Divorce is often a very stressful and traumatic experience. Even the person who files for divorce may struggle to deal with their emotions. One of the ways that people get through the divorce process is by focusing on the future. They imagine their life after the end of the divorce to get through the hardest parts of the process.
Those trying to think about the future generally need to have a reasonable idea of what to expect. Someone who has dedicated decades of their life to a particular profession might start thinking about enjoying their retirement after divorce. They may hope to travel or achieve other personal goals during their golden years.
The pension that they accrued throughout their working life could have a major impact on their stability in their retirement years. Can divorcing spouses expect to keep their pensions instead of dividing them during a divorce?
People who settle stay in control
Every individual contemplating divorce has different circumstances and personal goals. For those who have funded pension benefits by working for years in the same profession, keeping that pension might be their biggest priority. Others might want to continue running a family business or to stay in the family home.
Spouses preparing for divorce generally have the option of pursuing an uncontested divorce. If they can work out a settlement with their spouses, they can potentially achieve the financial goals that matter the most to them. Someone willing to take on more marital debt or make concessions related to other assets could potentially retain a pension in an uncontested divorce scenario.
Litigation may make a pension vulnerable
Under state equitable distribution rules, the courts have the authority to allocate resources accumulated during the marriage to either spouse. There have previously been court cases where the state has affirmed that pensions are often subject to division during divorce proceedings.
Much of the asset division process relies on a judge’s discretion in litigated cases. They may have to directly divide high-value assets, including pensions, to achieve a fair outcome. Spouses have little control over the terms set by judges when they litigate.
Identifying personal priorities early in the divorce process can make it easier for people to achieve their goals. A spouse can theoretically preserve their pension if they have the right approach to property division negotiations or litigation.
This is a sponsored post by Suisman Shapiro Attorneys-at-Law.
Editor’s Notes: i) Suisman Shapiro is located at 75 State Street, New London, CT 06320. Their mailing address is 2 Union Plaza, P.O. Box 1591 New London, CT 06320. Visit their website or call 800-499-0145 — lines are open 24 hours a day.
ii) If you are involved in a divorce, the attorneys at Suisman Shapiro can assist you. Reach an attorney specialized in the matter at the number above .
