The financial aspect of divorce is easily one of the most stressful and complicated issues that arise during the process. And we don’t mean the cost of going through a divorce, but rather the need to split up assets of monetary value, such as bank accounts, debts, property, or pensions. Pension division in Orange County can especially cause confusion for those going through a divorce since it is intricate and highly dependent on a thorough understanding of financial jargon and retirement plans. It is also the source of much stress since you have worked incredibly hard to save up comfortably for your retirement only to have that fund threatened. Likewise, it can be stressful if you didn’t have the chance to work during the marriage and couldn’t save up at all for retirement, and now find yourself wondering if you’ll have to work for several more years to gain a pension. Dividing pensions in Orange County means following the pension division process in California, which is a community property state. This means that any property or money gained during the marriage must be shared between you and your spouse, including the money you earned towards retirement. Many wonder if the pension division is always 50/50 in California. The formula you are required to provide for the judge is much more multifaceted than dividing the total of your retirement money by two. Not only are pension plans typically a combination of community and separate property, but many other factors will weigh into how pension division is calculated. Our pension division divorce attorneys can help clarify the process specific to your situation and your city in Orange County, from Fullerton and La Habra to Tustin and Lake Forest to San Clemente and all along the Orange Coast. We want you to retire on time so that you can enjoy a relaxing, fulfilling life after your workdays are behind you. In order to do that, we will explain every detail and simplify the process as best we can so that every base is covered and no errors are made that could cost you dearly. Our foremost goal is to ensure that you receive the help best suited for you, which is why we always provide free consultations so you can make a decision before paying anything.
Since the pension division in California can be complicated due to its community property laws, it is important that each document you submit is reviewed meticulously to catch errors and make sure every detail is covered. This requires not only experience in the divorce process but a solid financial background and a good grip on the different retirement and pension plans. Since most pensions contain both community and separate property, the money will not be split down the middle. Rather, you will be required to calculate and provide the judge with a formula based on employment and pension information. We have pension division lawyers who have worked in cities throughout Orange County and who have learned the exact process for each one as well as the errors common to those regions. We know you have worked hard for every penny you have acquired, so let us help you work hard to protect them. Through a keen and innovative eye, your divorce attorney can find alternative options in negotiation that allow you to keep the majority of your pension plan in exchange for items of lesser value to you that your spouse may desire.
However, negotiations are secondary to the pension division forms that the State of California requires of you. The one that typically stresses a great many people out is the QDRO. Filling out this form incorrectly could cost you great amounts of your hard-earned money, and it can be more complicated than first meets the eye. You will have to answer questions regarding your current employment and employment history, salary, and pension and/or retirement plan specifications as outlined by your employer. Those specifications will include the amount in the plan or pension, the date the funds become available or the timing of payments, the length of the marriage and the date the funds began accruing, etc. Using this information and knowledge of community, separate, and transmuted property laws, you will be required to generate a formula to give the judge that he will use to calculate pension division. The State of California recommends that you have a pension division attorney review the QDRO to catch any errors that could have drastic consequences. During the years, we’ve guided dozens of clients through this process and have accumulated the necessary legal and financial expertise to answer any questions you may have and simplify a confusing process. We will ensure that your forms are error-free and that every essential detail is included before you hand them to the judge. Your decision to seek a new life and find happiness should not result in financial punishment, and you should not have to go through the process alone. As soon as you call us for a free consultation, we will begin laying out the steps for your pension division so you can walk into the courtroom confident and prepared.