Morehead City Divorce Attorneys for Retirement & Pension Account Division
You’ve put years of hard work into saving and investing in your future. In fact, your retirement accounts may be your most valuable assets. However, a divorce can put your security at risk if you are forced to liquidate or split your pension, 401(k), Roth IRA, or other retirement accounts. Having a Carteret County divorce attorney who understands your rights and entitlements regarding your retirement saving can protect your future and prevent you from starting from scratch after your divorce.
Are Retirement Accounts Separate Property?
Unlike most property distribution in a divorce, retirement accounts are more complex than you may think. Many people think of their retirement accounts, especially employer-provided accounts like pensions and 401(k)s as being separate from marital assets. However, that only applies to contributions and growth that occurred before the marriage. Otherwise, as contributions to the accounts came from joint bank accounts and growth occurred during the marriage, both spouses are often entitled to a portion of the funds.
If you’re seeking to protect retirement benefits you earned or you are seeking to ensure your fair portion of your spouses retirement accounts, it’s important to work with a divorce attorney in Morehead City with the comprehensive knowledge of retirement account division.
Your Divorce Attorney Will Take Action to Protect Your Retirement
Whether one or both spouses decide to begin a divorce, it’s necessary to safeguard your future immediately. If you are the “breadwinner,” you’ll want to include information in your separation agreement to prevent your spouse from acting on those accounts. On the other hand, if your spouse is the holder of the 401(k), you’ll want to be sure he or she doesn’t try to empty accounts. We’ll help you create a separation agreement to ensure your future isn’t effected.
Understanding the Qualified Domestic Relations Order
No matter what path of divorce you are taking, whether you’re seeking a simple divorce, a collaborative divorce, or, in the case of numerous marital assets, a high net worth divorce, your divorce lawyer will help you secure your division of retirement assets using a qualified domestic relations order. Known more commonly as a QDRO (pronouced “quad-row”), this is a clear court order stating how retirement accounts are to be paid out to both parties. This document is a vital part of the divorce settlement and is just as legally binding as an alimony or child support decree.
Having experienced legal counsel in Morehead City to design your QDRO is not only important to protecting your future and helping you retire comfortably, it’s also necessary to prevent costly errors related to disbursement.
An Experienced Divorce Lawyer to Guide You
Because retirement accounts are not all equal under the law and are subject to different rules regarding division, its necessary to work with a divorce attorney who knows these rules. At Irons & Irons, P.A., we have the knowledge and experience necessary to ensure a fair and equitable division of retirement assets. Whether you are seeking or opposing dividing your retirement accounts, including your 401(k), Roth IRA, or pension, we will act in your best interests to provide you with the secure future you’ve worked hard to obtain.
Contact the Morehead City Divorce Lawyers at Irons & Irons, P.A.
When you are facing the question of how to divide the pensions, 401(k)s or other types of retirement accounts, you need to feel confident in your future. We’re here to protect your future and help you achieve your goals. To schedule an initial consultation with a Carteret County divorce attorney or lawyer, call 252-585-5150 or fill out our contact form below.
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