Legal Question in Family Law in Virginia

Deferred compensation plans

Are #457 & $401 non qualified/qualified ,deferred compensation plans considered community property and therefore considered marital assets?.

Asked on 4/11/05, 3:33 pm

3 Answers from Attorneys

Shane Jimison Jimison/Homiller, PLC

Re: Deferred compensation plans

Virginia is not a community property state, the plans may, however fall under the classification of marital property.

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Answered on 4/11/05, 3:35 pm
Wayne Comer Wayne E. Comer, Esquire

Re: Deferred compensation plans

Any deferred compensation plan, qualified or not, will be subject to Virgina Equitable Distribution Code Section. The fraction of that asset which is

deemed "marital property" is the ratio of the time frame it existed during the marriage to the

time frame when it existed outside of the time the parties are married. A further factor is what value was added during the time it co-existed with the marriage. This is not an area of law for amateurs. It is somewhat of a legal quagmire.

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Answered on 4/11/05, 4:45 pm
Fred Kaufman Fredrick S. Kaufman, Esquire

Re: Deferred compensation plans

The amount of deferred compensation earned during the marriage is marital property and divisible through Equitable Distribution.

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Answered on 4/11/05, 10:14 pm

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