Since divorce proceedings often focus on the splitting of assets, your retirement benefits may be affected during the process. Use the following guide to review how divorce laws influence retirement assets such as 401(k)s, Social Security, and individual retirement accounts. You may need to update your plan once your divorce is finalized.

What to Know About Divorce & Retirement Benefits

401(k)s & Individual Retirement Accounts

If your retirement plan comes from your employer, such as a 401(k) or pension plan, your ex-spouse becomes entitled to a percentage of the balance unless you had a prenuptial agreement barring the individual from fund access. Non-employer retirement plans such as IRAs can also become subject to asset divisions if you set yours up during your marriage. Any assets acquired during the length of your marriage become marital assets in the eyes of the court regardless of state divorce laws.

Unless you had a prenup, the court would likely issue a Qualified Domestic Relations Order detailing how to divide your retirement assets. These court orders typically arise when one spouse didn’t work, perhaps because they were raising the children. The non-working spouse subsequently receives a portion of the retirement benefits as part of spousal support.

Social Security Benefits

The Social Security Administration allows your former spouse to receive some of your benefits if the marriage lasted at least 10 years. Your ex must be 62 years or older and unmarried to receive the benefits.

If you’re eligible for Social Security but haven’t applied, your ex can still enjoy benefits when you apply if you’ve remained divorced for at least two consecutive years. However, your ex-spouse’s access to your Social Security benefits ends if they remarry. If your marriage was shorter than 10 years to someone younger than 62, they wouldn’t be able to receive your benefits.

Navigate your divorce with help from the Law Offices of Lenkowsky & Fontenot. Based in Bullhead City, AZ, these attorneys specialize in divorce law and offer a variety of related services to help families sort their affairs. Call (928) 758-4815 to schedule a consultation or learn more about their divorce law services online. Like the Facebook page for additional information and updates.