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I need to get a paper that was presented to me on which i took a settlement for my ex's pension (1/2) for our divorce. it didnt state that i could not get my half immediatley which i planned on paying our maritial debt with (yes i took all debt too) just to get this over. i knew he would file bankruptcy and he did. now i cant get the money for 10 years and no lump sum. how can i get his side to produce the 1 sheet of paper that i based my decision on? my side was not given a copy. it was moments before divorce court this all happened.
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A pension benefit is only payable to the alternate payee as the plan allows; that usually means normal retirement age as the plan dictates. Some plans allow the plan recipient to start receiving their monthly benefit at an earlier age than normal retirement, but it is usually a reduced benefit. Normal retirement might be age 62 or 65. Early retirement might be age 55. You as the alternate payee can start drawing your share of your ex spouse's retirement when the plan indicates they are first eligible to draw on the pension, even if they keep working and do not retire.
Answered on Oct 22nd, 2016 at 8:05 AM
David B. Karp Karp & Iancu, S.C. 933 North Mayfair Road #300 Milwaukee, WI 53226 414 453 0800 dbk@karplawfirm.com www.karplawfirm.com