Does Your Divorce Involve A Federal Pension? An Annapolis Attorney Can Help.
Federal employees receive a pension when they retire. The options involved with this benefit are different for government employees versus those who work in the private sector. If you are divorcing and you or your spouse has a federal Thrift Savings Plan or other federal pension benefits, you need an experienced attorney. Your retirement account may be one of the largest assets to look at when dividing marital property.
Dividing retirement assets is complicated, and even more so when a federal employee divorces. There are specific laws to follow and unique knowledge needed of the different systems. Our attorneys at Reinstein, Glackin & Herriott, LLC have helped countless federal employees in the D.C. area protect their rights related to retirement assets in a divorce.
What Happens To A Federal Pension In A Divorce?
Every case is different. But decades of experience have helped us be able to offer you trusted guidance when it comes to making these difficult decisions. Here is a brief outline of the process of addressing retirement assets in your divorce:
- Determine the value.
- Decide whether to divide the assets or offset the value in another manner.
- If you choose to divide, we will seek a court order to do so.
Because federal retirement assets are part of a complex and often confusing system, our lawyers can lay out the options in a way that is easy to understand.
Knowing the distinctions between defined contribution plans (such as thrift savings plan, or TSP) and defined benefit plans (such as CSRS or FERS) are critically important in valuing such assets and advising clients on the best ways to divide them in divorce, including drafting and entry of special court orders to ensure appropriate division of the assets and avoid potential tax consequences.
Protect Your Rights To A Federal Pension With Our Experienced Advice
Addressing the pension of a federal employee in a divorce is complicated. Call our office in Annapolis, Maryland, at 301-850-7349 to schedule a consultation or send an email.