Retirement
WILL MY SPOUSE BE ENTITLED TO SOME OF MY RETIREMENT AFTER OUR DIVORCE? WHAT CAN I DO TO PREVENT MY SPOUSE FROM GETTING SOME OF MY RETIREMENT AFTER OUR DIVORCE? BY JOHN K. GRUBB Almost all retirement plans fit into one of two categories: a defined contribution plan or a defined benefit plan. A defined contribution plan is like a saving account — you and sometimes your employer make contributions to a plan or an account which you may use for your retirement. Some examples of defined contribution plans are 401k plans, 403b plans, individual retirement accounts, and Roth IRAs. A defined benefit plan is one where the employer or union agree that when you reach a certain age, you will receive a monthly stipend. People argue all the time that since they cannot get their retirement until they retire or since their retirement benefits are unmatured the Court should not award their spouse a portion of their retirement upon divorce. However, the Courts look upon retirement benefits, whether defined contribution plans or defined benefit plans, as an asset that was earned during the marriage. Therefore, the Courts will divide retirement benefits upon divorce. Since each type or retirement plan…
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