Dividing Retirement Accounts in a Divorce
When a retirement account was acquired during a marriage, it is community property. That means it will be divided equally no matter whose name is on the account. Talk to a divorce lawyer at The Family Law Firm in Albuquerque, New Mexico.
Division of Pension, 401k, IRA Accounts
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The attorneys at our law firm are known for careful attention to detail. That can be especially important in working for an equal division of retirement accounts.
- Military pensions, corporate pensions, government pensions: A pension earned during a marriage is subject to community property division. If part of a pension was earned before the marriage, a careful calculation can determine how much of the pension is community property.
- QDRO (Qualified Domestic Relations Order): Your lawyer can prepare an order for the pension plan administrator who will make the division of benefits and send the benefits to the appropriate persons. A QDRO assures that the matter will be settled now, not years from now when you or your ex-spouse retires.
- IRA, 401k accounts: Using the details of these accounts, your attorney will help you determine what would be an equal division. As with pensions, community property refers to those savings that were acquired during the marriage. Details matter. The more we know about how and when accounts were opened or added to, the better we can help with an accurate and fair property division.
If you need an effective and experienced divorce lawyer who understands the intricacies of dividing a pension, we are available and prepared to represent you. Call or e-mail us to set up a consultation.
