Pension Planning

Many couples in Irvine and throughout Orange County have serious assets to protect during a divorce process. On top of the emotional issues created by a separation, financial concerns need to be taken seriously. After the matrimonial home, the pension pot is likely to be the asset of greatest value. Attorneys in Orange County deal with informing spouses why their lack of pension provision during a divorce is a matter to attend to. Usually the home is a client’s first concern financially, but pension planning needs to be considered heavily as well.

There are three outcomes to pension planning:

Pension off-setting: The value is determined, but the pension isn’t shared or subject to pension attachment.

Pension sharing order: Pension funds are split along percentage lines.

Pension attachment order: The pension fund is not split.

Be sure to ask an experienced attorney about your pension options. Your attorney may advise you to seek additional financial planning advice from an experienced planner. That person can discuss with you your need to continue contributing to a pension fund.

Here are some statistics that show how this isn’t being taken seriously enough by divorcing women or their attorneys:

  • One in three divorced women don’t save any money.
  • 38% of women don’t know what settlement they received.
  • Only 6% of women received pensions sharing order or pension earmarking order.

Seeking pension planning advice after the divorce is simply too late. Act now to protect yourself.

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