Are annuities exempt from division of property laws in a divorce?
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Are annuities exempt from division of property laws in a divorce?
Asked on November 5, 2011 under Family Law, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Generally speaking, an annuity - as I understand it - is a tax deferred retirement plan, correct? Is that what you understand your annuity to be? Well then if it is a retirement plan and it has been funded during the marriage with marital assets (wages earned during a marriage are marital assets) then it is subject to distribution as a marital asset in a divorce. There are other forms of annuities, ones funded from non-marital assets (in certain states not others) such as a settlement in a personal injury law suit, etc. But the applicability to your situation is best deterined by an attorney in your area. Good luck to you.
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