Retirement Benefits Split

I am a 49 yr old male curious about future divorce division of assets; especially regarding my retirement. I have a vested pension plan what is usually the deal as of separation date if the monthly payment currently due to her is estimated at 1,038 starting at age 65. If I die now spouse gets 100 percent of the payment. Its the old type of pension plan that is separate from the 401k. At age 65 the estimated monthly is 3849 assuming a flat salary, but adjustable to social security. So how is the 1038 she would get at 65 split now? If we split does she get a discounted amount or can it not be touched because its defined for when we reach 65? What are some examples of calculations on future pension benefit payments where as of the date of separation the pension has calculated a monthly future payment starting at age 65 if the employee resigns today. How many years are these payments expected to be made and how is it present valued for a settlement today. I might add that my spouse and I’s incomes are equivalent and we both make a substantial income. We have been married for 23 years. She also has a 401K and IRA. I would appreciate any input as to how this is usually handled and a possible example of calculation; thanks!!

It’s impossible to answer specific questions about your specific pension without reading the plan policy and reviewing your documentation, but as a rule of thumb, the non-employee spouse’s portion is calculated using the coverture fraction: length of marriage (in months) divided by length of total employment (in months) multiplied by 50%.