Divorce and Retirement Accounts: Pensions, IRAs, 401(k)'s ◦ Kingston, Poughkeepsie, Goshen, New York, Family Law Attorney
Equitable distribution of assets in almost all divorces will by require the valuation and division of retirement benefits which will not come payable until years later in many cases: pensions, IRAs and 401(k) savings accounts, for example. Other challenging assets to value and divide include stocks, bonds and deferred compensation.
Contact me, Jonathan D. Katz, career family law lawyer, to schedule a consultation regarding your New York divorce or legal separation. Discuss how to protect your rights and move your divorce forward when pensions and other retirement benefits are part of a marital estate. Learn what you need to know about a QDRO (qualified domestic relations order) that will likely be part of your divorce decree.
A QDRO is intended to prevent having to split retirement accounts prematurely, which would incur great tax losses and a diminishment of the overall marital estate. The QDRO leaves funds intact while providing for equitable distribution of the value of retirement benefits that will accrue from funds earned during the marriage.
If you are a military spouse or a member of the armed forces, there are special accountability mechanisms for military pensions and other relevant military benefits when assets are divided in a divorce.
I understand my clients' concern to move on with their lives when marital breakup is an unavoidable reality. I also know that for the long-term security of all members of a family (divorcing spouses and any children), care must be taken to handle assets such as pensions and other retirement benefits correctly. Regardless of whether the retirement benefits in question stem from your or your spouse's employment, it is essential that all such assets be fully disclosed and accounted for in the divorce settlement agreement. Contact me for more information about pensions and divorce in New York.
