Posts Tagged ‘Chevron’

California Divorce Blog–Pension Plans And Other Retirement Plans

September 7, 2016

If you or your spouse work at Northrop Grumman, Boeing, Raytheon, Chevron or another large company, chances are you may have a Pension Plan, 401k Plan, IRA or other type of Retirement Plan. In divorce cases, these plans often have a Community Property and Separate Property component.

The portion of the Retirement Plan (Pension) which accrued prior to marriage and after the date of separation is Separate Property. This means the spouse who owns the plan retains all earned benefits prior to the date of marriage and after date of separation.

The portion of the Retirement Plan (Pension) which accrued during marriage is Community Property. This means that both spouses share the portion of the Retirement Plan benefits earned during marriage 50/50. This type of apportionment is often referred to as the “Time Rule” meaning the community portion of the plan is shared 50/50 for the term of the marriage.

This example illustrates the importance of determining the Date of Separation. The Date of Separation marks the end of the Community Property interest in the Retirement Plan. Therefore, it is extremely important to review all issues regarding the Date of Separation with your Attorney. Depending on the facts in your case, you can earn additional retirement benefits (or lose additional retirement benefits) based solely upon the issue of determining your date of separation.

If you have any questions regarding your Divorce please call Attorney Keith F. Simpson at (310) 297-9090. Attorney Keith F. Simpson is a California Family Law Attorney located in Manhattan Beach, California.

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