If you are entering into a divorce, one question that may be in your mind is; what happens to your retirement account?
Divorce lawyers in Hillsboro Oregon can explain that Oregon is an “equitable distribution” state. That means the property is divided justly and fairly, not necessarily equally.
Being an “equitable distribution” state significantly affects how your property may be distributed during your divorce, and that includes your retirement account.
You may think your retirement and pension accounts are yours and yours alone, but the law disagrees. Retirement and pension benefits earned during the marriage are consider martial property. Since they’re considered martial property they are subject to “equitable distribution” just like any other property.
Retirement and pension benefits earned before your marriage are usually not considered marital property and therefore not subject to “equitable distribution.”
For you to retain and receive your fair share of assets in your divorce settlement, you must know how much of your retirement and pension benefits were earned during your marriage.
Contribution plans like 401ks are relatively easy to break down. All one has to do is subtract the balance on the date of marriage from the balance on the date of separation.
Meanwhile, defined benefit plans, like pensions, are a bit more complicated. To determine how much is marital property, you’ll probably want to seek the help of an actuary or pension appraiser.
As you can see, ensuring that you get your fair share of your retirement can be very complicated. That’s why you should contact Ronald Johnston, a competent and experienced divorce lawyer in Hillsboro Oregon.