In today’s volatile and uncertain economy, protection of one’s retirement benefits is often an important focus of a divorce or dissolution case. Keeping the money that you have worked hard to earn and save during your marriage or assuring you receive your rightful portion of marital funds used to invest in your spouse’s retirement can be extremely important. To assure such, it is frequently important to have an understanding of marital property v. separate property. If you or your spouse has been contributing to a retirement account such as a 401(k), an IRA, or a defined benefit plan, the marital portion will likely be subject to an equitable division.
Pursuing a division of these assets without liquidating or incurring harmful and immediate tax consequences can usually be accomplished through the use of a qualified domestic relations order (QDRO) for most retirement accounts or with a division of property order (DOPO) for plans and accounts provided by governmental entities. There are very important differences between these alternatives and a thorough understanding of them and of the added steps needed to protect your interests is essential.
The attorneys at Edward F. Whipps & Associates have access to well qualified actuaries, accountants and financial analysts who can assist in the determination of values, the tax implications associated with these assets, and how to best divide them with the most protection available to the parties.
To speak with an experienced family law attorney with skill in aggressively protecting your rights regarding retirement accounts, you may obtain an initial consultation at a mutually convenient time by calling our downtown office at (614) 461-6006, our Dublin office at (614) 461-6007, or filling out this online contact form.