Divorces are rarely pretty, especially where finances are concerned. Some of the nasty arguments and the biggest headaches come from dividing assets between you and your husband or wife. One of the most important assets that must be allocated during divorce litigation is your and/or your spouse’s retirement fund(s). Pension division in San Jose can be highly stressful and for a good reason. When you labor hour after hour every day over the course of several years to build up a comfortable amount that will secure your retirement, it’s only natural to get sick to your stomach at the thought of losing a large portion of that. It is equally as nerve-racking if you dedicated many years of your life to your spouse and children and were unable to work during this time, only to risk not having enough funds to happily retire yourself. Dividing pension in Santa Clara County can be even more stressful than in other locations, since California is a community property state, which means that all possessions obtained during the marriage are considered to belong to both you and your spouse, including money put towards your retirement plan. Many believe that this means the funds can only be split 50/50; however, the formula used to determine this is much more intricate, since retirement funds and benefits are often a mix of community and separate property, and many other factors go into the final judgment. And that’s where we step up to the plate. Recruiting one of our Bay Area family law attorneys to handle your pension division can be the deciding factor between you retiring on schedule and you have to work many more exhausting years. We will ensure that every detail is covered in this complex process to reach the most satisfying result possible. Remember, you deserve the time and care our lawyers will pour into your case. Since dividing retirement plans during divorce differs greatly for every individual, we provide a completely Free Case Evaluation to assess exactly how our team’s financial and legal expertise will be able to help you.
Unfortunately, couples going through a divorce or legal separation often overlook pension funds and benefits, especially if they split up when they’re relatively young since retirement will happen much later in life. This is a grave mistake, as the value of these funds can often surpass many of your current assets, even if they’re not readily available to you at the moment. Thus, ensuring that you have a dedicated and experienced lawyer on your side to meticulously attend to the details of dividing pensions in San Jose. There are several options that couples have when dividing up these assets, which depend on a number of factors including the date of marriage and separation, the size of the pension, the timing of its payments, and more. At Schank & Associates, we will carefully analyze your situation, and you will be matched to an innovative lawyer who has the most experience working with cases similar to yours. They will explain to you the choices you have regarding how pensions can be split between you and your wife. You can also choose an alternative route where you keep a majority or even all of your pensions and benefits in exchange for relinquishing other assets to your spouse, which could be wise in certain situations.
The city of San Jose handles pension division as its own distinct process during divorce hearings and requires that separate forms be submitted. The most important form is also the most complicated: the QDRO. This extremely detailed document will ask for pieces of information regarding your employment and income, as well as the specific nature of your pension or 401(k) plan. Many of these plans are much more complicated than meets the eye, and ensuring that you record the correct information is essential to protecting your assets. The QDRO will also ask you to provide the formula you will use to determine the amount being given to each party, which depends on the type of plan, duration of the marriage when the funds began accruing, etc. The state of California recommends that you never fill these out on your own since a tiny error can have huge repercussions in the future. It is easy to put wrong information on the form or use an incorrect formula to determine how the retirement plan will be split. Our Santa Clara lawyers have filled out these documents with a multitude of clients over the years, and have identified several errors people tend to make, and have learned the ins and outs of California retirement plans. They can teach you exactly how to fill out a QDRO, as well as give you a good estimation of what the divided sums will look like. Our team’s financial background combined with their immense knowledge of the community, separate, and transmuted property in California will give you the best chance to come to the most satisfactory agreement possible.
