Many couples in Irvine and throughout Orange County have serious assets to protect during a divorce process. On top of the emotional issues created by a separation, financial concerns need to be taken seriously. After the matrimonial home, the pension plan is often the asset of greatest value.
The house is usual a client’s first financial concern but pension plans are often a significant asset that need to be given appropriate condideration.
During a divorce, there are three general outcomes related to pension plans.
Pension off-setting: The value is determined, but the pension isn’t shared or subject to pension attachment.
Pension sharing order: Pension funds are split along percentage lines.
Pension attachment order: A mechanism that allows an ex-spouse to receive some portion of a pension plan when it becomes available.
Be sure to ask an experienced attorney about your pension options. Your attorney may advise you to seek additional financial planning advice from a professional with experience in pension plans.
Here are some statistics that show how this isn’t being taken seriously enough by divorcing women or their attorneys:
- One in three divorced women doesn’t have any savings.
- 38% of women don’t know what settlement they received.
- Only 6% of women received pensions sharing order or pension earmarking order.
Legal advice about the proper handling of a pension plan during your divorce is vital. Act now to protect yourself.