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”.
When you have retirement assets, it is important to hire an attorney that understands the complexity involved during a divorce. Contact our Metro Detroit divorce attorneys today to schedule a consultation today.