are Your Advocates Throughout the Division of Retirement Process
In most cases, the process of obtaining a Division of Retirement takes
approximately two to four months from the start of the drafting. The length
of the process will vary depending on several factors such as the time
it takes for the court to issue the division of retirement, or the time
it takes to formally approve it.
The Division of Retirement isn’t always included in the
divorce process. Many couples become angered after paying high fees to their attorney
and the Division of Retirement wasn’t even included. If you need
legal advice or help to settle the division of retirement issues of your divorce,
contact us at Myers Family Law. We take an understanding and aggressive approach
for our clients’ legal needs.
Call our experienced Granite Bay
family law attorney at (916) 634-0067 to discuss your Division of Retirement.
We offer a
low-cost 30-minute consultation and are able to assist clients in Placer County, Sacramento, and beyond.