Retirement savings accrued during a marriage are assets like any other, and are subject to division in a divorce proceeding. If your spouse owned the assets before marriage, they may be considered pre-marital assets, and may not be eligible for division. However, there are some instances where assets accrued before marriage can be converted into what may be considered marital assets. Additionally, the Oregon courts have the ability to ultimately divide the parties’ marital and separate assets in an equitable fashion. It’s important to review these issues with your attorney, or you could be missing out on funds that you are eligible for. A divorce attorney can help you understand more about divorce and splitting assets.
How Much of My Spouse’s Retirement Am I Entitled to after Divorce?
Any individual undergoing a divorce may wonder whether they are entitled to half of their spouse’s retirement account. It is possible. Retirement accounts, like any other assets which accrue during the marriage, are marital assets subject to division in a divorce proceeding. Just because your spouse has a retirement account in their name alone does not mean it will be awarded solely to them, especially if they were the only one contributing to that type of account during the marriage. You and your spouse have equitable interest in all of the marital assets, including retirement accounts.
Logistics of Dividing Retirement Assets in a Divorce
So, it is possible for a spouse to receive a portion of a retirement account in a divorce proceeding, but determining how to divide the funds is not a simple task. Many factors must be closely considered in family court. The division of a retirement account due to divorce is not considered a taxable event; however, dividing accounts should be handled with care and by a knowledgeable family law attorney also skilled in pension and retirement account divisions.
Your Entitlement to Other Retirement Benefits
Once you are divorced, you could also be entitled to a portion of your former spouse’s social security benefits. Since you need to be 62 to claim this benefit, it may not be applicable at the time of your divorce. Therefore, you should get the advice of your family law attorney regarding this process so you are prepared when the time comes. In addition to the age requirement, your marriage needs to have lasted at least 10 years and you need to be currently unmarried to qualify for this benefit. It should be noted that, unlike the retirement account, the amount of social security you receive does not take away from what your former spouse will receive.