Legal Question in Family Law in Maryland

is an annuity purchased during marriage maritial property even is some of the money to purchase came from a cash out pension lump sum check

Asked on 2/04/12, 5:39 pm

1 Answer from Attorneys

Robert Sher Wagshal and Sher
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It depends on the status of the pension check. If this pension was in existence prior to the marriage, then you would have to prorate the lump sum depending on what the value of the pension was at the time of the marriage vs. its comparable value at the time of the cash out. The part that represents the (presumed) growth during the marriage would be considered marital, so if no other funds were used to purchase the annuity, then the same portion of the annuity would be treated as marital property.

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Answered on 2/05/12, 12:16 pm

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