Retirement benefits are many couple's greatest assets. Accordingly, the division of retirement benefits during divorce can be a tremendous source of contention. Adding to this potential for discord is the fact that many individuals view their retirement accounts as their separate property rather than as marital property to be divided
In our area, there are several distinct groups of employees and each has its own type of retirement benefits. These groups include:
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Private sector employees — Generally, private sector employees have defined contribution retirement benefits such as 401(k) accounts or SEP IRAs. Their employers may also offer stock options or profit sharing plans as part of their retirement as well as pension or annuity benefits.
- Government employees — Federal, state and local government employees may have both pension type retirement benefits such as the Civil Service Retirement System (CSRS) or Federal Employee Retirement System (FERS), as well as defined contribution benefits in a Thrift Savings Plan.
- Military service members — Military service members may have access to military pensions which pay a monthly benefit as well as the Thrift Savings Plan.
Understanding how retirement is treated during the division of assets in a divorce requires experience and depth of knowledge. Having a family law attorney by your side who is experienced in working through the division of retirement benefits, especially governmental and military retirement benefits, can be a huge source of security.
AV Preeminent Rated* by Martindale-Hubbell's Peer Review Rating System
At the law firm of Kearney, Freeman, Fogarty & Joshi, PLLC, our Fairfax attorneys experienced in the division of retirement benefits know how important it is to our clients to receive a fair division of the benefits that will be so important later in life. Having to submit to an unfair division of retirement benefits can impact your sense of security regarding the future and can leave you vulnerable to financial instability. We fight to ensure that our clients have access to the resources they will need going into retirement.
Contact our Northern Virginia Lawyers for Pension Division
When you are divorcing and the division of retirement benefits will be an issue, you need to do everything you can to ensure that you are able to secure a positive outcome. Turn to the experienced Fairfax family law attorneys of Kearney, Freeman, Fogarty & Joshi, PLLC, in Fairfax, Virginia. To schedule your initial consultation, call 800-592-5462, or contact us online. We accept Visa, MasterCard, American Express and Discover as well as offering a variety of payment options for our clients' convenience.
*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the Bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.
