At The Law Office of Jennifer J. McCaskill, LLC, in Red Bank, we have guided hundreds of husbands and wives through their divorce in Monmouth County, Ocean County, Middlesex County and adjoining counties in northeast New Jersey. One of the hot-button issues we often have to explain involves pension sharing orders and the equitable division of retirement accounts.
Your Spouse Is Entitled To Half Of All Retirement Assets Accumulated During The Marriage
Issues revolving around pensions and divorce can cause a lot of animosity between the spouses. Most people don’t consider pension and retirement plans assets, however they are. In many cases, the spouse worked a full-time job plus overtime and doesn’t believe their homemaker spouse should be entitled to any of their pension or retirement. Under New Jersey law, though, any assets accumulated during a marriage are considered to be “marital property” which means it is subject to division between the parties.
Although your retirement or your pension plan is an asset, it does not necessarily mean your spouse automatically gets half of everything you have accumulated throughout the years. Your spouse is only entitled to receive one half of what was accrued during the course of the marriage, which means acquired from the date of marriage through the date of the filing of the Complaint for Divorce. Any previous retirement savings you brought into the marriage may remain classified as separate assets, unless you commingled (combined) them with your spouse’s in order to increase investment earnings.
To be clear: Any retirement or pension accumulated from the day you got married to the day divorce papers were filed will be classified as “marital property” and subject to equitable distribution.
Divorce And Retirement — Your Hard Work And Reality
We know these are emotional and frustrating times. We are a team of compassionate lawyers who have helped clients through the difficult process of divorce. We have counseled many of our clients regarding issues which pertain to their retirement and pension plans, as well as other divorce and family law matters in New Jersey. During our dedicated decade of service, we have strived to build relationships with our clients based on honesty and integrity.
We Didn’t Hatch From An Egg — We Totally Get Your Frustration
You are worried about your financial future. We totally get why you feel frustrated, and feel like your spouse should not be entitled to half of your retirement. Like you, we have been placed in situations we thought were unfair during our lives. But as lawyers, we have learned to accept the law for what it currently is and will help you get through these challenging times with an eye on keeping your stress level manageable.
Contact Us Today
It may be of some comfort to know that we are ready to listen to your frustrations and help you understand the law and why it is written the way it is. As your lawyers, we will do everything we can to offer compassion and a guiding hand, while vigorously protecting your rights and financial interests.