Notary Plans Printed

A general rule of thumb when it comes to splitting pensions in divorce is that a spouse will receive half of what was earned during the marriage, though it depends on each state's laws governing this subject.

If you were married to your ex for at least 10 years, you might be eligible to get a portion of their Social Security benefits.If you are entitled to your own benefits as well, you are usually allowed to receive the larger of either your benefit or your share of your ex-spouse's payments.

If you and your spouse agree that you should give up a portion of your 401(k), you'll need a qualified domestic relations order (QDRO). This is a court order that gives your spouse the right to a portion of the funds in your 401(k). Usually you split your 401(k) into two new accounts.

Hire an experienced divorce attorney. Ideally, this person will emphasize mediation or collaborative divorce over litigation. Open accounts in your name only. Sort out mortgage and rent payments. Be prepared to share retirement accounts.

There are two ways to divide plan assets using a QDRO. The first awards a separate interest in the account balance. The second allows a divorcing spouse to share in the payment of the benefits. Once both parties agree to the terms, the account owner gives the document to the plan administrator.

Protecting Your Pension Assets in a Divorce According to most state laws, pension assets that were in the plan during the marriage are considered joint or marital property. So the court would typically split distributions of these assets in half.

Any funds contributed to the 401(k) account during the marriage are marital property and subject to division during the divorce, unless there is a valid prenuptial agreement in place.For example, if your spouse also has a retirement account worth a similar amount, you may each decide to keep your own accounts.

If you have submitted a QDRO to your retirement plan and decide you have changed your mind, it is impossible to reverse once it has been received and processed.Otherwise, you will need to renegotiate with your ex-spouse in order to get the QDRO amended.

After the divorce is over, your spouse will not have the ability to come back and try to get more of your pension plan for herself. All contributions and the value of the plan after your divorce has concluded will be a part of your separate estate and your spouse would have no ability to claim that value as her own.