Legal Question in Family Law in Maryland
I live in the state of Maryland and received my separation papers today. We have been married for 23 years. In the papers it states she gets 50% of my retirement. Now with that said I have been at my current job for 12 years and 2 months currently making 62,500 dollars. She has a 401K worth 85,000 dollars at this current time which I�m entitled to 50% of that according to the documents. How do I figure how much of my retirement see will receive in dollars? And also can I bargain down the percentage by not excepting her 401K monies to keep more of my pension?
2 Answers from Attorneys
If by "separation papers" you mean a proposed separation agreement that is still unsigned, anything can be negotiated. You can propose to let her keep her retirement in exchange for taking a reduced percentage of yours. You are making a big mistake that could cost you a lot of money by trying to handle this without an experienced family attorney. An attorney will require her to produce documentation of her plan and figure out what is in your best interest.
The courts consider each party's salary during the marriage,half of which is a gift to the other. When it comes to returement accounts, all they are, is a party's salary that is deferred and collected in the future, so you are accurate when you state that each of you are entitled to 50% of the other's, but the devil is in the details.
How, when whyand if at all become very important issues that should be discussed with an experienced family law attorney.
When you are speaking about "seperation paper", I'm not sure if it is a proposed agreement or a complaint for limited divorce.
If you wish to discuss this matter further, please feel free to call me directly at 410 847-9075.
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