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Strategic Division of Retirement Accounts During Divorce
Many people are surprised to learn that pensions and other retirement accounts are community property and, therefore, are divisible during divorce. These accounts may be your most significant assets. The rules for division are complicated and require the services of an experienced family law attorney.
The Law Offices of Fredrick S. Cohen provide sound guidance for people in Sacramento and throughout Northern California who are dividing property in their divorce, including complex property such as IRAs, 401(k)s, 403(b)s, ERISA funds and military retirement accounts.
Qualified Domestic Relations Order (QDRO)
The court will order a qualified domestic relations order (QDRO) that defines how pensions and other retirement accounts should be divided. You will want to enlist the help of an attorney to prepare your QDRO as these forms are complicated and a minor mistake can jeopardize your financial future.
One of the complicating factors is determining exactly how much of a pension plan should be divided. The amount of time you worked during your marriage (up to the date of separation) factors heavily into that calculation. You and your spouse may decide on a different division of assets, but the court will need to approve your plan.
How a Certified Family Law Specialist Can Help
Attorney Fredrick S. “Rick” Cohen is a Family Law Specialist certified by the State Bar of California Board of Legal Specialization. This is an honor given to California attorneys who have a positive reputation and extensive experience in a field of law. Rick Cohen has helped clients divide a wide range of retirement assets throughout his 25-plus years as a family lawyer. He understands the intricacies of QDROs and evaluates every plan based on the unique circumstances of the client.
To speak with Rick and his dedicated staff about the division of your retirement accounts, please call or contact the firm online.