I am going to file for divorce. I have a pension collecting from my work in a union job. I have four years towards the five years that requires to be vested. So for instance if I’m to quit now I wouldn’t see any of that pension. Do I need to clean this as an asset on my divorce paperwork?
A pension which is not vested on the date of separation is classified as the separate property of the employee-spouse. Non-vested benefits are not considered marital property. Whether vested or non-vested, retirement pensions acquired during the marriage are marital property subject to equitable distribution.
Yes you must declare this pension benefit. In all likelyhood it will vest by the time of the divorce judgment is entered and then your spouse's CP shares will have also vested at that time.
First of all, you have to declare everything--all assets, whether community or separate. Second of all, the community derives an interest in the asset that may come to very little. If you worked another 25 years, then the community would have an interest off 4/ 29ths, and the other party would have one half of that interest. it may not be enough for the other party to care, but you must disclose it.
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