Do I have to share my pension n ira with my husband if I divorce him ?

Asked about 1 year ago - Chicago, IL

We both have a pension, we both have deferred comp, I have my ira. He is retiring, I'm not for another 15-20 years he has more in all his accounts. We both work at the same place except he work there 30 years longer. We don't live together I just bought my house n he just paid off his house.

Attorney answers (5)

  1. Barry Cahn Boykin

    Contributor Level 16

    8

    Lawyers agree

    Answered . Yes. The court must take into account all marital property and make an equitable division. Pensions and IRA's earned during the marriage are marital property.

    Often, in the settlement of a divorce case, the smaller retirement benefits will be an offset against the larger benefits and both parties divide the net amount. Or there could be a buy out of the net benefits by the spouse with the larger amounts. In some cases, the offset occurs with other property. There are many variations in the division of property.

    The information provided here should not be construed to be formal legal advice. The provision of this general... more
  2. Judy A. Goldstein

    Contributor Level 20

    5

    Lawyers agree

    Answered . All property acquired during a marriage is marital. Pension sharing goes both ways, meaning your spouse would also have to share part of his pension with you. This is not written on stone, however, and an agreement can be made that each of you waives any claim to certain property of the other. If you have not yet sought the advice of a family law attorney, you should do so ASAP.

  3. Conor Edmond Malloy

    Contributor Level 13

    4

    Lawyers agree

    Answered . He has a right to the marital portion. However, during the divorce assets are equitably divided.

    You can always negotiate.

    This information on this post is not intended to create, and receipt or viewing of this information does not... more
  4. Peggy Margaret Raddatz

    Pro

    Contributor Level 20

    4

    Lawyers agree

    Answered . You BOTH have to share the marital portion only of your pension! 401k, IRS's. the marital portion is the portion earned during the marriage. If his marital portion is worth more than your than you can each keep the ones you have but he will have to transfer a portion of his to you to make it equitable. That is with a 50/50 split. Transferring his to you would be done with a Qualified Domestic Relations Order or commonly referred to as a QDRO. you must have a lawyer work with you on theses matters.
    It is important to transfer the funds properly so as to avoid any taxes and penalties due to the transfer. This is called a rollover. So his funds can be rolled over right into yours.

    IF YOU FOUND THIS ANSWER "Helpful" or " The Best Answer" YOU CAN THANK ATTORNEY RADDATZ BY MARKING IT SO... more
  5. Adam Kielich

    Contributor Level 18

    3

    Lawyers agree

    Answered . Possibly, if those retirement assets were acquired during the marriage or you signed an agreement before or during the marriage to share them upon divorce.

Related Topics

Divorce

Divorce is the process of formally ending a marriage. Divorces may be jointly agreed upon, resolved by negotiation, or decided in court.

Dividing Retirement Plans in a Divorce

If one spouse in a divorce has a retirement plan, it may be split between the parties. How the plan is split depends on its type and value.

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