Divorce and Pension Plans Lawyer
Among the types of marital properties divided during the divorce process, pension plans are also subject to equitable division. Yet, depending on whether the pension accumulated prior to the marriage date or during the marriage, it will be considered separate or marital property. In theory, dividing these types of assets appears simple and straightforward. However, given the specifics of different companies and the terms outlined in the divorce decree, dividing pensions may prove difficult.
When individuals throughout Augusta must deal with these types of accounts in their divorce process, it's wise to seek counsel from a reputable divorce and pension plans lawyer.
Having provided the greater Augusta area with trusted legal representation in family law for more than 20 years, attorney Todd M. Boudreaux at Boudreaux Law Firm understands the complexities associated with division of assets, including pension and other retirement plans.
Following the equitable division methodology, the state of Georgia divides properties in a fair and just way, including one's pension. However, while this method is considered fair, it may not be exactly equal. For instance, the court system assesses multiple factors in determining equitable division. These include the needs of each spouse, the standard of living of the parties while married, the age and health of the spouses, their capacity and ability to earn, custody arrangements (if any), their contribution to the marriage (including assets), as well as the income, assets and debts from both spouses.
Ultimately, if the court determines that one party should receive a portion of the other party's pension, it will present a court order. This qualified domestic relations order, or QDRO, states the amount that the spouse is entitled to.
Even so, given the specific terms stated in the pension plan, a spouse can only acquire a pension when authorized to do so. For instance, if a plan does not provide immediate payout, the court may award a spouse with additional property in place of the pension, particularly if the pension payment will not occur for some time.
When it comes to divorce and equitable division of one's pension, there are numerous factors to consider. For legal insight into your case and the trusted representation you need, contact the Boudreaux Law Firm today to schedule a private consultation.