Retirement Benefits and the Division of Property

Retirement Benefits and the Division of Property

Retirement benefits acquired during marriage are considered marital property. This includes pension plans.

Marital property includes property and assets acquired during marriage. As long as it was not a personal inheritance or property individually acquired prior to the marriage. 

As noted on Read & Read property division page. Splitting marital assets can be confusing. While Utah Courts aim to divvy assets in a fair manner, fair does not always equate to equal. 

In the event both you and your spouse have retirement accounts the courts will likely award for you to keep your own benefits. However, in the event of an imbalance Utah Courts will consider retirement benefits as a shared asset to be split in a fair manner. 

In a case where retirement funds cannot be split. It is not uncommon for the court to request one spouse receive an asset of equal value. An asset of equal value can include; equity from the home, cash, or other types of property. If there are no assets of equal value to give. It is not uncommon for the courts to rule to have these retirement fund split. 

Because the division of assets can be confusing, we recommend hiring legal counsel experienced in family law. This recommendation stands for couples who agree, as much as it does for those who do not.

If you are worried about lacking financial security in your golden years, schedule your free 30 minute consultation now: Consultation Form