Manassas Attorneys Experienced in Pensions and Other Retirement
A Dedicated Team of Retirement Lawyers
Our attorneys at Family Law Group are a skilled and dedicated team of legal professionals who have taken cases involving retirement benefits as far as at the Virginia Supreme Court. We have years of experience in airline, military, government, and private sector pensions and retirements, from division to implementation, or post-implementation modification. When you work with our firm, you can be confident that we will do our best to secure a successful outcome.
Given the importance of retirement accounts to the long-term financial health of a family, federal and state legislatures have passed laws which permit both parties to retain the tax-benefits of a retirement account through a divorce. For defined contribution plans like 401(k)s and thrift savings plans, federal law permits the retirement account to be divided, with each party retaining the tax benefits of the plan without any penalties. State courts have specific procedures for dividing these accounts.
In Virginia, the court first determines which part of the retirement account is marital and which part is separate. Under Virginia law, the “marital share” of a retirement account is considered to be marital property. Va. Code Ann. § 20-107.3(A)(3)(b). The “marital share” is defined as the “portion of the total interest, the right to which was earned during the marriage and before the last separation of the parties.” Va. Code Ann. § 20-107.3(G)(1). In other words, the marital share of the account is all of the money earned in the account from the date of the marriage to the date of the parties’ last separation, including but not limited to gains and losses on these monies. Virginia courts may award up to fifty percent (50%) of the marital share of each retirement account to the non-owner spouse.