If you are filing for divorce and your spouse has a pension plan they have paid into for a while, you may wonder if you are entitled to any of these funds. After all, you likely relied on these funds for your own retirement.
If you are not close to retirement age, you may be concerned that you will lose access to your spouse’s pension plan funds, but a qualified domestic relations order (QDRO) can help. Learn more about your options here.
Using the QDRO effectively
Pension plans are marital assets. Because of this, they must go through the asset division process, just like your bank account and other assets.
For pension plans, you use a Qualified Domestic Relations Order or QDRO. The order requires a percentage of each pension payment to go to you while the rest to your spouse. The percentage you receive compared to what your spouse receives varies based on your situation, so there is no real way to say how much you will receive. It is based on factors like how long your marriage lasted and how long your spouse has been working at the job they have the pension plan through.
While it is impossible to tell you how much you will receive, you still deserve some of these marital assets. Just because your spouse does not yet receive payments from their pension plan does not mean you do not have a right to the asset. Also, your spouse cannot keep all the money because it was through their job.
Protecting your rights to your spouse’s pension plan in a divorce
It can be confusing to know what assets you are entitled to when filing for divorce. However, it is important to learn your legal rights to ensure you get your fair share of assets.