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Divorce is an emotional and confusing process to go through, especially when it comes time to work out complicated legal issues, such as child custody and the division of assets. If your marriage is ending, one aspect you want to make sure you don’t overlook is your pension rights. This could play a key role in helping provide you with a financially secure future. As the leading divorce attorney in Colchester, CT, Gilbert P. Kaback, Attorney at Law, has assisted many clients with the complex process involved in separating a union. Here, he goes over what you should know about pensions as you get ready to file for divorce.

3 Facts About Dividing a Pension After Divorcing

1. Pensions Might Be Considered Marital Property

If you or your spouse earns pension benefits during a marriage, the legal system will consider the funds that have been accumulated to be marital property. This means the pension will be divided between the two of you in your divorce settlement, just like any other joint property you have.

2. Benefits Aren’t Automatically Awarded

divorce attorneyDespite your right to collect pension benefits in a divorce, they aren’t automatically awarded. You must specifically request your share and follow the proper procedure to receive it. This includes filing for a court order known as a qualified domestic relations order. This can be a challenging document to prepare, so it’s best to seek guidance from a divorce attorney to ensure it’s filled out and submitted correctly. 

3. Interests Can Be Traded for Other Assets

It’s possible to trade your share of a pension for another asset in the settlement or buy out your spouse’s interest with other marital property if you can both reach an agreement. When considering this, it’s important to compare the value of the assets being offered for trade to how much your share of the pension is worth.

The more you understand about dividing a pension during a divorce, the better position you will be in to get all the financial help you deserve in your settlement. Hiring a divorce attorney will ensure someone is looking out for your best interests and working hard to maximize the number of assets you receive. Contact Gilbert P. Kaback, Attorney at Law, at (860) 537-0874 to schedule a consultation, or visit his website to learn more about the different family law services he offers. 

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