It should be noted that in Oregon marital property is subject to equitable distribution. This means the divorcing couple won’t necessarily receive an equal amount of property but a share that’s just and proper.
Many people going through a divorce incorrectly assume that their retirement and pension benefits are theirs to keep. They assume that their retirement benefits are not subject to division.
For the most part, retirement and pension benefits earned during a marriage are considered marital property and will be divided. Retirement and pension benefits earned before the marriage belong to the individual.
To divide a retirement account, it must be valued. Determining the value of a retirement account depends on the type of account.
For example, the value of a 401k retirement plan is its account balance. For a defined benefit plan, like a pension, things get more complicated.
It often takes a professional to accurately name a value for these types of accounts. An attorney like Ronald Johnston will ensure that your retirement plan, regardless of its type, is accurately valued.
If you’re going through a divorce, and you’re worried about your retirement account, contact Ronald Johnston today. He’s a knowledgeable divorce attorney who has been practicing family law in Portland Oregon, and the surrounding area, for more than 40 years.