Stillings & Buchinger, LLC
insurance & benfits
medical insurance - deferred income - wisconsin retirement system
MEDICAL INSURANCE BENEFITS Often times, medical insurance benefits are provided to a family through one spouse and his or her employer. A final divorce decree (judgment of divorce) can and should provide insurance for children if available, but often times that insurance cannot be provided for an ex-spouse.
deferred income plans
Deferred income plans provide a means by which an employee can have money taken out of his or her pay and placed into an investment account, such as a 401-K or stock option program. The money is taken out before taxes. At the time the money is withdrawn, it is taxed, hence tax on the earnings is "deferred" until some later time.
Deferred income plans can be part of the divided marital property in a divorce order, but whether the plan is part of the marital estate, divided and how it is divided are not straight-forward matters. If you (or your spouse) have a deferred income plan (such as the WRS discussed below), you should discuss it with your attorney right away.
Wisconsin retirement system accounts
Division of your or your spouse's Wisconsin Retirement System (WRS) account is permitted, but it is not required. A Wisconsin Retirement System account can be included in a divorce settlement by court order, but it is not automatic nor required. If a court orders division of a Wisconsin Retirement System account, it must direct the Department of Employee Trust Funds to divide your account, along with your creditable service.
experience you can trust
Stillings & Buchinger, LLC has years of experience working with marital property settlements involving a variety of deferred compensation plans including the University of Wisconsin's Retirment System accounts.
free initial consultation
If you are contemplating divorce, prepared to file for a divorce, want to pursue a collaborative divorce or divorce mediation, or if you are concerned about how your deferred compensation plan will be handled during divorce, please contact the law offices of Stillings & Buchinger for a free initial consultation.