What Happens To My Retirement Plan In A New York Divorce?

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older couple signing divorce papers

Many spouses find the division of assets to be the most challenging part of the divorce process. Any assets acquired by either spouse during the marriage are legally considered marital property. New York courts use the equitable distribution model for asset division, meaning all marital assets are divided fairly but not necessarily 50/50 between both parties. If you’re thinking of getting a divorce in our state, you might have questions about what will happen to your retirement account. Our knowledgeable law firm has all the answers you need! Read on to learn more about this topic, or speak with a Property Distribution Attorney in Bohemia, NY for individualized legal counseling.

ARE RETIREMENT ACCOUNTS DIVIDED BETWEEN SPOUSES IN A DIVORCE?

If either spouse acquired retirement funds during the marriage, then they’re technically marital property. Therefore, retirement plan accounts, such as 401(k)s and IRAs, are usually divided between both spouses in a New York divorce. Spouses can choose how these assets are divided themselves, often with the help of a divorce lawyer or mediator. There are many benefits to making your own divorce decisions, but it’s also important to seek legal help for these complicated proceedings. If spouses cannot come to an agreement on their own, a judge in divorce court will have to make the final settlement.  The judge will consider a large number of factors, including the length of the marriage and each spouse’s financial status.

WHAT IS A QDRO AND DO I NEED ONE?

If you’re planning on dividing a retirement account in a New York divorce, there’s a good chance you’ll need a Qualified Domestic Relations Order (QDRO). This is a legal document that allows spouses to successfully split retirement account funds without facing tax consequences or other penalties. Our law firm recommends speaking with a lawyer for help in filing this court order. A talented divorce lawyer will have extensive knowledge and experience in dealing with any possible issues that could arise when getting a QDRO or when dividing other marital assets. This is why it’s always best to seek legal help in the divorce process.

Are you considering filing for divorce in New York? If so, you might be seeking a dedicated divorce attorney who can guide you through this difficult process. Look no further because our highly experienced legal team is on your side every step of the way! Contact the Law Offices of Susan A. Kassel today for an initial consultation.

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What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

SERVING ALL OF SUFFOLK COUNTY

The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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