Buffalo Divorce Lawyer Discusses How a Pension is Handled During Divorce
A lot of people who have a pension come into see me as an experienced Buffalo Divorce Lawyer, wanting to know what happens to their pension or, if their husband or wife has the pension they want to know if they can get a portion of the other party’s pension. In New York, the law is the same whether or not you have a pension. New York State uses a formula based upon how long you and your spouse have been married and how long the wife or husband has worked for that company during the course of the marriage. Many years ago, our highest court set a formula in place, and that formula is applied to the pension.
As a general rule, if you have been married and living with your spouse for 30 years, and he or she has been employed with that employer and earning a pension for the entire 30 years, you would be entitled to 50% of that pension. The determination is based on a very specific formula which depends on how long your husband or wife has worked for that company and how long you and your spouse have been married during that employment. Again, it’s a formula, and it eliminates the need for a lot of negotiation. It’s a lot simpler to apply a set formula, rather than having to figure out a different result in every case.
Do you have a pension and wonder how it will be handled in divorce? Contact experienced Buffalo Divorce Lawyer Michael Ranzenhofer for guidance.