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Including future assets in property division

| May 16, 2018 | Property Division | 0 comments

Divorce is a complicated undertaking, particularly where division of property and assets are concerned. What a couple holds jointly at the time of a divorce in New Jersey may be relatively easy to ascertain. However, what about future assets such as pensions that are not yet being collected? Future assets also need to be considered as a part of property division.

When the pension goes into effect, the person designated to receive a share should automatically begin receiving those benefits. This would hold true as long as proper allowances were made for this to occur at the time of the divorce settlement. What if proper allowances were not made for the future pension?

A document, called a Qualified Domestic Relations Order (QDRO) may be part of a divorce settlement to establish beneficiaries of future pension benefits. If this is not part of the original settlement, one may need to be drafted and filed with the court. Once that document is in place, the court may review the situation.

Divorce is never easy and property division and asset division can be contentious. A person facing a divorce in New Jersey may benefit from a consultation with a knowledgeable family law attorney. An experienced attorney will know what questions to ask to ascertain the full list and value of any assets and property. This can be an emotional time and an attorney may take a more business-like approach to the issues and reduce some of the stress. Reducing the emotion will aid an attorney in obtaining an outcome that is in the best interest of his or her client.

Source: nj.com, “How to get an ex-spouse’s pension“, Karin Price Mueller, May 8, 2018