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.
