Splitting Retirement Assets In Divorce
Jeffrey A. Klein - A Daytona Beach, Florida, Family Law Attorney
Married couples build their retirement assets slowly, steadily - and together. When a couple divorces, the law says all their assets - including pensions and other retirement accounts - must be divided. But retirement assets are most often kept in complex financial instruments. What's more, they continue to grow after the divorce.
So how can they be fairly split?
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I am Jeffrey A. Klein, a lawyer focused on issues related to family law. If you are facing divorce and are concerned about dividing your retirement assets, give me a call.
What's A Quadro?
You may have heard the word "Quadro." It is how we pronounce the acronym "QDRO," which stands for "Qualified Domestic Relations Order."
A Qualified Domestic Relations Order is a set of court-ordered instructions given to the administrator of your retirement plan. When the time comes for your retirement plan to begin paying out assets, the administrator follows the Order.
Both you and your ex-spouse will receive payments based on a number of factors - like the length of the marriage and each spouse's contribution to the relationship. Most kinds of retirement assets can be subject to the terms of a QDRO, including:
- 401k
- 403b
- Roth IRA
- Pension plans
Military Pensions Get Split, Too -
Military retirement pension plans are not subject to QDROs - but they are still subject to redistribution. Like all other retirement assets, they must be split via a legal agreement.
To schedule a free initial consultation to discuss how divorce will affect your retirement assets, call me at 1-866-819-6032 or contact me online today.
