New York is an equitable distribution state that considers pensions as marital property. That means upon divorce, a portion of your pension benefits will be awarded to your ex-spouse. The process, however, is a bit complex.
That is why working closely with an experienced attorney versed in pension and retirement claims is best. In that case, here are 4 facts about divorce and your pension you should know.
- NYSLRS Requires a QDRO
To award your ex-spouse a portion of your NYSLRS benefits, you will need a Qualified Domestic Relation Order. This process often begins immediately after your divorce proceedings have been finalized.
With the QDRO, you’ll find specific instructions on distributing your benefits. You can quickly draft a QDRO without an attorney using the online fillable QDRO. However, a QDRO attorney aims to help you avoid delays and common mistakes often made.
- A court judge must approve your order
Before proceeding with your QDRO, a court judge must review and sign it before filing it to the appropriate county clerk’s office. This process is often lengthy, and you’re at risk of not getting approved if you fail to meet the requirements.
After the plan administrator has signed your QDRO, you can start payments to your ex-spouse after calculations are finalized.
- Revoked beneficiary designations
After divorce, reviewing your beneficiary designation is a must-do. You want to ensure that only people you approve of get a share in the event of your demise. In addition, when reviewing your beneficiaries, you can remove your ex-spouse after a finalized divorce or separation.
There have been many cases where someone forgot to review their beneficiary designations, and their assets had to be shared with an ex-spouse.
To make sure that doesn’t happen, work with your attorney to help you review your beneficiaries’ designations immediately after your divorce.
- A QDRO attorney
The only way to your pension is through a Qualified Domestic Relations Order (QDRO). That is why you need a QDRO attorney in New York with decades of experience in retirement-related cases.
The importance of a QDRO attorney can not be overemphasized since they help you make sound decisions and represent you at the legal level. In addition, through their sound legal advice, you will steer clear of common mistakes people make with QDRO.
In that case, feel free to contact us by calling or filling out our contact form to book an appointment. We’ve got you covered!
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