The division of pension and retirement benefits is one of the most complicated aspects of property division in an Arizona divorce. Because Arizona is a community property state, the law directs (unless parties agree otherwise) that marital property is to be divided equally. In order to do this, it is essential to be able to accurately value, and effectively divide, pension and retirement benefits. The division of these benefits is no small matter, as they are often the largest asset a couple owns aside from the marital home.
Because they are acquired over a span of years, often decades, pensions and other retirement benefits such as 401(k)s may be partially separate and partially marital property, making their division especially complex.
Division of Arizona Pensions and Retirement Plans
At Shaffer Family Law, family law is all we do; it’s in our name. We have handled hundreds of divorces and other family law matters. Among some of the plans and benefits with which we assist divorcing clients are:
- Private (corporate-sponsored) pensions
- Simplified Employee Pensions (SEP plans)
- Military pensions
- Federal government plans
- 401(k)s
- 403(b)s
- Individual Retirement Accounts (IRAs)
- Roth IRAs
- Savings Incentive Match Plans for Employees (SIMPLE IRAs)
- Employee Stock Option Plans (ESOPs)
- Profit-sharing plans
Depending on the type and origin of the retirement benefit, different rules may apply to division of the plan. It is critical to have attorneys who are familiar with the type of retirement benefit you are seeking to value and divide. At Shaffer Family Law, we deal with the broad spectrum of pensions and retirement benefits, and we work with financial professionals who are experienced in preparation of the Qualified Domestic Relations Orders (QDROs) and other documents necessary to properly divide these various accounts.
It is very important to address all issues relating to pension and retirement benefits during the divorce, as opposed to waiting until you or your spouse retire. Waiting creates uncertainty and may lead to a loss of rights to a significant marital asset.
The family law attorneys of Shaffer Family Law serve all of Maricopa County and the surrounding communities. Contact Shaffer Family Law online or call (480)-386-5362 today to consult with us about the division of retirement benefits and pensions in your Arizona divorce.