DIVORCE - RETIREMENT BENEFITS IN MICHIGAN

In Michigan, retirement benefits are considered a marital asset if they are accrued during the course of the marriage. The court even has the discretion to consider premarital retirement benefits as part of the marital estate to be divided, but it would be highly unlikely to do so. Retirement benefits would include profit sharing, defined benefit programs, IRA's, and any other benefits available on retirement. Retirement benefits are typically divided in two different ways. The Court can determine the current fair market value of the benefit and offset that benefit against another marital asset, such as equity in a home. Alternatively, the Court may order the pension divided by a Qualified Domestic Relations Order. This order would split the retirement benefit and allow the recipient to maintain it in its current form until retirement age or cash out the benefit and pay the taxes and penalties on the award.

Determining whether retirement benefits are a marital asset to be divided can be complex. Any divorce involving retirement benefits can be serious. As such, a party to a divorce should consult with an experienced divorce lawyer to evaluate the situation.

DIVORCE ATTORNEYS - GRAND RAPIDS MICHIGAN

Krupp Law Offices P.C. serves represents clients in divorce cases throughout West Michigan, including the cities of Grand Rapids, Holland, and Grand Haven, and the counties of Kent, Ottawa, Allegan, Barry, Newaygo, Montcalm, and Ionia.

Our office can help.

KRUPP LAW OFFICES PC

161 Ottawa NW Suite 201

Grand Rapids MI 49503

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