Division of Retirement Accounts
Many people work hard to build strong retirement savings. However, what happens to a couple’s retirement accounts when they divorce? Some people think that the spouse whose name is on the account gets to keep it. Other people think that the retirement account will simply be split in half. In reality, it’s more complicated than either of those options.
When you contact my firm — The Law Office of Timothy M. Sweet, LLC — I can help you protect your best interests during the division of retirement accounts. I educate clients about their legal options and help ensure they understand the short- and long-term implications of any choice.
I work with clients to valuate and divide all retirement accounts, including:
- 401(k) accounts
- Military benefits
- Stock investments
What Is A QDRO, And Do I Need One?
A Qualified Domestic Relations Order (also called a QDRO) is a court order that determines how each spouse’s retirement benefits will be divided. QDROs can be used to determine how much of the retirement accounts are considered marital property and how they will be divided. I work closely with my clients to address the division of retirement accounts during the divorce, rather than waiting until retirement to address the concern.
What If My Spouse Took A Loan Against The 401(k)?
Because of the economy, many people felt as though they needed to take loans against their retirement accounts to pay for more immediate needs. Depending on why the loan was needed, if it was not fully repaid before the divorce, both parties may share responsibility in repaying it. However, if the loan only benefited one spouse, the other party may not be responsible for it after the divorce.
Contact An Experienced Providence Lawyer For Help Dividing Retirement Plans
Many people who contact my firm are concerned about how their assets will be divided and whether they will receive the finances they need to support themselves after divorce. As an experienced Rhode Island attorney, I can help ensure your finances and retirement accounts are properly valuated and divided, and that your best interests are protected throughout the process.
Learn more about the counsel I offer by scheduling a free initial consultation. I can be reached through an online contact form or by calling 401-216-6506.