Divorces are never fun, especially for the two parties. They can affect your physical and mental health. When both parties decide to follow for separation, some questions arise while going through the process. Some of these beings have your spouse worked long enough to earn a legal right to the pension? Does your spouse have more than one pension or retirement plan from his or her current or previous job? These are two main questions that are asked during a divorce. Simonetti & Associates are here to help you through your divorce. If you’re looking for more information regarding a Long Island divorce lawyer, contact us.
What is a Pension?
A pension is a fund or retirement plan in which a certain amount of money is placed into security through contributions. A pension also provides a defined benefit for life after retirement. People who have worked as teachers, police officers, government officials, and military are some professions awarded pensions.
What Happens to a Pension When Divorced?
In a divorce, finances are a big part of deciding who is entitled to what. A pension of a person of either party is included in the finances. The total value of your pension is either split between pension sharing or pension offsetting. Pension sharing is when one person takes a percentage of their ex-spouses pension. Pension offsetting is when your pension value offset other assets. For example, if one person decides to take over the pension while the other ex-spouse takes a share of another asset.
Protect Pension in Divorce
Long island divorce lawyers are here to make sure that your rights are protected and that you are entitled to what you deserve. Both parties need to understand and know their rights in the divorce. Listed below some rights both pirates have during a divorce:
- Child Support
- Child custody
- Property division
Simonetti & Associates – A Long Island Divorce Lawyer
Simonetti & Associates is a family divorce law firm that offers high-quality legal representation. We have represented residents of Long Island since 1990 with services like adoption, divorce, prenuptial agreements, mediation, and child custody. Simonetti & Associates understand that divorces are hard and emotionally stressful. We will make sure that your divorce is fair for you so you can be at peace during your divorce. If you’re looking for more information regarding our Long Island divorce lawyer, schedule a free consultation.