HB371 Alabama 2015 Session

Under existing law, a court may order an allowance up to 50 percent of the present or future value of retirement benefits of a person to his or her spouse upon divorce if the parties have been married for at least 10 years and if certain other conditions are met. Under existing law, when the court orders an allowance of retirement benefits of one spouse to another upon divorce, no amount is payable until the covered spouse begins to receive benefits unless the parties agree to a lump sum settlement

This bill would eliminate the requirement that the parties have been married for 10 years before the court may award retirement benefits

This bill would allow the court to use any equitable method of valuing, dividing, or distributing to benefits, but the noncovered spouse could receive no more than 50 percent of the benefits considered by the court

This bill would provide that each party would bear equally the burden or benefit of passive appreciation or depreciation of the retirements during the time between the award of benefits and their distribution

To amend Section 30-2-51, Code of Alabama 1975, relating to allowance upon divorce of certain retirement benefits; to provide further for the circumstances in which the court may make an allowance; and to provide further for the valuation of retirement benefits; and to provide for the obligations of each party.