Protecting Pensions & 457’s

FDNY Pension Divorce

FDNY Pension Divorce

FDNY Pension Divorce.  Looking Out For NY’s Bravest Divorce is a very difficult thing. When we marry, we pledge our lives to one another. When we divorce, those two lives that were once one become separate once again. Each life needs to start again to build a meaningful way of Read more…

FDNY Pension Divorce

FDNY Pension Divorce

FDNY Pension Divorce Firefighters sacrifice themselves every day on the job, and an important part of compensation for this ultimate service is the accrual of a pension for a firefighter’s retirement years. As a firefighter, facing a divorce raises the unique challenge of how a FDNY pension divorce work. For this reason, it Read more…

Disability Pension in Divorce

Disability Pension in Divorce

What happens to Disability Pension in Divorce? A firemen’s disability pension in divorce is treated differently than a traditional non-disability pension would be. A traditional pension benefit in a divorce is treated as partially separate property not subject to distribution, and partially marital property subject to a 50/50 split amongst the Read more…

457 and Divorce

457 and Divorce

457 and Divorce 457 Deferred Compensation plans are the government’s version of the private sector’s 401(k). A 457 deferred compensation plan is a defined contribution plan for government employees. When it comes to 457 and divorce, the amount of the 457 account subject to distribution in the divorce must be Read more…

Pension in Divorce Settlement

Pension in Divorce Settlement

Pension in Divorce Settlement When it comes to a pension in divorce settlement, there are unique issues that can arise. The controlling authority in New York on a spouse’s entitlement to pension plans in a divorce is the case of Majauskas v. Majauskas, 61 NY 2d 481 – NY: Court Read more…

Pension in a Divorce

Pension in a Divorce

Dividing a Pension in a Divorce A pension is considered a marital asset that is subject to distribution during a divorce settlement. However, when distributing a pension in a divorce, there are limits to the amount of the pension that is subject to distribution. In New York, the Majauskas formula is used Read more…

Divorce and 457 Plans

Divorce and 457 Plans

Divorce and 457 Plans When it comes to divorce and 457 plans, the marital portion of the 457 is treated as any other marital asset and subject to equitable distribution. Equitable distribution is the way in which courts divide assets between spouses in divorce. In essence, equitable distribution is a Read more…

457 Plan Divorce Questions and Answers by NY Divorce Lawyers for Firemen

457 Plan Divorce Questions and Answers by NY Divorce Lawyers for Firemen

How are FDNY Firemen’s 457s Split: 457 Plan Divorce Questions and Answers 457 Plan Divorce Question: My Wife and I Both Have Pensions My wife and I both have retirement plans. I have a FDNY 457 & a pension and my wife is a teacher who is in the NYS pension Read more…

457 Divorce Protecting Your 457 in Your Divorce

457 Divorce Protecting Your 457 in Your Divorce

FDNY & Protecting Your 457 in a Divorce You can protect your 457. It is not always easy for FDNY firefighters to protect their 457s in a divorce, but it can be done. It is not easy to protect your 457 in a NY divorce because New York is a Read more…

Divorce and 457 Plans.  Protect your 457.

Divorce and 457 Plans. Protect your 457.

Basic Information about divorce and 457 plans.   Divorce and 457 Plans:  Top Questions Question:  After we divorce, is my wife entitled to anything from my 457? Answer:  Unfortunately for firemen, the answer is yes.  When firemen divorce, their wives are entitled to half of the value of the 457 that was Read more…