If you are planning to file for divorce in the state of Georgia and are concerned about how your retirement funds will be impacted, it helps to have an understanding of Georgia divorce laws. It makes sense that you are curious about the division of your retirement account funds. You’ll also want to know how much you can keep of what you have earned over the years through your employment, contributions, and savings. It’s also true that sorting through what the law states can be overwhelming. So, let’s break it down to get the answers to your questions.
Divorce & Your Retirement Account
- Let’s say you acquired your retirement funds, also known as pensions, during the course of your marriage. They will be considered marital assets and will be divided during the divorce.
- Maybe you acquired your retirement funds prior to your marriage. Any earnings that accrued during the course of the marriage are subject to division.
- The funds potentially divided during your divorce include: pensions, 401K plans, IRAs and deferred monetary compensation plans.
- All of these funds are subject to equitable distribution according to Georgia divorce laws. This is true even if the funds are only in your name.
- Only assets acquired during or earnings accrued from the date of marriage through the date of the Petition for Dissolution of Marriage fall under the equitable distribution.
How Will the Georgia Divorce Laws Divide the Retirement Funds?
As stated, there will be division of all marital assets during a divorce in the state of Georgia. This is true no matter what type of divorce. However, the way in which the Georgia courts will distribute the assets depends on factors such as when the pension was acquired. It also considers the financial needs of each spouse during the divorce proceedings.
When the court distributes the retirement account funds, it will consider contributions to the marriage from the spouse not named on the benefits. Other considerations include the length of marriage and the number of years the contributions were made. Finally, they will consider whether there has been reliance on the expectation of future retirement benefits for the spouse.
If the retirement is from the military, it is always subject to equitable distribution for both spouses.
Are you in the process of filing for divorce in Georgia or just getting ready to consider the process? You don’t have to wonder about Georgia divorce laws and what they mean. Reeder Law Firm is here to answer your questions and give you the professional advice and support you need. Find out what Georgia divorce laws mean for your retirement account. Request your free, confidential consultation with a Cumming family law attorney today.