NC Statute (relative to a pension as marital property) states, "The award shall be determined using the proportion of time the marriage existed … [u]simultaneously with the employment which earned the vested and nonvested pension, retirement, or deferred compensation benefit, to the total amount of time of employment.
I worked for 22 years, married for 6 of those years, However, left that job 21 years ago and converted retirement fund to IRA.
IRA has accumlated about half its total present value in interest earned.
Question: Am i correct that spouse can claim up to half of ONLY the portion of the IRA (retirement fund money) that acculated during the 6 years that occurred “simultaneously with the employment which earned the … pension” fund?
Your spouse is entitled to half that amount plus any passive income(interest) generated on those funds up to the date of distribution.
Since this is so important to me – and Just to be perfectly clear …
The amount spouse is entitled to is only half of the portion accumulated during the years i was both married (to her) and working for the company that contributed to the retirement IRA
NOT half of all of the IRA that has accumulated during our marriagecorrect?
Ronald,
I’m happy to help, but please provide the following information:
- Date of marriage?
- Date of separation?
- Date of divorce?
- Was an action for equitable distribution filed prior to the date of divorce?
- Date of last contribution to the retirement account by you or your employer?
Not yet divorced or separated.
Civil action for divorce from B & B has been filed by spouse and i have answered but no further steps have been taken
She is extremely hostile, wants everything she can possiby get and is asking for much more that. therefore i am trying to prepare my position and defense and that IRA is about all i have so i want to know where i stand with regards to that. So, to your questions:
Date of marriage? 1984
2. Date of separation? – not yet see above
3. Date of divorce?-- not yet, see above
4. Was an action for equitable distribution filed prior to the date of divorce? – She has filed that as a part of the civil action for divorce from B & B
5. Date of last contribution to the retirement account by you or your employer? – 1990. i started there in 1968, married 1984, left company 1990
As Erin said above, she is entitled to half the amount contributed during the marriage and the appreciation accrued up to the date of distribution.
Again, your answer = :
“she is entitled to half the amount contributed during the marriage and the appreciation accrued up to the date of distribution.”
I may not have made my question clear, but it still is not answered. Try this:
Example: the fund now equals $200,000
$50,000 of that was contributed by the EMPLOYER while i worked there. (The remainder has been added through interest over the last 21 years.)
Of that $50,000 contribution by the employer, only $12,000 occurred during the time we were married and i was working for the employer.
So the question: Is the amount of which she is entitled to a share, limited to the amount contributed to the fund that occurred COINCIDENTLY with the period of employment ($12,000) (plus interest on that portion added over time) OR
are you saying she is entitled to half of all that was ever added since were were married (including subsequent interst on the whole fund amount)?
Unfortunately the analysis you seek is beyond the scope of this forum. You may visit Do It Yourself North Carolina Divorce for more in-depth assistance, or consult with a local attorney.