RETIREMENT BENEFITS ACCUMULATE DURING MARRIAGE ARE DIVIDED EQUALLY
In Michigan, assets accumulated during the marriage are divided equally in a divorce. This includes retirement benefits. There are two types of retirement benefits.
DEFINED CONTRIBUTION PLANS
This includes 401(k), 403(b), and IRA accounts. It is a fixed dollar amount that moves with the stock market.
DEFINED BENEFIT PLANS
There is also defined benefit plans. This benefit is typically (blank) per month when you retire. Both benefits are marital assets to the extent they were accumulated during the marriage or the part that grew during the marriage. These benefits can be divided with a QDRO or EDRO ( a court order setting up a separate account for the spouse). Alternatively, retirement benefits can be off-set against another asset (like house equity or stock accounts).
SOCIAL SECURITY BENEFITS
Social Security benefits for former spouses are automatically available as a matter of law. Nothing is put in the divorce judgment regarding social security.
A person can receive benefits as a divorced spouse on a former spouse’s Social Security record if he or she:
- Was married to the former spouse for at least 10 years;
- Is at least age 62 years old;
- Is unmarried; and
- Is not entitled to a higher Social Security benefit on his or her own record.
If you are facing a divorce and have questions about retirement benefits or social security, a good divorce attorney is not optional, it is a requirement! Our divorce attorneys can answer your questions with straight talk. Having the right divorce attorney on your side can relieve your stress during this difficult situation. Our attorneys have over 95 years of divorce experience. Our attorneys have extensive divorce trial experience. Typical fees to retain attorney for a divorce case can range and from 1,500 dollars to as high as 10,000 dollars. Considering the seriousness of this life changing event, it is extremely important to retain the services of an experienced attorney in the area of divorce.
Krupp Law Offices P.C. is located in downtown Grand Rapids, Michigan and has the right divorce attorney for you. We represent clients in all divorce matters throughout West Michigan.
Call for a free phone consultation. Our office can help.
KRUPP LAW OFFICES PC
161 Ottawa NW Suite 201
Grand Rapids MI 49503
616-459-6636 or firstname.lastname@example.org