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.

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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.

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Retirement funds and pension benefits are viewed as marital assets in a divorce.
alimony, pension
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2015-23-24
Monday, 24 August 2015 09:23 PM
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