Division Of 401(k) And Pensions
Planning for retirement is one of the most important things any married couple can do. When a marriage ends and you are looking at a very different future, it can be difficult to know exactly how to ensure that you are treated fairly during divorce proceedings when it comes to retirement benefits.
As part of our high net worth divorce practice, our attorneys carefully examine both our clients’ and their spouses’ retirements and other assets, then identify what our clients’ long-term financial needs are likely to be. Based on this information, we can then formulate a plan to maximize their financial stability once a divorce is finalized.
Ensuring You Don’t Suffer Financially Following Your Divorce
401(k)s, 403(b)s, pensions and other retirement plans are for many people their most valuable financial assets. Whether you and your spouse both have retirement accounts from years of work, or one spouse accrued significant retirements while the other stayed at home, it is important that these assets be treated properly during a divorce.
Because most retirement benefits are considered marital property, they are subject to division as part of a divorce decree. A legal document called a qualified domestic relations order (QDRO) is typically used to establish what portion of a 401(k), pension or other retirement plan is to be given to the nonworking spouse. In other cases, it may be more beneficial to structure a settlement that gives a nonworking spouse other assets in exchange for relinquishing rights to pension benefits. Our attorneys’ decades of experience allow them to carefully evaluate every option and select the one that is in a client’s best interest.
Speak With A Lawyer About Your Case | Offices In Allentown
For a consultation regarding division of pensions and other retirement benefits, contact our Lehigh Valley firm. Call 610-628-9037 (877-398-7694 toll free) or send an email.