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Addressing the topic of pensions when facing a divorce

On Behalf of | Jun 30, 2023 | Divorce |

When facing the end of a marriage, there may be many individuals who have concerns about how the outcome might affect their financial futures. Knowing what to expect from this aspect of the process could play a vital role in helping individuals in Mississippi prepare to create strategies that focus on protecting their financial futures. Pensions are a type of asset that could play a substantial role during a divorce and addressing such topics could be essential to making informed choices about the situation.

Pension topics

When it comes to pensions, one of the first factors to address may involve whether such assets are marital or separate property. Pensions earned prior to a marriage may remain separate assets if they are not combined with marital wealth, while pension funds earned during marriage will likely be deemed marital property. However, as there are some scenarios in which one might earn pension funds both prior to and during a marriage, such a topic can prove somewhat complex in nature.

Experts also indicate that another factor to consider may pertain to the complexity of valuing pension assets while one is still receiving contributions to this plan. There may also be different rules that govern government and military pensions and reviewing these rules could be vital to knowing what to expect. The presence of a prenuptial agreement could also affect the part a pension will play during this process.

Pension options

If any portion of a pension is deemed marital property, such an asset could play a substantial role during a divorce. Those who face a similar situation and possess pension plans could find it beneficial to speak with a family law attorney for advice on every factor to address regarding such assets. An attorney in Mississippi can help address all a client’s needs and concerns and assist in developing a plan with which to seek an outcome that focuses on what is most important to his or her future during subsequent divorce proceedings.