Retirement Accounts & Divorce
Attorney Explains Benefits Division
The division of some marital property is fairly simple, but this is
not the case when it comes to retirement plans, pensions, and social security.
Though retirement accounts can represent a considerable portion of a couple's
net worth, they are often overlooked or neglected during the settlement
process. This almost always shortchanges the non-employed spouse. The
longer a couple has been married and the closer they are to retirement,
the more important the division of retirement benefits becomes.
Contact us online
or call (614) 656-4252 to speak with a knowledgeable lawyer.
Generally speaking, any funds that are added to a retirement plan during
a marriage belong equally to both partners. Federal guidelines govern
the division of 401(k) and 403(b) plans while state laws determine the
division of IRAs. To ensure that the division of retirement assets is
clearly spelled out and legally binding, a Qualified Domestic Relations
Order (QDRO) is often required.
Not All Lawyers Handle Retirement Accounts!
If you're not careful, it's easy to wind up with an attorney who
is not sufficiently skilled at handling the complex division of retirement
property. This may not be a problem if you are the primary account holder,
but can be a huge problem if you're the non-employee spouse. At Richard
L. Morris Co., L.P.A., we help clients in Columbus, Gahanna, and throughout
Franklin County divide their retirement accounts equitably during a divorce.
When you have questions, we can help. Call us for answers to these and more:
- Will my portion be paid as a lump sum or as monthly payments?
- Can I afford to wait until retirement to collect?
- If forego my share of retirement benefits, can I be immediately compensated
For 25 years, Richard L. Morris Co., L.P.A., has been taking the surprises
and unknowns out of the divorce process. Call us to schedule a
free case review!