Dividing Retirement Assets During Divorce

Of the many assets that need to be divided during divorce, few are as substantial as retirement accounts. However, regardless of whether you are dealing with a pension, 401(k), IRA or any other retirement account, it is important that you consider all legal consequences and tax implications before making any decisions.

At Rieger & Fried LLP, we understand the complicated nature of dividing retirement assets. Under the guidance of our experienced lawyers, we can help you seek the benefits you may be entitled to. Serving throughout Nassau County and Suffolk County, reach out to us to learn more.

The Importance Of A QDRO

As with other assets, retirement accounts may be considered marital property and thus subject to equitable division. This means that they must be properly valued to determine how they will be distributed.

In many cases, a qualified domestic relations order (QDRO) may be needed when splitting retirement assets during divorce. Essentially, a QDRO is a court order that tells the administrator of a retirement plan how to apportion the account between the spouses. Given the importance of a QDRO, it is vital that it is drafted correctly and complies with all relevant rules and laws.

Pre-emptive Planning: Prenuptial Agreements

If you wish to avoid disputes regarding retirement assets ― or any marital assets for that matter ― you can always enter into a prenuptial agreement with your spouse prior to getting married. Such a document can outline how your assets will be distributed should you ever get divorced, which can greatly reduce court battles down the road.

Do You Need Help Dividing Retirement Assets?

For an initial consultation with a skilled matrimonial attorney, contact Rieger & Fried LLP today. You can call us at 516-712-2268 or email the firm. We represent clients all over Long Island and the surrounding areas, including those living in Garden City, Brooklyn, Queens and Manhattan and throughout Nassau and Suffolk counties.