What Happens to Retirement Accounts and Pensions?
Historically, the most significant asset subject to property division for divorcing couples was the family home. Many people going through divorce today encounter complications with what can be an even more valuable asset: each party's 401(k), pension plans, or other such non-cash funds or holdings.
It is risky to make assumptions about how retirement accounts will be divided in your divorce — and even more dangerous to entrust anyone other than your own family law attorney to protect your interests in this complex area. To work with a lawyer who will ensure all necessary discovery and analysis is performed, contact the Rochester, New York, Law Offices of Alan L. Offen.
What is a QDRO?
The rise of more complex employee retirement accounts and savings plans in the 1980s made it necessary to have a legally recognized way of directing plan administrators to distribute funds to an ex-spouse. A document that fulfills this purpose is called a Qualified Domestic Relations Order (QDRO), commonly pronounced "quadro."
Protecting Your Financial Interests in a Divorce
Attorney Alan L. Offen has handled many complex divorce cases, including high net worth cases and those requiring intensive discovery, analysis and negotiation to divide retirement accounts. Accessing a network of expert resources, Mr. Offen will protect your financial interests by helping to ensure:
- Retirement accounts for both parties are properly analyzed and evaluated.
- You have access to the right resources at the right time in order to draft or thoroughly review a QDRO.
- You receive conscientious, responsible counsel on the division of IRAs, stocks, bonds and other investments.
- Retirement account assets distributed through a QDRO are accurately reflected in the overall divorce settlement agreement and final order.
If you are facing divorce and want to make sure you receive a fair share of your own retirement accounts and other assets, please call (866) 869-3164 or e-mail us today to arrange an informative consultation.
