Planning a Divorce? Don’t Forget Your Pension!

When couples begin to work on their divorce settlement, pensions are often overlooked financial areas. Pensions are joint assets that are essential to include in your divorce settlement. One or both spouses may have one or more pensions. They all should be included. Pensions are considered one of the highest value assets in a divorce, second only to the family home.

How Does Your State Manage Pensions?

It's important to find out how your state manages pensions in divorce settlements. In California, retirement benefits such as your pension plan, are considered community property. In a community property state, all community property is divided 50-50. Each spouse gets half of all assets and income earned throughout the marriage, and that includes pensions.

Protect Your Pension and Avoid a Trial

California offers all couples the opportunity to work out a settlement themselves before a case goes to court. Such settlements are often productive. For instance, one spouse may be able to keep 100% of their pension by offering the other spouse something in return that they value. Maybe your soon-to-be ex would prefer a greater share of the family home, vacation home, jewelry, vehicles, or other assets accumulated during the marriage. A settlement keeps you out of court and a judge won’t give 50% of your pension to your soon-to-be ex.

Mediation Comes to the Rescue

Workable agreements are possible if you and your spouse think you can work together successfully. You may feel that you need an impartial third party to help you with the details. Many couples find successful resolutions through mediation. In mediation, a skilled mediator acts as a third party and helps separating couples talk through their issues in confidence. There is no pressure. Couples make their own decision. The result is an agreement that makes both parties happy, and no one goes to court.

For over 30 years, A Fair Way Mediation has made the divorce process easier for clients. Rich Gordon, B.A., M.A., J.D., and principal mediator in both Palm Springs, Riverside County and San Diego explains, “At A Fair Way, we help people break up nicely.” Our mediation experience includes success with domestic partnerships, traditional marriages, same sex marriages, military marriages, and alternative relationships. Our mediators are skilled in the technologies of virtual mediation and will guide you carefully through the process. Mediation works equally well for civil disputes such as landlord tenant, family, and HOA issues.

The ultimate goal of mediation is always a positive outcome for spouses and families. We believe most people would rather have a problem free divorce that satisfies both spouses rather than a contentious one that leaves everyone unhappy.

We have successfully mediated issues throughout Palm Springs, Riverside County and San Diego. Our offerings include Zoom, Skype, video chat and in-person sessions. Mediation is a voluntary process and both parties in the relationship must be willing to try mediation. Our free 30-minute consultation with both parties involved, will help you decide if you want to try mediation. For a free evaluation, call us at 760-227-5090 or 619-702-9174, or complete an online request at www.afairway.com. Offices in Coachella Valley and San Diego.