Tags: Retirement | alimony | pension

Alimony And My Pension

By    |   Monday, 24 August 2015 09:23 PM

Retirement funds and pension benefits are viewed as marital assets in a divorce.

But states have worked hard to avoid what has been described as "double-dipping." Mediation Associates of NY and NJ said that means a dependent spouse can't receive alimony from pension benefits, if those benefits have been divided in the divorce.

Retirement doesn't typically cause alimony requirements to end.

Free Retirement Calculator: When Can You Retire? — Click Here to Find Out

The legal website divorcesource.com said that pension and retirement accounts can be garnished to force a spouse to adhere to an order of alimony.

A form called a QDRO (Qualified Domestic Relations Order) is sent to an ERISA-approved pension plan administrator "to equitably distribute pensions that were earned during marriage," divorcesource.com said.

The website noted that one overlooked piece of information during a divorce was that a QDRO could be used "to seize an additional portion of the retirement benefit remaining with the retired former-spouse to pay for alimony each month."

QDROs can also be used to collect past-due alimony, the website said. Seeking to seize or garnish pension and retirement money for payment of back alimony "may be your last chance to get paid" from a spouse who hasn't paid.

How Soon Can You Retire? Free Test Shows You When — Click Here

Under federal law, Social Security benefits may also be garnished to collect court-awarded alimony, according to the Social Security Administration.

© 2020 Newsmax. All rights reserved.


   
1Like our page
2Share
Money-Wire
Retirement funds and pension benefits are viewed as marital assets in a divorce.
alimony, pension
237
2015-23-24
Monday, 24 August 2015 09:23 PM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved