IRA’s 401K’s & Pensions
Despite common belief, spouses are entitled to receive a portion of the other’s retirement assets, such as IRAs, 401Ks or pensions, whether they were acquired during or even before marriage. Errors made during the retirement fund division process could cause delays or withdrawal penalties.
This complex situation is best handled by an attorney experienced in high net worth divorces to determine who has the rights to what accounts and help make decisions as to how they will be distributed to best solidify your financial future.How We Can Help
The lawyers at Goldstein Law Group have over 50 years of combined experience in high net-worth divorce cases and will utilize their strong financial backgrounds to compile a retirement funds distribution plan that is fair to you and your spouse.
We can also assist in compiling a Qualified Domestic Relations Order (QDRO) to circumvent possible taxation or other consequences for early sharing of your retirement assets. A QDRO is a domestic relations order that redirects a portion of retirement benefits such as a pension to a spouse, former spouse, child or dependent.A QDRO is used for marital property divisions, alimony payments and child support.The Division of Pensions
During your divorce, division of a pension will be based on the following factors:
- Years of eligible service
- How long you were married while in the pension plan (the coverture fraction)
- Mortality tables
- Your earnings
- Any breaks in employment
Why should I seek legal counsel to handle my pension during a high net-worth divorce?
- Your Goldstein Law Group attorney will help determine which retirement assets are subject to distribution.
- We will help put a value on the retirement assets and review time dependency issues, tax issues and other issues that might impact value.
- Divide pensions , 401ks and IRAs according to your specific circumstances and draw up a plan that is fair to all parties involved.
- Advise you of options other than court hearings such as mediation.
SEE ALSO: Dividing Investment Accounts in DivorceContact Goldstein Law Group for a Complimentary Consultation
The NJ high net-worth attorneys at Goldstein Law Group will take every measure to ensure all retirement assets are divided fairly in a high-net worth divorce. To schedule your complimentary initial consultation, please call today at (732) 967-6777 or fill out our contact form.