Planning For The Future When Getting A San Jose Divorce: Your Rights To Retirement Benefits

When you married, you likely dreamt of growing old alongside your spouse. Unfortunately, life does not always go according to plan. Getting a divorce in San Jose can be both emotionally and financially devastating, particularly if you were counting on your spouse’s retirement benefits.

Fortunately, retirement accounts and pensions are considered community property in a California divorce to the extent that they were contributed to during marriage. Our San Jose retirement and pension division lawyer explains your rights regarding these funds and other ways to ensure you are provided for in the future.

Your Rights To Pension And Retirement Benefits In San Jose Divorce

Getting a divorce represents both an end and a beginning. On one hand, you are grieving the loss of your relationship and any dreams you had about being married to your partner. On the other, you likely gained valuable insight and experience, which can help in building the type of life you always wanted.

Unfortunately, concerns about money and how you will provide for yourself now and in the years to come can quickly dampen your plans. If your spouse made more than you or was the primary caregiver, you may have little saved for the future. This can prove problematic, particularly as you approach retirement age.

To protect yourself and your rights in a San Jose divorce, be aware of how the law applies. California is a community property state. You are entitled to an equal share of any property and assets earned or acquired during your marriage, including your spouse’s retirement and pension benefits.

Protect Your Future Financial Security In A San Jose Divorce

Our experienced San Jose divorce lawyer works to get you the maximum retirement and pension benefits you are entitled to. This includes getting a Qualified Domestic Relations Order (QDRO), which is required to access these benefits. You will also need to consider IRS tax implications.

Your spouse’s pension, 401k, or other benefits can help in providing for your future. Other ways to protect your financial security in a San Jose divorce include:

• Getting the maximum amount in a divorce property settlement;
• Obtaining spousal support, which you may be entitled to if you make significantly less than your spouse;
• Accessing their Social Security retirement benefits, which you may be entitled to if you were married for at least 10 years.

Schedule A Consultation With Our San Jose Retirement and Pension Division Lawyer

Protecting your current and future financial security is a top priority when getting a divorce in San Jose. Argyris Mah, LLP is here to help. To get the trusted, experienced legal guidance you need, contact our office. Schedule a consultation today with our San Jose retirement and pension division lawyer.

Sources:

leginfo.legislature.ca.gov/faces/codesTOCSelected.xhtml?tocCode=FAM&tocTitle=+Family+Code+-+FAM

irs.gov/retirement-plans/plan-participant-employee/retirement-topics-divorce#:~:text=A%20court%20can%20award%20all,benefits%20to%20an%20alternate%20payee.

blog.ssa.gov/ex-spouse-benefits-and-how-they-affect-you/