Avoiding FLV pitfalls
May 30, 2013
Your pension is likely your largest financial asset. In order for your lawyers or the court to determine how your assets are to be divided, you'll need a valuation of your pension for the duration of your spousal relationship. This is called a Family Law Value (FLV).
Understandably, you'll want this process to be as smooth and quick as possible. Here are three things to keep in mind when requesting an FLV from us:
- Taking a few moments to review and ensure completion and accuracy may save you time and money.You'll have to fill out and send us two forms, FSCO Family Law Form 1 (Application for Family Law Value) and FSCO Family Law Form 2 (Joint Declaration of Period of Spousal Relationship). They require quite a bit of overlapping information. For example, dates, like the start and end dates of your spousal relationship, must match between the forms. Also, make sure that your witness signs and dates the form on the same date as you.
- Don't ask us to keep the FLV from your former spouse. We're legally required to ensure that your former spouse (or their representative) is copied on the valuation.
- On Form 1, in both Part C (Plan Member Information) and Part D (Spouse/Former Spouse of the Plan Member Information), there is an option to add a contact person. This is not required, for either you or your former spouse. Unless it's absolutely necessary, adding an additional contact will require the completion of a third form, Contact Authorization Form, and complicate the process unnecessarily.
Remember, requesting and receiving a Family Law Value of your Teachers' pension is free of charge and does not require a lawyer.