There are many considerations to take into account when dividing retirement accounts in divorce. Retirement accounts are different from all other assets and require different considerations to divide equitably. They require the knowledge of a lawyer who has gone through this process several times — a lawyer who can protect and secure what you are entitled to.
Whether you are concerned about dividing a pension balance, IRA or 401(k) equitably, I can help you consider all the factors that affect what you will receive. If the account is cashed before it matures or before retirement age is reached, penalties and income tax costs will affect your distribution. As an experienced Franklin retirement account division attorney, I use specific formulas to help determine the proper division of assets based on years of contribution, years of marriage, and penalties and tax consequences.
I will work diligently to protect what you are entitled to. I assist clients throughout the middle Tennessee region and work in collaboration with financial experts when necessary to fully evaluate accounts.
Contact the Franklin law office of Judy A. Oxford, Attorney at Law, today to schedule a consultation. We will discuss your case, and I will lay out your options in our first meeting.
Obtaining a Qualified Domestic Relations Order (QDRO)
A QDRO is the legal order that divides and changes ownership of a retirement plan. It gives both spouses their fair and equitable share of the asset or pension plan, granting the divorced spouse, as an alternate payee, right to receive all or a portion of benefits payable from the plan. The divorce decree should set forth each spouse's share of the retirement benefits. However, a QDRO will most likely be required in order the retirement plan administrator to divide the retirement benefits.
Your situation might involve factors that affect your division differently, so it is always important to go through this process with an experienced attorney.
Nashville Pension Division Attorney
Contact my office directly to schedule an initial consultation at 612-348-5049 in the Franklin area or toll free at 877-380-0968. I also respond to e-mails that briefly describe your situation and concerns.