Retirement assets are often the largest asset and most complex property issue in a divorce.   They can be confusing and complicated.  Parties can have IRA’s, 401K’s, 403B’s and other types of retirement plans.  There may be defined benefit pensions which pay a certain amount, for the employee’s lifetime.  There may be annuities.  It is imperative that all of the information be gathered during the discovery process of a divorce so that division of these assets is properly addressed.

All Judgments of Divorce or Separate Maintenance are required to determine the rights of the parties as to all retirement benefits including any right or contingent right in and to vested and unvested pensions, annuities or retirement benefits.  MCL 552.101(4). 

Under Michigan law, rights in a retirement plan or annuity “on account of service credit accrued by the party during marriage” are to be considered marital property and are subjection to division.  Unvested retirement benefits may be considered marital property where the court finds that it is “just and equitable”.

For more information on property division, please refer to:

• Property Division
  
• Separate Property
• Marital Property
• Evaluation of Business Assets Including Stock Options
• Dealing with Negative Equity Situations
• Modification of Property Provisions
  
• Qualified Domestic Relations Order (QDRO and EDRO)
• Pension Evaluation