Division Of Retirement Accounts In Divorce
Did you know that your retirement account is subject to property division? Even though the account is in your name, it is property that accumulated during your marriage, so it may need to be divided with your spouse. Similarly, if your spouse has a retirement account, you may obtain a portion of it as part of the division of property during the divorce. If you both have retirement accounts, the values will be compared to determine what, if any, division is needed.
At Kelton & Teichner in Queens and Long Island, New York, our attorneys have more than 30 years of experience obtaining fair division of property. Our experience means that we have the technical know-how necessary to divide retirements accounts of all kinds, including IRAs, 401(k)s, pensions and more.
What Is A QDRO?
Retirement accounts are not necessarily divided the same way that bank accounts or other accounts are divided. There are specific rules and regulations that dictate how these accounts are to be split between spouses during a divorce, particularly if the retirement plan is governed by the Employee Retirement Income Security Act (ERISA).
Division of ERISA retirement accounts typically requires a specific document, called a qualified domestic relations order (QDRO). These orders grant payment of retirement plan funds to an alternate payee. These orders must be carefully prepared, as they need to be reviewed and approved by the plan administrator. Our lawyers know how to create effective documents to ensure compliance with ERISA and all other applicable laws.
Free Telephone Consultation About Retirement Account Division
We provide free initial telephone consultations, promptly return phone calls, accept credit cards, and offer flexible fee schedules. We are easily accessible via public transit. On-site parking is also available. Email our attorneys or call us at 800-419-7751. We are fluent in Spanish.