What happens to pension plans after divorce?
From items with sentimental value to real property and bank accounts, there are a number of things people focus on when it comes to the distribution of marital property. However, if you are wondering how divorce may affect the pension plan benefits you are entitled to, it is important to thoroughly prepare for the possible financial impact of separating from your spouse. In Salt Lake City, Utah, and throughout the nation, those who understand how courts divide marital property could be able to enjoy a less complicated divorce.
According to the Utah State Courts, money that has been paid into a pension plan by either spouse during the course of their marriage is considered marital property. Usually, each spouse will receive the personal benefits they are entitled to after a divorce. However, Utah courts find it ideal for the spouse who made contributions to the pension plan to be awarded the entirety of the benefits while the other party receives property that is equal in value. If there aren't any types of property that are equal in value, the pension plan benefits could be divided between both parties.
If you are preparing to separate from your spouse, you may have a variety of concerns, such as how your property or finances will be impacted by divorce. By carefully evaluating property division laws and fully preparing for the divorce process, you could make your experience easier and secure a more favorable outcome. This post was written for general informational purposes and is not legal advice.