How will the Court handle the division of important assets such as retirement accounts and pensions in a Louisville divorce? Will the retirement accounts, pension, or benefits of either or both of the former spouses be managed? Almost every Louisville or Jefferson County divorce case involves marital property division involving retirement assets and/or pensions. The experienced divorce and family law attorneys at Dodd & Dodd protect our clients while providing insightful advice and counsel. We work to protect our client’s interests while ensuring the ultimate outcome represents the best possible financial outcome and minimal tax consequences for our clients.
Most retirement accounts, such as 401(k) and pension plans, are considered “qualified” plans requiring a Qualified Domestic Relations Order or QDRO to divide the plan balances or benefits according to the final divorce orders. Kentucky Family Law requires retirement and pension accounts that qualify as marital property to be equitably divided during the property division phase of your divorce. The fact that pension and retirement accounts often represent one of the largest (if not THE largest) assets of the couple means the outcome is often hotly contested and can become part of the resolution of other matters including the ownership of a business or professional practice, child support and, in some cases, maintenance or spousal support.
What is a Qualified Domestic Relations Order or QDRO, and why is this such an important document during the division of important assets such as retirement accounts and pensions in your Louisville divorce? The QDRO must be meticulously structured and worded to ensure the orders of the Court are actually implemented by the associated plan’s managers. Each pension or retirement plan administrator has specific and unique language that must be contained with a QDRO in order for the account to be properly divided and structured based upon the orders of our Family Court.
We are often asked, “How will Social Security benefits be managed in our divorce?” In most cases, the former spouse of a qualifying present or future recipient of Social Security may be eligible to receive their spousal benefit if the underlying marriage lasted more than 10 years. Each case is unique and fact-specific, and this is why it is important to seek the advice and counsel of the experienced family law attorneys at Dodd and Dodd.
Retirement accounts and pensions in a Louisville divorce present issues that are legally and financially quite complex. Many people considering a divorce are either unaware of how these assets will be managed or ignore the issue altogether. A single mistake in these matters can literally result in the loss of hundreds of thousands of dollars.
Does your divorce involve substantial assets like retirement and pension accounts? Do you or your spouse own your own professional practice or business or have substantial assets and interests? You need an experienced divorce, family law and tax attorney from Dodd and Dodd Attorneys, PLLC.
We invite you to review the strong recommendations of our former clients and the legal industry and contact Dodd & Dodd or call 502-584-1108 to schedule an appointment with one of our attorneys. We will help you to learn more about how Kentucky family law and the division of marital assets will impact your retirement account(s) and pension(s), as well as how to secure and protect your legal and financial interests.
