FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
My husband and I have been married for 10 years, he has been in the FDNY for 15 and worked for Buffalo State for 10 years with a break in service between the two. A few years ago a bill was pasted that he could by back the 10 years he worked for in Buffalo. So, he paid for those 10 years which was over 13,000 which was paid for out of his pension. Which mean at 20 years when he is able to retir from the FDNY he is really retiring at 30 years. So my question is how many years of his pension should I get?Answer:
In the event of a divorce, you would be entitled to approximately one half of your spouse's pension which was earned during the course of the marriage. If the $13,000 used to buy back the 10 years at Buffalo State was earned during the course of your marriage, it is marital property and the additional 10 years of retirement credit would also be considered a product of the marital property and as such marital property as well . So you should be entitled to 1/2 of the entire 30-year retirement pension.
If you living in the New York City metropolitan area , please call me at 212-370-1660 to discuss the issue in more detail and to arrange for a meeting to discuss any plans for separation or divorce.
Leonard M. Weiner, Esq./Divorce Solutions