Valuing and Dividing Retirement Benefits in a Mississippi divorce
Dividing Retirement Benefits in a Mississippi divorce
Continuing on with my previous post on this subject, the second step for the chancellor in dividing retirement benefits in a Mississippi divorce is valuing the assets. How much are the retirement benefits worth? With a defined contribution plan, this is relatively easy as you know how much money is in the account at the valuation date or you should be able to get that information from the plan administrator. However, what if some of the benefits benefits (the employer's contribution) are not vested (that is, the employee is entitled to at the time) and are those benefits valued the same? A more difficult proposition is if the employee's retirement benefits are a defined benefit plan. In this case, it will require a formula to calculate the value of the benefits earned during the marriage. This calculation can be complex and can require the assistance of a professional.
The final step for the chancellor is how to divide the retirement benefits. This falls back to the analysis discussed in earlier post regarding the division of marital property in a Mississippi divorce.
A review of these posts regarding dividing retirement benefits in a Mississippi divorce should make it apparent that this is not a job people should attempt on their own. While you may be able to work out the basic framework for dividing the retirement benefits, you should seek the advice of a divorce attorney to protect yourself against a potential minefield.
