Retirement Pension

[smiley316]

What is the name of your state? Pennsylvania.
I need to know what the divorce code is for short-term marriage ( 6 years) as far as whether or not the soon-to-be ex would be entitled to half of a retirement pension.
I heard that anything under 10 years is considered a short-term marriage, and that they wouldn't even be eligible for even spousal support. Yet at the same time I'm hearing that retirement pensions are considered a marrital asset. Could someone who knows Pa divorce codes please enlighten me, quite frankly--I'm confused! I would really appreciate it.

 

[nextwife]

ONLY the portion of retirement that accrued DURING the 6 year marriage should be subject to division. Any premarital retirement account amounts you or your spouse had should not be split.

 

[johannah11]

What is the name of your state? Pennsylvania.
I need to know what the divorce code is for short-term marriage ( 6 years) as far as whether or not the soon-to-be ex would be entitled to half of a retirement pension.
I heard that anything under 10 years is considered a short-term marriage, and that they wouldn't even be eligible for even spousal support. Yet at the same time I'm hearing that retirement pensions are considered a marrital asset. Could someone who knows Pa divorce codes please enlighten me, quite frankly--I'm confused! I would really appreciate it.

Any contributions made during the marriage, as well as any interest earned during the marriage are considered marital assets. Basically, a spouse is entitled to 50% of the difference between the balance of the other's retirement account at the beginning of the marriage and the balance at the end. The length of the marriage doesn't affect a spouses entitlement to this amount.

Withdrawing amounts from a retirement account to be paid to the ex-spouse pursuant to a divorce decree can be tricky business from a tax standpoint. Basically, unless certain very specific requirements are met, the withdrawal could be considered an early withdrawal. If you are one thr receiving end -- that is, you are receiving a payment on your spouse's retirement account -- you have to put the proceeds into another retirement account or you will incur early withdrawal penalties, income liability etc.

 

[BelizeBreeze]

What is the name of your state? Pennsylvania.
I need to know what the divorce code is for short-term marriage ( 6 years) as far as whether or not the soon-to-be ex would be entitled to half of a retirement pension.
I heard that anything under 10 years is considered a short-term marriage, and that they wouldn't even be eligible for even spousal support. Yet at the same time I'm hearing that retirement pensions are considered a marrital asset. Could someone who knows Pa divorce codes please enlighten me, quite frankly--I'm confused! I would really appreciate it.

First of all, retirement pensions are not AUTOMATICALLY considered a marital asset. Since Pennsylvania is an 'equitable distribution' state, the asset must first be judged 'marital' before consideration of the distribution can be addressed.

And that is also not so clearcut. The fact that the asset existed before the marriage and how the asset was funded will be a consideration in how the asset is founded.

It's not automatic that this retirement account, or any part thereof, is a marital asset. That is a matter of fact for a court.