A Veteran Fairfax, Va Divorce Attorney Writes About The Impact Of Divorce On Pensions
Because my law office is located in Arlington VA, not far from Fairfax, VA, and is in such close proximity to the capital, many of my clients have served in the military or other branches of government and have, therefore, earned pensions. Many of them are disappointed to learn that the Commonwealth of Virginia does indeed consider a pension - or at least the portion accumulated during the period in which the couple was married - a marital asset. However, there are options that enable pensioners and future pensioners to leave their hard-earned retirement funds in tact. A qualified Virginia family law attorney can assist you in identifying the course of action that works best for your situation.
How Pensions are Divided in the Commonwealth of Virginia
Any portion of the pension that was earned during the time that the couple was married up to the date of separation is subject to division upon dissolution of the marriage. For instance, if a Fairfax man working as a local firefighter was married in his third year of service, and permanently separated after five years, his wife would probably be entitled to half of the pension that was earned from years three through eight, plus or minus any gains or losses attributable thereto. Keep in mind that this is a general example. Pensions are divided according to Virginia's fair and equitable system of property distribution. Furthermore, military pensions are subject to additional rules.
What Can I do to Protect My Pension Plan?
One of the most obvious ways to protect a private or government pension in the Commonwealth of Virginia is to have your attorney draw up a prenuptial agreement that declares that your pension will not be considered marital property in the event of a divorce. However, if that is no longer an option, you may be able to negotiate a different arrangement with your spouse. For instance, you can agree to waive your rights to the equity in a house that you both own in exchange for your spouse's claim to your pension. It's also important to note that the pension division works both ways. If you and your spouse both have pensions, it may not be worth it to make a claim against one another's plan. The difference could be negligible.
Seek Professional Legal Advice
Whether you are a military veteran, a government employee, or work for a private company with a pension plan, if you are planning on divorcing you will need to seek professional legal advice. Contact a reputable Virginia family law attorney with experience in divorces involving pensions.
Virginia Divorce and Family Law Attorney Claudia Zucker
Do you need a divorce attorney? Do you have questions about how divorce will affect your government or private pension? We invite you to contact us today at (703) 596-1005. We're always just a phone call away.
