In many cases, the turmoil associated with divorce is caused by the asset division process and trying to figure out who gets what.
Pensions and retirement plans are often critical assets both parties target during a divorce. However, some issues may arise with these assets if you aren’t careful. Some tips to help you protect your retirement can be found here.
Know the rules
To protect your retirement assets, you must know the rules that govern these plans. Usually, these accounts have set procedures to follow when dividing the assets in a divorce. If you don’t follow these rules, you may forfeit all or some of the assets even if you were awarded them in a divorce decree.
Review Social Security benefits
If your marriage lasted for at least 10 years, you might be eligible for a portion of your ex’s Social Security benefits. You can visit the SSA website to find out how to collect. If you receive benefits, too, you can receive the larger amount of your benefit or your share of payments made to your ex-spouse.
If your ex receives a pension that you will divide, be sure you are listed as the beneficiary or survivor on the plan. This ensures you can continue collecting benefits if they pass away. Make sure you fill out the proper forms and keep copies of them to prove your rights down the road.
Protecting your right to retirement benefits
Divorce can be messy and complex. Knowing and protecting your rights is a must. Working with professionals will help you do this and ensure you receive the benefits you are entitled to.