Are pension or retirement program assets divided the same as other property?
Yes, in general pension rights (whether vested or unvested) and other retirement assets are divided on a 50/50 basis, although it can be a complicated process to divide them without incurring any liabilities for early withdrawal of the funds. And don’t forget that $10,000 in a bank account is not the same as $10,000 in a pension or 401k type program. If you try and take money out of the latter, you may well incur penalties for early withdrawal and have to pay income tax on the money you take out.
Yes, in general pension rights (whether vested or unvested) and other retirement assets are divided on a 50/50 basis, although it can be a complicated process to divide them without incurring any liabilities for early withdrawal of the funds. And don’t forget that $10,000 in a bank account is not the same as $10,000 in a pension or 401k type program. If you try and take money out of the latter, you may well incur penalties for early withdrawal and have to pay income tax on the money you take out.
Yes, in general pension rights (whether vested or unvested) and other retirement assets are divided on a 50/50 basis, although it can be a complicated process to divide them without incurring any liabilities for early withdrawal of the funds. And don’t forget that $10,000 in a bank account is not the same as $10,000 in a pension or 401k type program. If you try and take money out of the latter, you may well incur penalties for early withdrawal and have to pay income tax on the money you take out.
