Monday, February 16, 2009

Retirement account defined as Income?

I currently have a case in which we are asking the Court to determine whether retirement assets can be defined as "income" under an antenuptial agreement. The agreement states:

“References to the property of a party mean any interest in property, real or personal, which is acquired by the party

4.8.1 Before the marriage or after a decree of legal separation;

4.8.2 By gift, devise or inheritance from a third party to one but not both of the parties;

4.8.3 As earnings or income whether before or after the marriage;

4.8.4 In exchange for or as an increase in the value of any such property.”

In an initial ruling, the Court determined that one party's defined benefit plan was protected under the agreement, but failed to state under which provision. The question is whether a defined benefit plan, without contribution by the party and not available to the party except upon retirement, can be defined as income for purposes of protecting it under the antenuptial agreement. A motion for amended findings has been filed seeking clarification of that issue.

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