Often, people who contact my office do not understand New York divorce laws, and what equitable division of property truly means. Frequently, people are surprised to learn that all retirement accounts accrued during a marriage are considered marital assets, and are subject to equitable distribution.
I will assist you with the division of assets, including 401K, IRA, pension accounts. I try to resolve disputes as amicably as possible, while preserving your rights and interests.
Private pensions: Most states treat any pension interest earned during marriage as marital property belonging to both spouses.
IRAs: In most states, an IRA is marital property if it was established during the marriage. An IRA started by one spouse before the marriage could be considered marital property if contributions were made to the account during the marriage.
Civil service pensions: For the most part, public pensions are treated like private pensions in that benefits earned during marriage are marital property. But special laws apply to some pensions.
Military pensions: In the past, military pensions couldn't be divided by state courts in divorce cases. But a federal law passed in 1982 now allows such division. Pension payments to an ex-spouse can't exceed 50 percent of a veteran's retirement pay.
Social Security: Social Security benefits are the separate property of each spouse. If you were married at least 10 years before your divorce and aren't remarried, you can collect benefits through your ex-spouse's account when you hit age 62.