Pensions, IRA’s and 401k’s
Living a comfortable life after you retire is one of your most important goals. Now that you’re facing divorce, how will you protect your financial interests. You need your retirement savings and are counting on your pension. Under New York’s Majauskas formula, pensions are characterized as marital property, subject to equitable distribution in a divorce property settlement. Make sure your lawyer knows how to protect your rights and interests.
How will the Majauskas formula affect your retirement funds? Under New York state law, one-half of the direct contributions and appreciated value of retirement savings accumulated over the course of the marriage is subject to characterization as marital property for equitable distribution to the other spouse in a divorce settlement. The calculation is known as the Majauskas formula.
Equitable distribution of retirement funds in almost all divorces will require the proper valuation and division of retirement benefits, including joint marital and separate property such as 401(k) plans, IRA accounts and pensions, which may not come payable until years into the future. Other challenging assets to value and divide include stocks, bonds and deferred compensation plans, which many people also count on as retirement funds.Military Pensions Protection & Division Lawyer – Kingston, New Paltz, & Hudson Valley
If you are a military spouse or a member of the armed forces, there are special accountability mechanisms for military pensions and other military benefits that must be considered when retirement fund assets are divided in a divorce.Protect Your Retirement in Your Divorce Settlement, Call Jonathan Katz
Learn about the ways a qualified domestic relations order (QDRO) can help you protect your financial interests for retirement. From my offices in New Paltz, the law firm of Jonathan D. Katz, Attorney at law has been representing clients of high net worth for more than 25 years in New York. Contact me to schedule a free consultation regarding your New York divorce or legal separation.