Your Divorce Agreement Should Have These 3 Important Words!
Your Divorce Agreement Should Have These 3 Important Words!
Don't Make This Pension Mistake In Your Divorce!
A pension is often one of the biggest marital assets to address in a divorce. As an attorney that prepares Qualified Domestic Relation Orders (QDROs), I see a lot of divorce settlement agreements. If your client is getting part of an ex-spouses pension the Property Settlement Agreement being entered into must state more than "The pension will be divided using the Majauskas formula." Simply using this one sentence without more is a huge mistake. What is not addressed is: - Survivor benefits as far as what happens if husband dies first, what happens if wife dies first - Pre-retirement death benefits (which are different than survivor benefits) - Post retirement death benefits - Cost of Living increases If you are in the process of getting divorced in NY State, make sure that any Property Settlement Agreement you are being asked to sign has more than just one sentence about dividing any pension as there are many issues that need to be addressed. As a QDRO attorney that divides pensions and retirement accounts, I am happy to assist attorneys and individuals going through a divorce with drafting an agreement that covers all issues. I can be reached at paulwolf2@gmail.com #divorce #pension #QDRO
