How are retirement accounts usually divided in a Louisville divorce? Retirement assets in a divorce are usually characterized as “marital property” and therefore must be divided equally as part of the marital property division process. If the parties’ retirement assets are 401ks the Court must issue separate orders for the division of the retirement asset. These are accomplished with a Qualified Domestic Relations Order or (QDRO).
The challenge is there is no “boilerplate” format for QDROs. Each retirement plan has its own Qualified Domestic Relations Order which it prefers to use. Our attorneys work with the plan to properly structure enforceable orders and complete the QDRO so that it may be accepted by the court and the 401(k) administrator.
Pension plans are generally handled in the same manner. Any retirement or pension plan you participated in or funds deposited prior to your marriage should be considered “separate” from the marital property. Our attorneys work diligently to ensure proper calculations are made to protect our client’s separate property from the marital assets. It is also important to remember to change the beneficiaries listed in your retirement plans after your divorce.
How are Social Security retirement accounts usually divided in a Louisville divorce? Social Security benefits are not divisible as an asset, however the benefits of Social Security can and will affect issues such as maintenance. There are benefits for those who have been married for more than 10 years and when other circumstances are present. For example, the former spouse of a social security recipient who was in a marriage lasting 10 years or more is entitled to receive 50% of those benefits without affecting the payment received by the former spouse.
The question of how are retirement accounts usually divided in a Louisville divorce and the associated paperwork can be quite legally and financially complex. This is why it is important to work with experienced and proven Louisville divorce attorneys at Dodd & Dodd Attorneys, PLLC. We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
