Division of Retirement Accounts During Divorce
A retirement account may be treated as marital property or separate property in a New York divorce. If the retirement account was accrued entirely by one spouse prior to marriage, it will be treated as separate property. If a portion of the retirement account assets was owned prior to marriage, that portion will typically be treated as separate property as well. Retirement accounts accrued during a marriage, however, are marital property that may be divided equitably.
If you are getting a divorce, it is important to retain a divorce attorney who can advise you of your rights and work diligently to seek a fair resolution to your case. An experienced family law attorney can protect your financial rights and play a significant role in the outcome of your case.
Dutchess County, New York, Divorce Attorneys
If you are getting a divorce, contact the experienced family law attorneys at Brooke & Brady, LLP. Our law firm has been protecting the financial and parental rights of clients in family law cases for more than 30 years.
We handle all asset division that may arise during the course of your divorce, including:
- Child support and spousal support
- Division of retirement account assets
- Valuation of a family-owned business or real property
- Award of the family homestead
- Division of personal property
- Allocation of debt responsibility
Our attorneys utilize a team approach to divorce and family law disputes that has yielded powerful results.
Qualified Domestic Relations Orders (QDRO)
A qualified domestic relations order (QDRO) may be required in your case if you have significant retirement account assets. In cases where one party must be awarded a share of the spouse’s retirement accounts in order to ensure an equitable division of marital property, a QDRO may be used to order retirement account administrators to transfer a share of a party’s retirement accounts to their spouse. This can be done in a way that does not require the sale or redemption of retirement accounts that could result in tax penalties for early withdrawal.
If you need to speak with an attorney about marital asset division, your property rights and retirement accounts in divorce, contact Brooke & Brady in Poughkeepsie, New York. To schedule an appointment with a divorce lawyer at our firm, call 845-454-2540 or contact us by e-mail.