Division Of Retirement Assets In Divorce
Divorce impacts all aspects of both spouses’ lives, including their assets. For many couples, particularly those with high net worth, a vast source of wealth lies in their retirement accounts. However, fairly dividing those accounts is no simple task. Most retirement accounts cannot be easily liquidated. Numerous tax implications may also shape the proposed division.
Navigating the legal issues surrounding retirement accounts can complicate and potentially delay the divorce process. However, with qualified legal guidance, there are ways to reach a fair resolution swiftly and efficiently.
Navigating The Division Of Complex Assets
At Marvin Law Office, L.L.C., in Anoka County, our divorce lawyer handles retirement accounts and property division with a high degree of precision and care. Joseph E. Marvin has practiced family law for more than 30 years. Over the course of his career, he has successfully handled complex cases involving significant assets and high-value retirement accounts. He understands how to tackle the issues that commonly arise in these cases.
When you turn to our firm for guidance, you can expect efficient and cost-effective legal solutions.
Understanding Qualified Domestic Relations Orders
Most retirement plans must be divided through a qualified domestic relations order (QDRO). A QDRO is essentially a special court order directing the administrator of the plan to divide the account and transfer a specified amount (usually half) into the other spouse’s name. This type of division avoids the tax penalties involved in liquidating the account.
Retirement plans that must be divided through a QDRO include:
- Employee stock option plans
- Private pension plans
- 401(k) plans
- 403(b) plans
- 457 plans
- Defined benefit plans
- Defined contribution plans
- Federal and state civil service plans
- Individual retirement accounts
In some cases, disputes arise over the division of the account through a QDRO or the amount of the division. With attorney Joe Marvin on your side, you can trust that should any disputes arise, your case is in competent and capable hands. Attorney Marvin is both a skilled litigator and an experienced trial attorney. He will work diligently to protect your interests both inside and outside the courtroom.
Contact Our Anoka Retirement And Pension Division Attorney
Learn more about how to preserve your valuable assets during a free consultation. Marvin Law Office, L.L.C., is conveniently located next to the courthouse in downtown Anoka, Minnesota. We represent clients throughout Anoka County, including Andover, Blaine and Ramsey.