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Family Law Value for Pension Question

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  • Family Law Value for Pension Question

    recieved my Staement of Family Law Value for defined benefit for Pension

    its showing your family law value as of this date is 307376.55
    than it shows the maximum amount that may be transferred as 153.688.27

    ive been with this company through our whole marriage

    so im guessing ex gets half of pension according to this correct

    on her current employer of 5 yrs
    her family law value is 123.768.36 gross
    the maximum that may be transferred as equalaztion is to he plan members spouse is 61864.18

    differnce about 90000

    as well since marriage she has had 3 other employers where she paid into a pension,,even though she does not work for them,,should i get her to do a statement of family law value for them

    Thanks


  • #2
    If she still holds the pension from those companies then she will have to get the value. If she transferred the pension into her current pension then she does not as they are considered closed.

    For instance, I worked for the government and was able to transfer my pension from one pension to the new employer's pension. When I left government I stopped making contributions and it is being “held” until retirement. My pension is still there, it just isn't growing. I have a new pension with a different employer and if my husband and I split, I would need to get the value of my “held” pension and the value of my pension with my current employer. I would not get any assessment for the pensions I had before combining because they do not exist.

    On the other hand, my husband had a pension with a previous employer and it transferred into his RRSP. He would have to get the value of his RRSP not what the previous pension was when he had it.

    Comment


    • #3
      The maximum equalization is just that, a maximum.
      In the old days the law was very brutal and the money could not be transferred to the spouse. That resulted in many men having to give up the homes to the exes because the money still had to be paid.

      Instead of paying the pension value provide them with other financial assets so you keep as much of your pension as possible.
      Your pension fund will likely help you determine what your retirement payout will look like at different levels of payout but you have to ask and make your own judgement call. I can tell you with certainty a hostile ex will want the money out of your pension fund.

      Many lawyers don't care, they are either too rich / out of touch to understand how that money makes a difference OR they simply don't care.

      Comment

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