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Is it possible to keep your pension when going through a divorce?

On Behalf of | Apr 26, 2021 | Divorce

Many Florida residents who are thinking of filing for a divorce are likely concerned about what’s going to happen to their pension. In reality, a pension is typically deemed a marital asset and divided up between the two parties. However, that doesn’t always have to be the case.

Start by assessing its value

With the help of a family law attorney, you’ll want to assess your former spouse’s stake in your pension. To calculate this amount, you’ll need to start with determining the total amount of benefits that were earned after you were married. Any contributions you made prior to the marriage are considered separate property. Once you know your former partner’s stake in your pension, it’s time to propose an alternative solution.

Proposing an alternative

Divorce agreements are constructed to fit the unique couple. In most cases, not all assets are divided up. One former partner may take certain marital assets while the other former spouse accepts different ones. Compensation can be offered to make up the difference in value. You’ll want to work with your attorney to think outside the box for an alternative.

A simple solution would be to offer your former spouse your stake of equal value in another marital asset. The advantage would be to allow both parties full ownership of an asset they want. To make your proposal desirable, opt for an asset that your spouse has noted interest in retaining.

While divorce is commonly thought of as a grueling process, it doesn’t always have to be. When it comes to your pension, it’s entirely possible to hang onto it without having to split it with your former spouse. Just enlist the assistance of a skilled attorney to help you propose an alternative settlement agreement.

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