Identification, determination, and division of pension plans are complex and differ in every divorce. The various types of retirement plans subject to division in dissolution cases vary between what are called Defined Contribution Plans which include, but are not necessarily limited to IRAs [traditional, Roth or SEP (self employed)], 401K Plans, 403(b) Public Plans, Deferred Compensation Plans, and in some cases, Employee Stock Option Plans or Savings Plans.
Defined Benefit Plans are retirement plans where the monthly benefit to be received at time of retirement is "defined" by determining the years of employment during the marriage, age at time of retirement (or ability to retire), and salary at time of retirement.
We have the expertise and knowledge to assist you in determining how to resolve the division of these assets. Whereas the traditional approach is simply to divide the community property interest in the Plan(s), alternative methods may entail a trading of assets, cash out of a plan (with attendant tax consequences, if any), an unequal division, or even utilizing the retirement benefits to pay child or spousal support.
Unlike many family law attorneys who lack the knowledge to come up with creative solutions for division of retirement plans, Ruben Law Firm prides itself on their expertise in this area.