In the Rhode Island Family Court, a retirement asset is viewed as an asset that has been saved by the asset holder or her or his employer for the employee’s retirement.
The asset or benefit may be available to the employee currently, or will be available in the future upon the employee reaching a certain age or performing a certain number of employment years to qualify. In Rhode Island divorce cases, dividing retirement assets and pensions are subject to equitable distribution.
Retirement plans may be a future stream of income–such as a defined benefit plan–or, they may be an individual retirement account in the employee’s name–such as a 401k.
Please note, the funds in such plans have a present value, but are either unavailable for immediate distribution, or subject to onerous penalties or taxes for early withdrawal.
