San Diego's Divorce Lawyers - Divorce With Respect For Over 30 Years

How to Divide Your Pension

Wed, 2011-08-03 00:00 — Michele

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San Diego divorce lawyer, Michele Sacks Lowenstein, Certified Family Law Specialist (CLS-F), and Cinda Jones, Certified Divorce Financial Analyst (CDFA), explain the process of dividing a retirement plan upon divorce, as well as some of the common misunderstandings about 401K's, a defined benefit plan versus a defined contribution plan, and more.

One of the greatest hurdles to dividing a pension plan is a client's lack of understanding of just what kind of retirement plan they have. Understanding the difference between a defined contribution pension plan and a defined benefit plan is paramount, as the way each of these plans can be divided differs. This is especially true of retirement plans associated with a government or school body. All pension plans are divided using QDRO's, qualified domestic relations orders. If these QDRO's are not carefully divided, the apportion of the pension plan and beneficiaries can be incorrect.

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