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Dividing retirement assets in equitable distribution is well known among matrimonial practitioners as one of the most confounding, and potentially complex, areas of our practice. Understanding the nuances in different types of plan benefits, valuation methodologies, survivorship components, and pension-related terminology is merely the tip of the proverbial iceberg. Dealing with an ERISA-qualified plan, detailed below, is difficult enough. Dealing with individual state laws and regulations that apply in effectuating property division of ERISA-qualified, non'ERISA-qualified, federal pensions, state pensions, and other types of retirement assets, can be overwhelming. Retaining local counsel in the state at issue with expertise in this area is of utmost importance in not only understanding the type of retirement asset at issue, but the specific methodology by which that asset is to be divided under state law.
Types of Plans
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The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
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