If you worked at a job that provided these benefits while you were married, they are considered marital property and are subject to Equitable Distribution, even if the payouts are not available until long after the separation or divorce.

Retirement accounts include IRA’s, 401(k)’s, 403(b)s, profit sharing plans and other similar accounts. The value of your account is the balance as of a specific date and includes contributions by the employee, the employer, and any gains or losses due to market conditions. With very limited exceptions, you are unable to take any money from these accounts without incurring a penalty until you are 59.5.

A pension pays the employee a future benefit determined by a combination of the length of service and salary. While few private companies still offer a pension to their employees, they are still found in some larger companies, trade unions, and federal and state employers, including municipal (town and county) employers, police and fire departments and public-school systems.

Share with Friends:

Need More Information?

To schedule a free phone or video consultation, complete and submit the form below,  email us at [email protected], or call 518-529-5900.

Contact Burns Mediation
If you do not receive an email response, please check your SPAM folder or call the office at 518-529-5200.
Sending

Leave A Comment