Chicago Bulls NBA Star’s Soon-to-be-Ex gets Share of Hefty Retirement Plan in Los Angeles Divorce
Over 2,000 miles from Chicago, in Los Angeles, California, Larsa Pippen, recent ex-wife of NBA star and legend Scottie Pippen, is surely celebrating a victory in her lengthy divorce case. According to national and local reports, the Pippen divorce, which is said to have been finalized in December, 2021, received recent attention when the two exes filed papers in Los Angeles court concerning remaining property issues that cropped up after the divorce was finalized. In this circumstance, it is 47-year-old Larsa Pippen that seems to have received a cut of 56-year-old Scottie’s retirement plan.
According to court documents, it appears that Scottie and Larsa agreed, as part of their divorce settlement, that Larsa will now be listed as an “alternative payee” on Scottie’s Chicago Bulls 401k Savings Plan Trust. As a result, Larsa will be entitled to 50% of the plan’s balances, from the valuation date closest to the date of marital separation, which was in November, 2016. Scottie Pippen is undeniably one of the most well-known and successful NBA players in history, with a career starting in the late 1980s, and including six NBA championships and a Hall of Fame title. Thus, Larsa’s interest in the retirement account is likely quite significant. Larsa Pippen is also a fixture on the television show The Real Housewives of Miami, and is said to be returning to the Bravo show this year.
Retirement Plans and Your Chicago Divorce
Property division, including retirement plans, in a Chicago divorce, is a complex issue. Chicago, unlike California, is an “equitable distribution” state, meaning that a court aims to divide property between divorcing spouses “equitably” but not necessarily precisely “equally”. However, retirement plans and accounts may still be part of the equitable distribution analysis in a Chicago divorce, if a retirement plan or retirement account is considered to be “marital property”. In order to determine whether a retirement plan or account is considered marital property for the purposes of equitable distribution in your Chicago divorce case, it is best to speak with an experienced and skilled Chicago divorce lawyer.
Help for Divorcing Individuals in Chicago
In sum, divorce laws differ from state to state, as do the laws on property division. Chicago is an equitable distribution state, and retirement plans and accounts may be subject to equitable division if they are considered to be marital property. In order to determine your rights and options when it comes to assets in a divorce, such as a retirement plan or retirement account, it is best to speak with an experienced Chicago divorce lawyer about the unique facts of your case.
The experienced Chicago divorce lawyers at the law firm Birnbaum Gelfman Sharma & Arnoux, LLC offer a confidential consultation to learn about your case and to see if they can help you in your Chicago divorce. The lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC are experienced in the ins-and-outs of the complex Chicago divorce system and with property division in Chicago divorces. Contact Birnbaum Gelfman Sharma & Arnoux, LLC and speak to a lawyer about your case today.