Q: Will I get my share of retirement funds if I’m not the beneficiary?
My spouse and I are separated and he has given me a spousal consent form to remove me from his retirement funds as the beneficiary. We’re going to be divorcing. If I sign do I not get any of the retirement? We have a child together. Not sure if I should sign them or not.
A:
There are a lot of details missing which makes it hard to give you definitive response. However, it is not in your best interest to sign the consent form at this time. If the retirement, or any part of it, was earned during the marriage you are entitled to one-half of the community share. As part of your divorce there will be a document called a QDRO which will be sent to the pension administrator telling them how to divide the retirement and an account will be created for each of you. You each can then name a beneficiary for your respective shares.
If you sign off now, in certain circumstances, it could result in you being left with nothing before a division of the asset takes place.
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