Legal Question in Family Law in New York
Pension Splitting on Divorce in the US
I was interested to know how the splitting of pensions takes place in US Divorce law.
Do the arrangements vary, State by State ?
What is the basis of the Division of the pension assets - 50 / 50 or otherwise?
(I am sure I read somewhere that from Feb 2004 around 68% was earmarked for division, the employee retaining the remainder. If this is the case what was the rational for the the 68 / 32 split ?)
Finally what type of awards are made made / agreed by / in the Court, e.g. sharing future pension benefits when they become payable / award of a lump sum from the pension fund's value as a clean break / etc ?
1 Answer from Attorneys
Re: Pension Splitting on Divorce in the US
Distribution "formulas" re "marital property" including investments, employee pensions, and so forth, generally are based upon individual state law.
However, certain employee benefits or Pensions under ERISA, are based upon federal formulae, that dictates, whether, when & how a spouse's pension interest or share of, is covered, protected or to be distributed.
Good luck,
Phroska L. McAlister,ESQ
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