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Retirement plans and pensions are frequently key assets targeted during the property division process during a Maryland divorce. In the event you are planning a divorce, or in the midst of a contested divorce proceeding, there are a few key issues you should keep in mind in order to protect your retirement assets.
Divorce and Retirement Benefits in Maryland
Typically, you may have an interest in the retirement assets your spouse acquires or contributes to during your marriage. Your interest in the asset usually isn’t impacted by the fact that only your spouse is listed on the account. In Montgomery County, Maryland and Prince George’s County, Maryland, there are several common retirement accounts and plans that are frequently divided during a divorce or marital settlement agreement.
Common Types of Retirement Benefits Divided in Prince George’s County, Maryland and Montgomery County, Maryland
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- Defined Benefits Plan: Also known as a defined benefit plan, this pension system gives employees a fixed amount of money when they retire, based on their salary and years of service. Defined pension plans guarantee this monthly amount for life. Many government employees, military personnel, and veterans receive pensions.
- Defined Contribution Plan: you have an individual account for retirement savings, you contribute your own money, typically with matching contributions from your employer. This account is also known as a defined contribution plan, and the most popular local examples are the Thrift Savings Plan, 401(k), and 403(b).
- Annuities: An annuity is another type of insurance product that can be included in a retirement plan. The income you receive from an annuity can be doled out monthly, quarterly, annually or even in a lump sum payment.
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Protecting your Retirement Assets During Your Divorce in Prince George’s County, Maryland and Montgomery County, Maryland
When considering how to protect your retirement assets, it is very important to understand the dates relative to your date of marriage. Contributions made before the marriage are typically considered non-marital property of the spouse who made them. Contributions made during the marriage can be considered marital property. As marital property the contributions can be considered the property of both spouses, regardless of whose name is on the account or which spouse contributed through employment. In order to understand how your retirement accounts are likely to addressed during your divorce, it is important to speak with an experienced divorce attorney.
Please keep in mind, when trying to protect your retirement assets, it is important gain as much information as possible about your retirement accounts. Knowing the rules that govern your plans, accounts, and pension payments, can help you and your attorney develop a plan to safeguard your assets.
Contact an Experienced Maryland Divorce Attorney Today to Learn More About Safeguarding Your Retirement Benefits in Montgomery County, Maryland and Prince George’s County Maryland
If you are concerned about your divorce and retirement benefits in Maryland, and you have questions about how to navigate your divorce while protecting your assets, give us a call ad we can help you understand your options. Our firm compassionately represents clients throughout Rockville, Bethesda, Gaithersburg, Silver Spring, Takoma Park, Chevy Chase, College Park, Cheverly, Greenbelt, Oxon Hill, Hyattsville, Upper Marlboro, Largo, Bowie, and surrounding communities.
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