Is your pension at stake in a Westmoreland County divorce?
By Lisa Marie Vari of Lisa Marie Vari & Associates, P.C. on Thursday, April 5, 2018.
Pennsylvania divorce law states that the portions of a retirement plan which are earned prior to marriage and after the separation of the spouses is nonmarital property. Meaning your spouse is not entitled to a portion of any increase in your pension during these periods of time. During the marriage however, any increase in your Pennsylvania retirement benefits, regardless of whether those benefits were vested on the date of separation, are marital property.
Pension plans unlike defined contribution plans are difficult to value as of the date you and your spouse separate. As a result it’s common for an attorney to hire an expert during your Pennsylvania divorce, such as an actuary, to value the pension.
If you’re unsure about what type of benefits you may have, contact your plan administrator or the human resources department for the company you work for and do not attempt to divide retirement benefits between you and your spouse by yourself.
Instead schedule a consultation to speak to one of our experienced western Pennsylvania divorce attorneys. Our team of lawyers can ensure your divorce is handled professionally and correctly. Don’t guess as to what you may be entitled to. It would be our pleasure to assist you.
Tags: Asset Division during Divorce, Pension and Divorce, Western PA Divorce Lawyers, Westmoreland divorce lawyer