One of the more complicated aspects of divorce is dividing retirement accounts and pensions. With so many types of retirement accounts and rules about valuation and division, this can be tricky. If you are going through divorce in Raleigh, the divorce attorneys at The Doyle Law Group can help. We have successfully guided hundreds of clients through the retirement account division process.
What You Should Know About Dividing Retirement Accounts During Divorce
The first important thing to understand is that accounts earned during the marriage are typically classified as marital property. Even though they are in one person’s name, as marital property, they are subject to division.
Unless offset by other assets in the division, a court will divide the “marital” portion of these accounts. You can also divide these accounts via an agreement. This requires you and your spouse to reach an agreement on the amount that each party will receive.
However, in most cases, you will need to get a Qualified Domestic Relations Order from the court to enforce division of an employment-based retirement account. These orders require consultation with the account manager(s) in the drafting and often need pre-approval to ensure they are honored.
Unlike other property, when you are dividing a retirement account the Court must essentially order the account managers to divide the funds. This is the only way the non-owning spouse can receive their share of the account.
Let the Attorneys at The Doyle Law Group Guide You Through This Process
If you're concerned about dividing your retirement account(s) or are wondering what you're entitled to, let our divorce attorneys help. To schedule your consultation, call (919) 301-8843 or fill out the contact form below.