Pension Division upon Separation or Divorce
In the past, pensions were not considered property and were not divided as matrimonial property. However, pensions are now unequivocally matrimonial property and are divided as such. The Matrimonial Property Act governs the division of pensions unless a pre-existing marriage agreement states otherwise. There are multiple pension types and multiple viable ways in which to equitably divide a pension. A portion of a pension can be divided and rolled into a locked-in retirement account. Alternatively, if the parties do not wish to divide their pensions, a pension can be evaluated to determine its worth and the appropriate amount needed to buy the opposing party out.
The above highlights common methods of pension division but the above methods are not an exhaustive list. Pension division is often a contentious issue in a divorce and there are many factors and calculations involved that can complicate matters. It is important to have a comprehensive understanding of your rights when it comes to property division. Contact Proskiw Law at 780-665-4944 for more information about pension division or about any family law/divorce issue. Do you have a non-family law issue? Give us a call! We provide representation and advice in all areas of law besides criminal law.