Dividing Pensions & Retirement After a Divorce

Dividing Pensions & Retirement After a Divorce

Going through a divorce in Texas can be a complicated process, especially when it comes to dividing assets. You need a highly skilled divorce lawyers Fort Worth overseeing this process.

How does divorce affect retirement benefits?

If you do not have a prenuptial agreement in place, retirement and pension could be considered part of you or your spouse’s marital assets and, therefore, potentially would be divided in the divorce settlement agreement. Working with an experienced Fort Worth divorce attorney can help you through this process so you will not have to face these challenges on your own.

How is retirement settled in divorce?

Texas is a community property state, meaning that most of the property and assets that were accumulated during the course of your marriage would be divided equally in the event of a divorce. Property that one person had before entering the marriage would usually remain that individual’s property in the event of a divorce. 

For example, if you had started an IRA retirement account before you were married, the amount of money in that account when you entered the marriage would remain your personal property. Money that was contributed to the account after you were married would be considered community property to be divided between the divorcing parties. 

How long do you have to be married to get retirement in a divorce?

There are different rules for different types of pensions and retirement accounts. For example, what you put into a standard retirement account like an IRA or a 401(k) will typically become community property during marriage. You may have been married for one year or twenty years, but the community property rule remains the same. When it comes to a military pension or social security benefits, the rule is typically that you must be married for at least ten years to receive these benefits. 

How do I protect my retirement in a divorce?

There is no guarantee that your assets will be protected, but the best way to protect your retirement and pension in a divorce is to work with a skilled Fort Worth divorce attorney. Be sure to review all of your accounts and those of your spouse as well so that all information is available when making decisions about how to divide financial assets. 

Although there are common scenarios that involve dividing retirement as community property, the courts will make the final decision on your pension and retirement during your divorce. For this reason, it is advisable to work with a divorce attorney who has experience with divorce cases that involve dividing retirement assets. 

Contact a Fort Worth Property Division Lawyer

If you are going through a divorce and dealing with the division of pensions and retirement benefits it is advisable to work with a skilled Fort Worth divorce attorney. The team at MBH Fort Worth Family Law is dedicated to helping our clients navigate the division of retirement in the event of a divorce. Call us today at 817-476-7964 or contact us online to schedule a free initial consultation and learn more about your options.

Fort Worth, TX Divorce & Family Lawyers

Constance Mims has over fifteen years of experience practicing exclusively family law. Mrs. Mims is Board Certified in Family Law, by the Texas Board of Legal Specialization. She is Collaborative Law certified and is a shrewd negotiator, not to mention her experience in the most challenging child custody, child support, spousal maintenance, alimony, prenuptial agreements, and divorce issues, both in court and in the appellate arena.

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