In family courts, community property is divided between the spouses 50/50. Your pension benefits, 401k, IRA, and any other kind of retirement accounts acquired during marriage are considered marital property upon divorce; therefore, they must be valued and divided fairly. This will be determined by the court. While this seems like a clear issue, it is not exactly. Not all retirement assets are part of the marital property. If you acquired a plan or account before your marriage took place, these may be excluded from division. Also excluded are any inheritances you may have received.
After it is determined how the retirement assets will be divided, there are certain steps that need to be taken. 401(k) and other similar plans must stick to federal guidelines. This requires a Qualified Domestic Relations Order (QDRO). A QDRO is a special court order that allows retirement plan companies to divide certain benefits. They are required when dividing pension plans, profit-sharing plans, and 401ks and are considered to be a highly technical area of the law.
At the law offices of Holstrom, Block & Parke, we understand that division of retirement assets may be a critical issue as you navigate the divorce process and plan for the future. Our knowledgeable attorneys are here to protect your financial interests to the greatest possible extent. Get in touch with us today to learn how we can help you.
For more info, schedule a free phone consultation with a our team today!
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