Pensions Face Uncertain Future As Part Of Family Law
A number of family lawyers have spoken out about the uncertainty of pension plans when it comes to divorce proceedings and distribution of assets. One lawyer stated: “Fifteen or twenty years ago when you negotiated property division, most pensions were pretty much thought of as an absolute guarantee. Now you're looking at them as ‘Is this the next Enron?‘”The federal government is having pensions turned over to them by struggling companies at an alarming rate. The risk of this type of asset is also causing concerns which family lawyers state has been noticed during proceedings. ”What do you do when you have a risky asset?” asked one family lawyer. ”You either try to give it to the other side, if you can, or you need to spread the risk and spread it in a way that the person who's least able to accept the risk isn't burdened with the majority of the risk. It's not easy.”
Another family lawyer stated: ”Retirement accounts are certainly not viewed as being as secure or static as they once were. Where we once viewed each and every retirement account as something that could only grow, we now seem to be coming around to the idea that retirement accounts are changeable assets that can lose value or even disappear, just like they can morph and grow.”
"It's one thing when you divide current assets," said a spokesperson from the American Academy of Matrimonial Lawyers. "It's another thing when you're doing something in the future based on an account that might become defunct." Another lawyer advised: “Have an assessment of the plan done so both parties have a number as to the value of the pension plan today and then take her percentage interest in the community property estate asset of the retirement account in other community property assets, thereby divesting herself of any interest in the pension plan.”
Topic Added June 1st, 2005
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