Retirement plans and the distribution of marital property
From items with sentimental value to the family home, you may encounter a number of property division issues if you are preparing to split up with your spouse. However, it is vital to prepare for the financial effects of divorce and understand how certain assets, such as retirement plans, are distributed. At Just Law, our firm understands how much pressure people who are going through a divorce may experience when it comes to property division and other legal issues. In Salt Lake City, and communities across Utah, preparing is essential.
According to the Utah Courts, retirement plan contributions made by either spouse during the marriage are typically considered marital property. If both parties have retirement plan benefits, they will usually receive the benefits from their own plan. In Utah, courts often award all of a retirement plan's benefits to the person who contributed to the plan while giving the other party property that has an equal value. However, the retirement plan benefits may be divided if there isn't any property which is equal in value.
When it comes to dividing retirement plans, every case is different. Furthermore, there are various factors that can affect how a plan is distributed, such as whether a spouse gave away or destroyed marital property and the date of divorce. If you are worried about how divorce could affect your retirement plan or any other assets, you should take into consideration the unique aspects of your divorce.
On our property division page, additional information regarding the distribution of marital assets is available.