Listen Up, in California a pension and/or retirement plan acquired during the marriage is community property which means it belongs 50/50 to husband and wife. Also, any pension and/or retirement plan previously owned by your spouse before marriage but which has grown during the marriage has a community property interest which belongs 50/50 to husband and wife.
Please do not be confused about your rights and entitlement to 50% of the community property interest in a pension and/or retirement plan. For example, let's assume Monica married Michael and was a homemaker during their 9 year marrige. Also, let's assume Elizabeth married Edward and was a homemaker during their 25 year marriage. During these marriages only the husbands worked outside the home and earned incomes that contributed to the pension and retirement plans.
When it comes time to divide the pension and retirement plans Michael tells Monica, "That's my pension, you didn't work for it and you don't have any right to it. I don't care what the law says, the law is wrong, you're not entitled to any of my pension and retirement benefits." Edward, on the other hand, doesn't outright deny Elizabeth's interest in the pension and retirement plans but he won't talk to her about it or respond to her requests for information about it.
The above scenarios play out all the time all over LA County, California and beyond. I'm writing today for all those in California confused about their interest in what should be called "The Family Pension and Retirement Plans." A homemaker has every right to share equally in any pension and/or retirement plan that builds during the marriage (unless of course their was a prenup providing otherwise). Statistics show that many women's economic standard of living goes down after divorce while many men's standard of living goes up. In a divorce, a homemaker must make financially wise decisions to protect her assets, build her financial portfolio and secure her future. And if she has children, she must protect her children's economic future too.
Is anyone wondering what happened in the above scenarios? Well, Monica gave in to Michael's ranting and let him keep the pension and retirement plans. She did not get the assets she was entitled to and deserved in their divorce settlement. To this day, she regrets the decision. On the other side of town, Elizabeth counts her blessings every day. During the divorce Elizabeth stood her ground, hired a good lawyer, and got the divorce settlment she was entitled to and deserved.
Pam
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