Legal Question in Family Law in Maryland
pension pymnt formula
My stbx recieves $2425.00 p/mo from the State of Md. Retirement pension fund.
According to Md's formula for dividing the pension, (total yrs of marriage during employment divided by total yrs of employment),
I was married to him 7 yrs during his 12 yrs. of employment with the state. Does that mean my share is 58% or 42%? I am sooo confused!!!
Thank you for any help!!!
1 Answer from Attorneys
Re: pension pymnt formula
Under MD law, the "marital" portion of the retirement fund is 58% of its total value. If the court in the divorce grants you half of the pension, you would receive 29% of the total payment, or @$700/mo based upon the current payout. But bear in mind that it's up to the court to split up the pension equitably unless you and your stbx agree to a division in advance of the trial. At the time of or after the divorce, you must prepare an appropriate court order conforming to the pension fund's requirements. Once that's signed by the judge and sent to the fund administrator, you should begin receiving payments directly from the fund.
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