To make an intelligent decision on how to divide a pension, you need to know what kind of pension it is, how it is funded and how it pays out, advises Anne E. Moss, J.D., author of Your Pension Rights at Divorce. BEFORE your divorce is final, find out:
- Does your spouse have more than one pension or retirement plan from current or previous job?
- Has your spouse worked long enough to earn a legal right to the pension?
- How much has been earned or "accrued" in pension benefits under each plan?
- Do you need to have the benefit valued?
- What information needs to be in the court order, decree, or property settlement before the pension plan will pay the benefits directly to you?
- Does the order clearly specify what amount is to be paid to you?
- Does the order provide for survivor benefits, so that your benefits can continue if your former spouse should die first?
For help in finding the answers: http://www.wiser.heinz.org
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